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Founder of Mobile OS Developer Chuizi Pledges 2 Mln Shares to Alibaba

Beijing Business Today, 6/29/16

Luo Yonghao, founder of Beijing-based mobile OS developer and smartphone vendor Chuizi Technology (Smartisan), recently pledged 2.05 mln of his equity shares in Chuizi to Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), according to records available through the National Enterprise Credit Information System maintained by China's State Administration for Industry and Commerce (SAIC).

SAIC records show that Luo pledged the shares to Alibaba Group on June 27, 2016, and that Luo's stake in Chuizi has dropped from 56.3% to 28.46%.

The Credit Information Disclosure System for Enterprises also shows that Chuizi Technology changed its official name on May 31, 2016, from Chuizi Technology (Beijing) Co., Ltd., to Chuizi Technology (Beijing) Stock Co., Ltd.

Chuizi has not yet commented on the matter.

Editor's Note: For more information on this topic, please see "Rumor: Alibaba to Invest RMB 1 Bln in Smartphone Maker Smartisan," MD 3/31/16 issue.

Keywords: M&A mobile OS smartphone wireless Alibaba Group Luo Yonghao Chuizi Technology BABA handset

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