April 11, 2021

Chinese beauty app Meitu shares surge after cryptocurrency investment

HONG KONG (Reuters) – Shares of Hong Kong-listed Chinese photo editing app Meitu Inc rose as much as 14.4% on Monday morning after the company said it had bought $40 million of cryptocurrencies.

The beauty-focussed technology firm said in a Sunday evening exchange filing that it bought $22.1 million worth of Ether, the world’s second-largest cryptocurrency by market capitalisation, and $17.9 million worth of Bitcoin on March 5.

Meitu is the latest company to say it will hold cryptocurrencies as part of its treasury operations. Last month, Tesla Inc revealed it had bought $1.5 billion of Bitcoin, which sent the token’s price up 20%.

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