Hubei Xingji Technology acquired individual control of Zhuhai Meizhu Technology with a 79.09 percent controlling stake, according to a strategic investment agreement signed by the two enterprises on June 4 in Hangzhou, Zhejiang Province.

The agreement stipulates that Meizu Technology will keep running as an independent brand and the two sides will jointly build the world's first full ecosystem sci-tech enterprise, with multi-terminal core products and fully immersive technologies.

Shen Ziyu, vice chairman of Xingji Technology, will be appointed as chairman of the Zhuhai company, while Huang Zhang, founder of Meizu Technology, will act as a strategy consultant for Meizu's sci-tech products.

Signing ceremony [Photo courtesy Guanhai App]

Xingji Technology was set up in Wuhan Economic & Technological Development Zone on Sept 26, 2021. It is dedicated to the research and development, as well as ecosystem construction of high-end smart phones, extended reality (XR) products, and wearable smart terminal products.

A new mobile phone brand of Xingji Technology will debut at the end of this year, with their first products projected to be available to the public in the first quarter of 2023 for over 6,000 yuan ($896).

Li Shufu, chairman of Geely Group, which is the majority shareholder of Xingji Technology, said that this new technology and industry revolution has brought many business forms and models to life, adding that technological innovation and the integration of the consumer electronics and automotive industries into an ecosystem are imperative. 

Founded in 2003 in the Zhuhai National Hi-Tech Industrial Development Zone (Tangjiawan), Meizu Technology has been dedicated to the consumer electronics industry for nearly two decades. It is one of the innovators and pioneers in China's smartphone industry.

It has more than 10 years of experience in developing operating systems and its upgrading Flyme system has served more than 100 million users, which has laid a solid user foundation for Xingji and Meizu's cooperation.

It was also announced that Meizu Technology will receive more support in industrial chain and ecosystem resources to keep upgrading the Flyme system to create better smart phones.