Meitu (HKG:1357) Founder, Chairman, and CEO Wu Zeyuan purchased 700,000 shares of the company in the open market at an average price of HK$10.00 each on Aug. 21, according to a Thursday Hong Kong bourse filing.
Following the acquisition, Wu's stake in the photo and social media app developer rose to about 588.7 million shares, or nearly 12.9% of the issued share capital.
Shares of the firm gained over 6% in Friday late-morning trade.
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