BlockBeats News, June 3rd, according to a report by LatePost, Meitu CEO Wu Xinhong stated that "the company's previous blind diversification strategy was mostly led by him, not by Cai Wensheng. I don't want to comment on Meitu's cryptocurrency investment anymore because it has become a thing of the past.".
"From the voting of the board of directors at that time, I also voted in favor of Meitu's cryptocurrency investment. I just treated it as an investment. In terms of the results, it was indeed a good investment. At the end of last year, Meitu sold all the held cryptocurrency, earning 570 million yuan, and 80% of the profits were distributed to shareholders.
However, if I could go back in time, I might prefer to take this money to find some good teams that can synergize with our business. Sometimes, even though our performance has clearly improved, if we encounter a sharp drop in Bitcoin, our stock price immediately plummets. But when Bitcoin rises, our stock price doesn't rise."
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