Geely is now the owner of Meizu as latter's founders sells shares

Back in June, Geely finalized its acquisition of the Chinese firm, Meizu. Now, the former becomes the sole owner after Meizu's owner sold his shares.

Geely now solely owns Meizu

Meizu's founder sold shares to make Geely the company's owner!

Geely gets sole ownership after the original shareholders pull back

Geely becomes the sole owner of Meizu after its original shareholders withdrew their shares. The market entity type of the business was altered throughout this procedure from "other limited liability companies" to "limited liability companies (sole proprietorship of legal persons not invested or controlled by natural people)".

On July 4 of this year, Hubei Xingji Times Technology and Zhuhai Meizu Technology inked a contract declaring that Xingji Times holds a 79.09 percent controlling interest in Meizu Technology and has secured exclusive rights to the business.

Changes were made to the company's industrial and commercial operations on the same day. Huang Xiuzhang was replaced as chairman of Zhuhai Meizu Technology by Shen Ziyu. Huang Zhipan was replaced as the company's legal representative by Shen Ziyu, and Wuhan Xinglian Times Technology became the primary shareholder. Major shareholder Huang Xiuzhang was downgraded to that position.

After this deal, Shen Ziyu, the vice chairman of Xingji Times, will take over as chairman of Meizu Technology while Li Shufu, the creator of Geely, would continue to serve as chairman of Xingji Times. The same people will fill both of these posts.

Huang Zhang left his position as CEO of Meizu in February 2021, according to an internal letter from the firm, and his younger brother, Huang Zhipan, had taken over. Before Geely made its acquisition announcement, Huang Zhang was not seen in public.

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Source: IT Home