China’s rising “She Economy” fuels Meitu ambitious fund-raising plan in Hong Kong
Selfie app maker looking to raise as much as US$1 billion from its initial public offering in city
Meitu, China’s most popular selfie app maker, is planning to raise up to US$1 billion through an initial public offering in Hong Kong, which if successful could be one of the biggest IPOs in the city this year.
Beautifying selfie apps have gained popularity in China as a growing number of Chinese women are using apps to whiten skin, make eyes bigger and enhance other facial features in their quest to stay beautiful and stay connected. More importantly, the success of such apps also mirrors the rise of China’s ‘She Economy’, analysts said.
Meitu, which also sells smartphones under the same name, was a tech startup established by Cai Wensheng in 2008.
Meitu’s flagship selfie app Meitu Xiuxiu is a simple-to-use free photo editing and sharing tool, with one-touch beautifying features including skin whitening, eye enlarging, and jawline thinning. The effect is so dramatic that users seem to have had a plastic surgery.