A major Chinese automaker is bucking the trend and entering the smartphone market as several smartphone makers boldly cross borders to develop the next generation of smart electric vehicles.
A subsidiary of Zhejiang Geely Holding Group said on Monday it had completed a deal to acquire a 79 percent stake in Meizu Technology Co. Meizu Technology is a lesser-known Chinese smartphone maker. The amount of the deal was not disclosed.
Meizu Technology was founded nearly 20 years ago as an MP3 player manufacturer. The company has previously received financial backing from Alibaba Group Holding Ltd. (BABA, 9988.HK, referred to as Alibaba). Before Geely took a stake in Meizu Technology, Alibaba held a 27% stake in Meizu Technology. In 2015, Alibaba invested US$590 million in Meizu Technology in an attempt to expand its business into the mobile phone market.
Nicholas Benavidez is a stock trader and Analyst writer. His current focus is top trending News. He scans the wall street market and then cover the top trending stock. In addition to content writing, he is an SEO Expert and Digital marketer. He has the expertise to deliver a wide range of projects and the experience to understand the quality of work required.
Address: 1805 Richison Drive, Saint Augustine, Florida, USA
Email: [email protected]
Zip Code: 32092
Phone Number: 406-261-0018