HK-listed Meitu jumps to near 7-year peak on deal with Alibaba

Meitu

21/05/2025 03:12

** Shares of Chinese online advertising and internet services provider Meitu Inc 1357.HK jump 17.8% to HK$6.95, highest since June 2018

** Stock set for the biggest one-day pct rise since August 2023

** Meitu says it will issue convertible bonds to an indirect unit of Alibaba Group 9988.HK with a total principal amount of $250 mln for a term of three years with an initial conversion price of HK$6 per share

** Co says it also plans to enter into strategic collaborations with the unit, Alibaba.com China Ltd, in areas in e-commerce, AI technology, and cloud computing capabilities

** Hong Kong stock of Alibaba rises 1.1%

** Hang Seng Tech Index .HSTECH and Hang Seng Index .HSI both climb 0.6%

** YTD, Meitu shares up 119.5%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))