On June 13, China’s State Administration for Market Regulation officially announced that Hubei Xingji Times Technology Co., Ltd. (also referred to as Xingji Times) signed an agreement with Zhuhai Meizu Technology Co., Ltd. (popularly known as Meizu Technology) and related shareholders to acquire a 79.09% stake in the company.
According to information, Xingji Times was established in September 2021 by Li Shufu, Chairman of Geely Holding Group. If the deal scales through, Huang Xiuzhang’s shareholding in Meizu technology will be reduced to 9.79% while Taobao China will withdraw from the shareholding and control of Meizu entirely. Nevertheless, the deal is subject to regulatory approval and the details are still under negotiation.
Meizu Technology, an old brand mobile phone manufacturer in China, was established in 2003 and favored by young people for a long time in the past. In recent years, it resigned from a leading post facing fierce market competition.