Chinese Selfie App Meitu Joins the Hong Kong Stock Exchange
By Mei Manuel, December 18, 2016 21:12 PM
One of China's popular selfie app makers, Meitu Inc, is now a part of the Hong Kong Stock Exchange list as it made its official debut to the listing on Thursday.
The stocks for the company opened at HKD$8.78 or $1.13 which was higher than its original offering price. Its inclusion to the public listing enabled the app maker to raise $629 million and boost its actual market valuation to $4.6 billion.
The company was founded and led by Cai Wensheng, who said that the company is planning to monetize money through various sources like through online advertising, e-commerce and games. The company also said that they are using a fermium business model which attracts large numbers through the help of their innovative products and services. However, some analysts have remarked that the business model used by the app maker is unsustainable considering the type of market it is currently in and the level of competition between software developers.
Experts also stress that they doubt that the company will be able to diversify their services to other industries.
Currently, the selfie app has 456 million monthly active users and helps them take perfect selfies and edit them accordingly through various effects and filters.
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