China-based smartphone vendor Meizu has lowered its shipment target for 2017 by 15% to 30 million units from 35 million set previously, according to a Chinese-language Economic Daily News (EDN) report.

Meizu has been forced to adjust its strategy due to financial constrains at parent company LeEco, the paper said.

Meizu also warned that its losses are expected to expand to HK$600-800 million (US$77.1-102.79 million) in the first half of 2017 compared to HK$162.8 million a year earlier because of keen competition and a delay in the launch of new models.

However, the company will continue to focus on product upgrades and strengthen its deployments in overseas markets. The company's goal of shipping five million smartphones to India in 2017 remains unchanged, said the paper.