Jun 14, 2022 06:46 AM

BUSINESS

Geely Founder Li Shufu Takes Control of Smartphone Maker Meizu

By Zhai Shaohui and Denise Jia

What’s new: A venture controlled by the founder of Chinese automaker Zhejiang Geely Holding agreed to acquire a 79% stake in Chinese smartphone maker Meizu, according to a statement published Monday by China’s market regulator.

The State Administration of Market Regulation said Hubei Xingji Shidai Technology Co. Ltd. agreed to purchase the stake from Meizu’s founder and a unit of Alibaba Group Holding Ltd. The statement didn’t disclose the financial terms of the deal.

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