FILE PHOTO: An illustration shows a mobile phone runs a Meitu application in Beijing, China, March 22, 2017. REUTERS/Aly Song/File Photo GLOBAL BUSINESS WEEK AHEAD
Add Meitu Inc to the list of once-promising Chinese tech startups that are now saddling shareholders with big losses.
The maker of China’s most popular photo-retouching app rode the nation’s selfie obsession to a blockbuster Hong Kong initial public offering in December 2016. But these days it’s one of the city’s worst-performing tech stocks, joining a host of tech IPOs that have fallen below their issue price amid investor concerns ranging from high valuations to intense competition.
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