| HONG KONG, March 24
HONG KONG, March 24 Chinese technology company
Meitu Inc, known for its popular selfie beautifying
apps, on Friday reported a net loss of 540.5 million yuan ($78.5
million) last year in its first earnings results since its
landmark market debut.
The photo app and mobile phone maker said its net loss
narrowed by 24 percent in 2016, from 710 million the previous
year. Revenue grew to 1.58 billion yuan, from 742 million yuan.
Monthly active users grew 32 percent to a record high of
around 520 million in January 2017, it said.
Xiamen-based Meitu listed on the Hong Kong market in
December in a rare floatation for unprofitable companies,
fetching $630 million in the IPO. That was Hong Kong's largest
tech IPO in a decade.
Meitu shares have since gained 85 percent to close at
HK$15.50 on Friday. Shares traded wildly this week, sparking
concerns of cross-border speculation.
($1 = 6.8860 Chinese yuan renminbi)
(Reporting by Sijia Jiang; Editing by Randy Fabi)