Bloomberg News
Shares of Meitu Inc. extended their decline into a fourth day after the beauty-app developer disclosed that it expects first-half losses to widen due to soured cryptocurrency bets.
The Xiamen, Fujian-based firm’s stock tumbled as much as 8.7% in Hong Kong, the most in over two weeks, after saying it expects impairment from Bitcoin and Ether holdings to triple from a year ago. The loss was disclosed in an exchange filing Sunday, and the company is expected to publish first-half results in August.
The photo touch-up app maker was the first major firm in China to invest in cryptocurrencies, announcing in March 2021 that it made initial trades worth $40 million. Investments in Bitcoin and Ether grew to about $100 million in the following months as the company said that the assets could help diversify its portfolio.
Crypto’s stellar rise in recent years hit an abrupt pause this year after a hawkish Federal Reserve and increased regulatory scrutiny sent prices tumbling....
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