Hong Kong-Listed Tech Firm Invests More Money in Bitcoin and Ethereum

On Wednesday (March 17), publicly-listed Chinese tech firm Meitu Inc. announced that it had bought more BTC and ETH.

Meitu, which was founded in 2008, “has become one of China’s top Internet enterprises owing to its leading AI-driven image-and-video processing technologies and social community.” It has “been listed on the Hong Kong Stock Exchange since December 15, 2016 (Stock code：1357.HK).”

On March 7, the Cayman Islands-incorporated company announced that Meitu Group (i.e. Meitu Inc. and its non-People’s Republic of China incorporated subsidiaries) had “purchased 15,000 units of Ether and 379.1214267 units of Bitcoin (“BTC”), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021.” These purchases were made by Miracle Vision, a wholly owned subsidiary of Meitu, in pursuant of Meitu’s Cryptocurrency Investment Plan.

Well, yesterday (March 17), Meitu announced two new cryptocurrency acquisitions:

“The Board is pleased to announce that on March 17, 2021, Miracle Vision had, pursuant to the Cryptocurrency Investment Plan, further acquired in open market transactions, an additional (i) 16,000 units of Ether at an aggregate consideration of approximately US$28.4 million under the Ether Acquisition; and (ii) 386.08581655 units of Bitcoin at an aggregate consideration of approximately US$21.6 million under the Bitcoin Acquisition. As at the date of this announcement, the Group has accumulated a Net Purchase of approximately US$90 million worth of cryptocurrencies.“

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