Li Shufu's mobile phone company Xingji Times plans to acquire a 79.09% stake in Meizu? Official response: transaction details are still under negotiation

On June 13, the "Publication Form of Simple Cases of Concentration of Business Operators" released by the Second Anti-monopoly Law Enforcement Division of the State Administration for Market Regulation showed that Hubei Xingji Times Technology Co., Ltd. plans to acquire 79.09% of the shares of Zhuhai Meizu Technology Co., Ltd., and the announcement time From June 13th to June 22nd.

According to the announcement, before this transaction, Huang Xiuzhang and Taobao (China) Software Co., Ltd. (hereinafter referred to as "Taobao China") held 49.08% and 27.23% of Zhuhai Meizu, respectively, and jointly controlled Zhuhai Meizu.After the completion of this transaction, Huang Xiuzhang's shareholding in Zhuhai Meizu will be reduced to 9.79%, Taobao China will withdraw from the shareholding and control of Zhuhai Meizu; the acquirer Xingji Times will hold 79.09% of Zhuhai Meizu's shares and obtain the right to Separate control of Zhuhai Meizu.

To this end, Caijing.com contacted the relevant person in charge of Xingji Times, and the other party said: "Recently, Xingji Times, led by Mr. Li Shufu, has signed an agreement on strategic investment with Meizu Technology, and this transaction still needs to fulfill the relevant regulatory agencies. Approval procedures and transaction details are still under negotiation.”

In September 2021, Hubei Xingji Times Technology Co., Ltd., a subsidiary of Geely, announced its official entry into the mobile phone field.Its project headquarters is located in Wuhan Economic and Technological Development Zone, targeting high-end smartphones, integrating global technologies and resources, and serving the global market.

According to Tianyancha, the business scope of Xingji Times includes the second type of value-added telecommunications business, technology import and export, Internet game services, etc. The registered capital is 715 million yuan, and the legal representative is Wang Yong.The chairman of Xingji Times is Li Shufu, the founder of Geely Automobile, and the major shareholder is Geely Group, holding 32.3% of the shares. The equity penetration chart shows that its actual controller is Li Shufu.

According to public information, Zhuhai Meizu was established in March 2003 and registered in Guangdong Province, China.The ultimate controllers of Zhuhai Meizu are natural persons and Taobao China, which mainly conduct business in China.In China, Zhuhai Meizu focuses on the R&D and manufacturing of smartphone software and hardware.In addition, Zhuhai Meizu is also engaged in smart wear business, smart home business, fashion consumer and electronic fast-moving consumer products business.According to Tianyancha, Huang Xiuzhang is the chairman of Zhuhai Meizu.

Li Shufu, chairman of Geely Holding Group, once said that he would invest 10 billion yuan in the field of mobile phones.In September 2021, Geely Group established Hubei Xingji Times Technology Co., Ltd. to target the field of high-end mobile phones.The CEO of Xingji Times, Wang Yong, used to be the vice president of ZTE. After leaving ZTE, Wang Yong also joined ASUS as the deputy general manager of China.

In terms of capital reserves, Xingji Times has been carrying out intensive capital increase recently.In December last year, Xingji Times completed an undisclosed amount of strategic financing. The investors were Geely Group, Ningbo Boma and Jingkai Investment; on January 13, Xingji Times’ shareholders added Wuhan Jingkaixing. Ji Investment Fund Partnership (Limited Partnership), the registered capital of the company increased to RMB 715 million, an increase of 10%.