A venture run by the founder of Chinese automaker Zhejiang Geely Holding has completed the purchase of 79.09 percent stake in smartphone brand Meizu.

The deal by Hubei Xingji Shidai Technology, which was launched by Geely’s chairman Eric Li last year as part of a push by the automaker into premium smartphones, was first revealed to the public in June via a statement from China’s market regulator. It did not provide financial details for the deal.

Meizu will operate as an independent brand, under Xingji Technology, and they will look to collaborate in areas such as software development.

Xingji Technology is developing next-generation smartphones, mobile devices and wearable smart devices that will utilize extended reality technologies.