Xiamen Meitu mulls HK IPO

Business | 14 Apr 2016

Xiamen Meitu Technology, the developer of apps that retouch photos, plans to raise up to US$200 million (HK$1.56 billion) through an initial public offering in Hong Kong this year.

The firm's primary app, which has 270 million monthly active users and 52 million active daily users, has been valued at more than HK$23.3 billion.

The company is reportedly planning an IPO as soon as this year and Hong Kong is under consideration.

The Xiamen-based company, founded in 2008, is also a manufacturer of mobile phones and cameras. One of its founders is the famous mainland angel investor Cai Wen-sheng.

Meitu completed three rounds of venture financing in 2014, raising up to US$360 million.

Meitu's app helps users to edit and touch up their selfie photos.

Forgame Holdings Limited (0484) cooperated with Meitu last year for a new mobile game aimed at the female market. Its share price rose 0.72 percent yesterday to HK$11.22.

Meanwhile, Orient Securities, the joint-venture partner of Citigroup in the mainland, has filed for an IPO in Hong Kong to raise up to US$1 billion, according to The Wall Street Journal.

Sponsors include Citigroup, Goldman Sachs and Nomura Holdings

CARRIE CHEN

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