Beijing (ZXZC)- Geely-backed Hubei Xingji Shidai Technology Co., Ltd. inked a contract to acquire a 79.09% stake in the smartphone maker, Zhuhai Meizu Technology Co., Ltd., according to a public announcement made by China’s State Administration for Market Regulation on June 13. 

Photo credit: Geely

Founded in September 2021, Xingji Shidai’s shareholders include Geely Group (Ningbo) Co., Ltd., Geely Holding’s chairman Li Shufu, CEO of ECARX Shen Ziyu, and other entities. The suspected actual controller of the company is Li Shufu, with a 57.8452% stake. 

On the other hand, Meizu is founded in 2003, with Huang Xiuzhang and Alibaba-affiliated Tao Bao (China) Software Co., Ltd. as its main shareholders with a respective 49.08% and 27.23% stake. 

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. Upon completion of the deal, Li Shufu’s Xingji Shidai will hold the majority control over Meizu with a 79.09% stake. 

Notably, this is the first official confirmation of Li Shufu’s acquisition of Meizu since the rumor emerged in January 2022.