Selfie app developer to give details on Hong Kong IPO
Selfie application developer Meitu Inc will hold a press conference on Friday ahead of its initial public offerings in Hong Kong, planned for later this month. Media reports have suggested that the IPO would be worth about $750 million. Morgan Stanley, Credit Suisse Group and China Merchants Securities Co are the joint sponsors of the offering, according to a filing to the Hong Kong Stock Exchange in August. Meitu’s app helps users appear more attractive in photos and videos. Meitu also sells smartphones. It plans to use about 35 percent of the IPO proceeds to expand its smart hardware business.