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China’s Geely Takes Over Alibaba-Backed Smartphone Maker

Zhejiang Geely Holding Group Co., the satellite-to-automobile group controlled by billionaire Li Shufu, has purchased a majority stake in Chinese smartphone maker Meizu Technology Co., according to a Caixin report that cited an announcement from the State Administration of Market Regulation.

Geely unit Hubei Xingji Shidai Technology Co. bought a 79% interest in Meizu from Meizu’s founder and a unit of Alibaba Group Holding Ltd., the report, which didn’t give a value of the transaction, said on Tuesday. Speculation that Geely was in talks to acquire the mobile phone maker surfaced earlier this year.