Breaking: Geely to Acquire Smartphone Maker Meizu Technology

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Rumors about Geely’s acquisition of smartphone maker Meizu have made new progress. On the afternoon of June 13, the State Administration for Market Regulation of China announced that Hubei Xing Ji Shi Dai Technology Co., Ltd. (hereinafter referred to as “Star Times”) acquired the equity of Zhuhai Meizu Technology Co., Ltd. (hereinafter referred to as “Meizu”). According to the public information, Star Times has signed an agreement with Meizu and the shareholders involved in the transaction, and Star Times plans to acquire 79.09% of the shares of Meizu.

In response to the news, a relevant person from Meizu said that Star Times, led by Li Shufu, has signed an agreement with Meizu on strategic investment matters. This transaction still needs to go through the approval procedures of relevant regulatory agencies, and the transaction details are still under negotiation.

Public information shows that Star Times was established in September 2021. Its shareholders include Geely Group (Ningbo) Co., Ltd., Ningbo Boma Enterprise Management Partnership (Limited Partnership), Haining Wanxin Technology Partnership (Limited Partnership), Wuhan Jingkaixingji Investment Fund Partnership (Limited Partnership), and three natural person shareholders Shen Ziyu, Li Shufu and Su Jing. The suspected actual controller of Star Times is Li Shufu, with a shareholding ratio of 57.8452%.

Meizu was established in March 2003. The ultimate controller is the natural person and Taobao (China) Software Co., Ltd. (hereinafter referred to as “Taobao China”), which mainly conducts business in China. In China, Meizu focuses on the R&D and manufacturing of smartphone software and hardware. In addition, Meizu is also engaged in smart wear business, smart home business, fashion consumer and electronic fast-moving consumer products business.

Before this transaction, Huang Xiuzhang and Taobao China held 49.08% and 27.23% of Meizu, respectively, and jointly controlled Meizu. After the completion of this transaction, Huang Xiuzhang’s shareholding in Meizu will be reduced to 9.79%, and Taobao China will withdraw from the shareholding and control of Meizu. The acquirer, Star Times, will hold a 79.09% stake in Meizu and gain sole control over Meizu.

Previously, Li Shufu, chairman of Geely Holding Group, expressed his vision for the business development of vehicle communication , and believed that the involvement of the role of mobile phones will continue to enhance the competitiveness of smart cockpits and smart cars. With the continuous expansion of Geely Group’s deployment of “integration of heaven and earth” in recent years, it may open up a larger imagination space for the seemingly daily mobile phone business.