Meitu Lists in Hong Kong, Price Drops After Initial Highs
Yicai Global
/SOURCE : Yicai
Meitu Lists in Hong Kong, Price Drops After Initial Highs

(Yicai Global) Dec. 15 -- Mobile Internet company Meitu Inc. officially listed on the mainboard of the Hong Kong Stock Exchange today.

Coded 1357, Meitu's shares started trading in board lots of 500 shares at 9.30 a.m. The stock pulled back after gaining 3.29 percent at the open of trading, however, falling to 0.59 percent below the IPO price as of 2.40 p.m.

Meitu accords top priority to maximum user acquisition through free innovative products and services. As its core assets, the company has acquired a massive user base and relevant big data resources, giving it a unique advantage in the era of artificial intelligence.

A survey conducted by iResearch Consulting Group in June shows that, of all the photos uploaded onto mainstream Chinese social media sites each day, around 53 percent are processed by the Meitu application. As of Oct. 2016, the total number of Meitu's monthly active users had reached 456 million. By Oct. 31, 2016, more than 490 million video clips had been uploaded via the Meitu community.

Meitu is one of the few technology companies to list in Hong Kong. Its initial public offering today marks the largest technology listing in Hong Kong since the stock market flotation of Alibaba's B2B business in 2007.

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