Geely Car Producer Buys Meizu

After months of rumors and leaks, Geely announced that it is buying Meizu.

What we know

The new owner of the smartphone manufacturer became the company Xingji Times (part of the Geely Group). It now owns 79.09% of the controlling stake in Meizu Technology. The head of Xingji Times Shen Ziyu will become a director of the brand. At the same time, Huang Zhipan will continue to be the CEO of Meizu. The amount of investment was 10 billion yuan or $1.5 billion. By the way, the Meizu team, according to the new owner, will be the same for now.

As for future plans, the company is already working on a new flagship smartphone, but do not expect it in the near future. The novelty is going to be shown in 2023. 

Source: Reuters