Li Shufu, founder and chairman of carmaker Zhejiang Geely Holding Group Co., is increasing his manufacturing empire to incorporate smartphones and client electronics by buying a majority of shares in Android system maker Meizu Technology Co.
Founded practically 20 years in the past, Meizu was one of many pioneers of China’s fast-follower cadre of cellphone makers who constructed up their market by intently imitating the appear and feel of Apple Inc.’s iPhone. Hubei Xingji Shidai Technology Co., a cellular system firm based by Li in 2021, has signed an settlement to amass 79.09% of Meizu, in keeping with an organization assertion launched by Xingji Technology.
Meizu will proceed to function as an unbiased model, whereas Xingji is creating “a portfolio of next-generation smartphones, mobile devices, and wearable smart devices that will utilise XR technologies.” Extended actuality (XR) tech is a broad umbrella time period for augmented and digital actuality purposes, providers and gadgets.
Under the settlement, the 2 firms will “collaborate to integrate mobile technologies” and supply customers with “bundled cross-platform services,” the assertion mentioned.
The fundamental entity underneath Li’s empire, Geely Automobile, is accelerating its shift towards a extra electrified, clever, and upscale product portfolio to capitalize on rising demand from Chinese automotive patrons. It launched a devoted electric-car model, Zeekr, in 2021 as a mix of the traits of a tech firm with Geely’s carmaking experience, Geely President An Conghui mentioned in an interview with Bloomberg Television final 12 months.
Zeekr is aimed to steal an edge on tech giants like Apple and Xiaomi Corp., which seem poised to start out treating vehicles as a bit of {hardware} that’s continuously improved with software program upgrades, An added. The acquisition of Meizu appears to carry Li’s competitors with these leaders within the smartphone area to their market earlier than they’ve entered his.
“The ever-increasing integration of consumer electronics into our daily lives is driving demand for interoperability across multiple platforms,” Li mentioned. “Future development will be driven by integrated relationships across multiple devices and platforms that deliver an immersive experience for end users.”
