Beauty App Meitu Produces Its Second Billionaire
Wu Xinhong, co-founder and chief executive officer of Meitu Inc., became the second billionaire at the Chinese beauty-enhancing selfie app developer after the stock posted its longest winning streak since its December debut.
The stock extended gains since it was added to a second equity-trading link between China’s Shenzhen exchange and Hong Kong on March 6, rising 4.6 percent to HK$14.88 at the close in Hong Kong on Thursday. The 10th straight advance also pushed the shares to a record, giving Wu a net worth of $1.1 billion, according to the Bloomberg Billionaires Index.
The company, based in the Chinese city of Xiamen, said Wu declined to comment and referred to the CEO’s previous statement on how he’s seeking to turn virtual beauty into real-life experiences through its artificial intelligence.
The link offers foreign investors more access to mainland China-listed technology shares, and gives mainland investors access to Hong Kong-traded stocks such as Meitu. The company became a household name in China by tapping a cyber-savvy generation’s growing desire to look attractive online. Its apps, with more than 456 million monthly active users, help people slim their faces, lengthen their limbs and even apply virtual make-up in photos.