Alibaba Group Holding Ltd. announced Monday a $590 million investment in a little-known Chinese smartphone maker, Meizu Telecom Equipment Co. Ltd. The Chinese e-commerce giant said it would gain an undisclosed minority stake in Meizu, which offers more affordable mobile devices and competes with the likes of Xiaomei Inc., Lenovo Group Ltd. and Huawei Technologies Co. Other Internet companies have dipped there toes in the mobile phone market, including Amazon.com Inc., which last year launched its Fire Phone device. Google Inc, bought Motorola Mobility in 2012 for $12.4 billion, though later sold it to Lenovo.
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