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Software Firm Meitu Lost Up to $52.3M in H1 Due to Slide in Crypto Prices

The app developer had bought 940.89 BTC and 31,000 ETH in spring of 2021.

By Eliza Gkritsi
AccessTimeIconJul 4, 2022 at 8:03 a.m. UTC
Updated May 11, 2023 at 5:42 p.m. UTC
Hong Kong skyline (Ruslan Bardash/Unsplash)
Hong Kong skyline (Ruslan Bardash/Unsplash)
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Hong Kong-listed software firm Meitu (1357) likely lost RMB 274.9 million to RMB 349.9 million (US$41.1 million to $52.3 million) in the first half of 2022, mostly due to a fall in the value of its crypto holdings.

  • The firm's losses almost doubled, a 99.6% to 154.1% increase, compared to the same period last year, it said in a filing with the Hong Kong Stock Exchange on July 1.
  • The Cayman-islands incorporated firm Meitu is known in China for its synonymous artificial intelligence-powered face beautification app.
  • The price of major cryptocurrencies has fallen dramatically in the past month, bitcoin (BTC) lost almost 38% in June, its second-biggest monthly loss since its launch in 2009.
  • Meitu bought 940.89 BTC and 31,000 ether (ETH) in the spring of 2021, but has not made any moves to sell or buy crypto since then, according to the filing.
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    Eliza Gkritsi
    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

    Follow @egreechee on Twitter

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