China's Meitu hits 4-week high on strong H1 results

Meitu

29/08/2023 03:29

** Shares of China's Meitu Inc  1357.HK  jump as much as
12.7% to HK$2.75, highest since Aug 2, and on track to snap two
straight session of decline
    ** Stock of online advertising and internet value-added
services provider set for biggest one-day pct rise since July 4
if gains hold
    ** Second biggest percentage gainer in the Hang Seng
Composite Index on information technology firms  .HSCIIT  and
third biggest gainer in the Hang Seng Composite Index  .HSCI  
    ** Co posts a more than four-fold YoY growth in H1 adjusted
net profit to 151.3 mln yuan ($20.76 mln), revenue up 29.6% at
1.26 bln yuan
    ** Results driven by subscription revenues for its
artificial intelligence generated content-powered photo, video
and design products 
    ** Fujian-based firm says it believes there is still ample
room for both subscriber penetration and ARPPU (average revenue
per paying user) to grow in the future 
    ** The Hang Seng Composite Index on information technology
firms climbs 1.2% and the Hang Seng Tech Index  .HSTECH  rises
1.3%
    ** The Hang Seng Composite Index and the Hang Seng Index
 .HSI  gain 1% and 1.2%, respectively
    ** As of last close, the stock had surged 78.1% this year
($1 = 7.2878 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))