Chinese selfie app giant Meitu disenchants investors as losses continue

The company behind a photo-retouching app used by hundreds of millions tumbled 13 per cent on Wednesday, the most in five months. That came after Meitu posted a first-half loss of 127.4 million yuan ($19 million) and said it would “de-emphasize net profit generation” until it transformed into a social media platform. The shares fell 19 per cent at one point following the results, the most on record.