To help a struggling company: Geely purchases Meizu

This is Geely’s strategy to revive the brand and enter the already saturated smartphone market

Meizu is a smartphone brand you may no longer hear a lot in mainstream media. They withdrew from the Philippines in 2018 and haven’t been heard from since. Now, while they continue to make smartphones, it seems like they can no longer get a share of the pie, even after a series of concepts. The company was gigantic and peaked around the time the Meizu Pro7 was released. A phone with a secondary screen. A feature that was considered revolutionary at the time. This was before foldable phones hit the scene.

Another one of its crazy contraptions is a phone without any buttons or holes apart from some microphones. This is a concept phone which Meizu believed will be the future of smartphones. Sadly, this concept did not take off, but it was neat and innovative. This phone, called the Meizu Zero, fully adapts sensor and gesture-based controls.

After a series of struggles, Geely started creating plans to buy the company in an effort to bring themselves to the smartphone market. The company is primarily known for its automobiles. This year, Meizu officially announces that they are now part of the Geely family after all of its stockholders withdrew their shares. This also changed their business to a limited liability company (LLC) type.

On 4th of July, coincidentally, the US Independence Day, Hubei Xingji Times Technology (owned by Li Shufu, founder of Geely) and Meizu inked a contract stating that the former owns 70.09% of Meizu which also includes exclusive rights to the business

After a series of business changes, Shen Zhiyu, vice chairman of Xingji Times, will also fill the role as Meizu’s chairman while Li Shufu, founder of Geely, will now fill the chairman position for Xingji Times.

Huang Zhang was the former CEO of Meizu and has left the office since February 2021. Prior to Geely’s acquisition, he was not seen in public. His younger brother, Huang Zhipan, took over the role.

Source: IT Home (in Chinese) via GizGuidePH