Actress Angelababy attends the press conference of Meitu smartphone on June 13, 2016 in Xiamen, Fujian Province of China.
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Meitu, the maker of a Chinese selfie app, plans to raise as much as $1 billion in an initial public offering (IPO) on the Hong Kong stock exchange, the Wall Street Journal reported on Sunday, citing people familiar with the situation.
Meitu anticipated that the relative lack of tech listings in Hong Kong would make its IPO, expected in the fourth quarter, more attractive, the people said, according to the report.
The company was valued at around $3.8 billion in a private fund raising round this year and was seeking an around $5 billion valuation from its IPO, the people said, according to the report.