Chinese car maker Geely founder wants to acquire smartphone maker Meizu – Tablets and phones – News

Hubei Xingji Shidai wants to buy a majority stake in the Chinese smartphone manufacturer Meizu. Xingji Shidai was founded last year by Eric Li, founder and president of automaker Geely, and is set to sell high-end smartphones next year.

Meizu’s two shareholders have said they want to sell their 79 percent stake in the smartphone manufacturer to Xingji Shidai, writes Reuters† It is not clear for how much the shares will switch hands. The two companies say they have entered into a ‘strategic investment agreement’ and that the acquisition of the shares is still under investigation by regulators. The details of the deal are also yet to be worked out.

Li founded Xingji Shidai last year to be able to make high-end smartphones that have to be sold worldwide. The first phones should appear next year, when the company would also like to sell three million. With the acquisition of Meizu, Xingji Shidai gains an experienced smartphone maker, something that will help in the development and sale of smartphones. Meizu phones are now officially not available in the Netherlands or Belgium.

In addition to smartphone maker Xingji Shidai, Li founded Geely 35 years ago. He is still the president of this car manufacturer. Geely owns manufacturers such as Volvo, Polestar and Lotus, in addition to manufacturers making cars for the Chinese market. Geely says in a response that there is a “close relationship” between the technologies of cars and smartphones. The companies will probably work together a lot. This means that Li may not be the only one who wants to be active in these two markets at the same time; In addition to smartphones, Sony and Apple might also want to sell cars in the future.

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