Chinese automaker Geely plans to purchase more than 79% of the equity of Meizu, a Chinese smartphone maker backed by Alibaba, a document filed to China’s market regulators revealed on Monday. After the purchase, Alibaba will clear its shares in Meizu. The phone maker’s founder Huang Zhang’s shareholding will be reduced from about 49% to 10%. In January, news reports first revealed Geely’s intention to acquire Meitzu. Monday’s filing also showed that Meizu accounted for less than 5% of China’s smartphone market share in 2021. [SAMR, in Chinese]