Meitu (HKG:1357) announced a strategic partnership with Alibaba Group's (HKG:9988) subsidiary, Alibaba.com China, which includes a $250 million investment, according to a Tuesday filing with the Hong Kong bourse.
As part of the deal, Meitu will issue convertible bonds to the Alibaba unit with a principal amount of $250 million. The bonds will mature in three years and carry an initial conversion price of HK$6 per share, the filing said.
The partnership includes collaboration in e-commerce, artificial intelligence, and cloud computing. Alibaba will promote Meitu's AI e-commerce tools across its platforms and provide technical support to meet the computing power needs for Meitu's AI product development.
Additionally, Meitu has agreed to purchase at least 560 million yuan in Alibaba cloud services over the next three years. The companies will also explore new projects to enhance user experiences on their respective platforms.
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