Meitu Jumped After Issuing $250 Million Convertible Bond To Alibaba

Reuters

05-21

Shares of Chinese online advertising and internet services provider Meitu Inc 1357.HK jump 11% to HK$6.56.

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

Meitu 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%.

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