Geely Chairman Li Shufu’s Shareholding in Smartphone Company Falls to 6.77%

According to Tianyancha App, Li Shufu, founder and Chairman of Geely Group, substantially reduced his shareholding ratio in Hubei Xingji Times Technology Co., Ltd., a smartphone company he had founded, from 55% to 6.77%.

On September 28, Hubei Xingji Times Technology Co., Ltd., in which Geely Auto’s Chairman Li Shufu held 55% of shares, signed a strategic cooperation agreement with Wuhan Economic and Technological Development Zone, officially announcing its entry into the mobile phone industry.

The company’s legal representative has changed from Shen Ziyu to Wang Yong, and the registered capital has been increased from 80 million yuan to 650 million yuan. The business scope of the company includes the second type of value-added telecommunications services, technology import and export, online game services, etc.

In addition, Xingji Times added two new shareholders including Geely Group (Ningbo) Co., Ltd., with a shareholding of 35.54%, and Ningbo Boma Enterprise Management Partnership (Limited Partnership) with a shareholding of 30.77%.

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Geely Group (Ningbo) Co., Ltd. was established on March 4, 2016, with Li Shufu as its legal representative and a registered capital of 20 million yuan. The business scope of the company included industrial investment and well as investment management and consulting..