E-commerce giant Alibaba Invests $590 Million In Chinese Smartphone Maker Meizu
Alibaba Group Holding Ltd led by billionaire Jack Ma, said today it has agreed to buy a minority stake in Chinese smartphone maker Meizu for $590 million.
The $213 billion Chinese e-commerce company who announced the deal on Monday, did not disclose large the stake would be.
The company said, “Alibaba Group will provide Meizu with resources and support in the fields of e-commerce, mobile Internet, mobile operating system and data analysis with the aim of developing Meizu’s smartphone ecosystem,” the announcement also revealed Meizu’s phone will be sold via Alibaba’s range of online retail sites.
“The investment in Meizu represents a significant expansion of the Alibaba Group ecosystem and an important step in our overall mobile strategy as we strive to bring users a wider array of mobile offerings and experiences,” said Jian Wang, Alibaba’s CTO.
Meizu Technology is a Chinese consumer electronics company based in Zhuhai, Guangdong province, China and one of the top ten smartphone manufacturers in China.
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E-commerce giant Alibaba Invests $590 Million In Chinese Smartphone Maker Meizu
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