Welcome to The Forum

Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads

View basic rules for our forums

Alibaba Places China Smartphone Business Bet With $590 Million Meizu Deal

By Ron Burgundy,
February 9, 2015 in Tech News

Followers 0

Recommended Posts

Ron Burgundy

Posted February 9, 2015

- Share

Posted February 9, 2015

By Paul Carsten and John Ruwitch BEIJING/SHANGHAI (Reuters) - China's Alibaba Group Holding Ltd is taking a $590 million stake in an obscure domestic smartphone maker as the e-commerce giant tests ways to expand its mobile operating system in a shrinking, cut-throat handset market. Extending a previously muted push into hardware, Alibaba said on Monday it will buy an unspecified minority stake in smartphone maker Meizu Technology Co. Dwarfed by rivals like Xiaomi Inc [XTC.UL], privately owned Meizu's slice of China's smartphone market is estimated by analysts at below 2 percent. The deal, unlike U.S. rival Amazon.com Inc's foray into smartphones with its own-brand Fire Phone, is designed to help Alibaba push its mobile operating system within China through Meizu's handsets.