It turns out that Elon Musk isn’t the only one doing some tech purchases, Geely and Meizu also have something up their sleeves. This acquisition has a rich backstory to it that might give the smartphone and automobile industry a big boost. The entire business process will occur under the name Xingji Times Technology Co., LTD, a subsidiary of the Chinese vehicle maker.
Xingji Times came into existence sometime last year and has no business to its name. It was to be a company that’d manufacture smartphones and accessories. This acquisition will be the first of such transactions to be under the name “Xingji Times”. In this purchase, Xingji Times aims for a 79.09% stake in the Meizu business.
The record shows that the founder of Geely, Eric Li, holds 55% of shares with Xingji Times. Once due process regarding the acquisition of Meizu is over and done with, one current shareholder of the smartphone company will step down. This will give the Chinese automobile company control of Meizu.
This is a win for both parties, Geely and Meizu considering the following facts. First, it’d help save the Chinese smartphone manufacturers’ business from the downslide it is currently facing. Second, this will bring funds into Meizu hence driving innovation and boosting the production of smartphones. Lastly, on the part of the automobile producer, this acquisition will give full access to a car system, especially for Geely cars.
The Flyme system became available last year and is produced by Meizu as a smart system for cars. Although Geely motors have their system, it is nothing to compare with Flyme. With a bit of optimization, this system will be ready for use. On both sides, a lot of work will go into place to ensure a smooth correlation between the companies and products.