Deals
Chinese Beauty-App Phenomenon Meitu Makes Muted Tech Debut
- The selfie-app developer stood unchanged from its IPO price
- Fed decision, profit concerns weigh on investors’ minds
Meitu Makes Less-Than-Stellar Debut in Hong Kong
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Chinese beauty apps sensation Meitu Inc. clung to its offer price on its first day of trade, a less-than-stellar debut for Hong Kong’s largest technology initial public offering in almost a decade.
It was also the city’s biggest coming-out party since the start of a program that made it easier for mainland Chinese investors to buy and sell stocks in Hong Kong. Meitu’s shares closed at HK$8.50, unchanged from an IPO price already set at the bottom of a marketed range. The mobile apps developer and phone maker remains valued at HK$35.9 billion ($4.6 billion).