Founder of auto giant Geely buys Chinese smartphone manufacturer Meizu

The founder of Geely, China’s private automaker and Volvo’s parent company, Li Shufu, has acquired the Chinese smartphone brand Meizu.
Xingji Technology, a smartphone company launched by Geely’s founder and chairman last September, acquired a controlling stake of 79.09 per cent from it.
The two parties will work together to provide users with core products that integrate multi-terminal, full-scene, and immersive integration experiences, the company said in a statement.
Founded in 2003 by Jack Wong, Meizu began as a manufacturer of MP3 players and later MP4 players.
In 2008, Meizu moved its focus to smartphones.