Chinese photo app maker Meitu plans $700m HK IPO in 2016

A Chinese national flag flies in front of the China Construction Bank (CCB) Tower at Hong Kong's business Central district December 26, 2014. REUTERS/Tyrone Siu

Chinese photo app maker Meitu plans to raise up to $700 million in an initial public offering in Hong Kong at the end of the year, IFR reported on Friday, citing people close to the deal.

The company, which also makes mobile phones in addition to several apps to edit and retouch photos, has chosen China Merchants Securities, Credit Suisse and Morgan Stanley to manage the IPO, added IFR, a Thomson Reuters publication.

Meitu, formally known as Xiamen Meitu Technology Co Ltd, is in the process of raising pre-IPO funds that could value the company at $3.7 billion and expects its valuation to rise to up to $5 billion by the time of its listing, IFR said.

The company didn’t immediately respond to an e-mailed request for comment on its IPO plans. 

Also read:

China’s Meitu seeks valuation above $3b in funding, might be planning HK IPO

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.