Xingji Meizu Plans Further Financing in 2024

Technology Author: EqualOcean News, Xiaoran Zhang Mar 04, 2024 12:05 PM (GMT+8)

Xingji Meizu is making a full-fledged entry into the AI domain, with financing and IPO plans set for 2024.


Recently, Chairman and CEO of Xingji Meizu, Shen Ziyu, announced that the group is poised for additional financing in the year 2024. Following the completion of the A-round financing in November 2023, the group has accumulated 2 billion yuan in funding with a post-investment valuation exceeding 10 billion yuan. Shen Ziyu, in media statements, revealed that the financing is in the preparatory stages, and the consideration of an IPO is on the table, stating, "There will be very aggressive plans."

Xingji Meizu was established on March 8, 2023, with a registered capital of $102 million. Shen Ziyu has beenserving as the Chairman and CEO. The group primarily focuses on the integration of consumer electronics and the automotive industry, encompassing areas such as general AI application systems, new energy vehicle sales, and battery sales. Currently, smartphones remain Meizu's primary business, with Meizu achieving a fivefold increase in sales during the 2023 Double 11 period. When disclosing the recent financing news, Mr. Shen hinted at Meizu's record-breaking flagship product sales in 2023, surpassing one million units. According to him, the goal for this year is to double the figure.  

As the competition in the AI industry intensifies, and numerous brands enter the fray, Xingji Meizu has decided to concentrate on the AI field in 2024. On February 18, Meizu announced a strategic adjustment, discontinuing“traditional” smartphone projects and committing to fully invest in “AI For New Generations”. On February 29, Meizu launched its final traditional smartphone, 21PRO, serving as the inaugural product of the AI era. The Flyme 10.5 operating system, relying on extensive language models, incorporates various AI features, including AI Dynamic Keys, AI Personal Secretary, and AI Mini Programs. Additionally, Meizu has opened its platform for all large models, providing developers with system permissions and Flyme API documentation. Through ecosystem development and technological accumulation, Meizu aims to gradually realize its All in AI vision within three years.

While reforming its smartphone business, Meizu's developments and direction in the automotive field are also under scrutiny. A few days ago, Apple, the smartphone giant, announced the abandonment of its decade-long, multi-billion-dollar car manufacturing plan. Simultaneously, new forces such as NIO and Ideal have emerged in China, with smartphone brands like Huawei and Xiaomi also eager to venture into the automotive industry. In this expansive yet risk-laden sector, how AI technology will support Meizu's car manufacturing plans undoubtedly becomes a focal point within the industry. Seeking a new round of financing this year, the group may further bolster its AI large model and automotive strategies.