Shanghai (ZXZC)- On July 4, Hubei Xingji Shidai Technology Co., Ltd. (“Xingji Technology”), a Geely-backed mobile device company, signed an agreement for the strategic investment in the smartphone maker Zhuhai Meizu Technology Co., Ltd. (“Meizu Technology”), according to a press release from Xingji Technology.

At the signing ceremony, Xingji Technology announced its formal acquisition of 79.09% stake in Meizhu Technology and the sole control of the phone maker.

Photo credit: Xingji Technology

After completion of the strategic investment, Meizhu Technology will continue to operate as an independent brand, while Xingji Technology will help Meizu become “the world’s first full-ecosystem technology company with full-scenario immersive core technologies that involve multiple terminals”, according to Xijing Technology’s statement.

Founded in 2021, Xingji Technology is dedicated to the R&D of high-end smartphones, XR (extended reality) technologies and products, mobile devices, and wearable smart devices. Its shareholders include Geely Group (Ningbo) Co., Ltd., Geely Holding’s chairman Li Shufu, CEO of ECARX Shen Ziyu, and other entities.

Meizu was established in 2003 with Huang Xiuzhang and Alibaba-affiliated Tao Bao (China) Software Co., Ltd. as its main shareholders. It was one of the pioneers in China’s smartphone manufacturing domain. After the transaction, Huang Xiuzhang’s equity in the smartphone company will be diluted to 9.79%, while Tao Bao will withdraw from the company’s board, according to a document released by China’s State Administration for Market Regulation on June 13.