Meitu, a China-based photography app producer backed by contract manufacturer Foxconn Technology Group, hopes to raise between $500m and $1bn in a flotation in Hong Kong, the Wall Street Journal reported yesterday.
The offering, expected to take place in the fourth quarter of 2016, will also provide exits to social network Sina Weibo, Tiger Global Management, Qiming Venture Partners, Innovation Works and IDG Capital Partners, the local investment affiliate of media company International Data Group.
Meitu is aiming for a valuation of approximately $5bn, up from the $3.8bn valuation it achieved following a funding round of undisclosed size earlier this year led by asset manager Keywise Capital Management.
Founded in 2008, Meitu develops a range of smartphone apps equipped with facial recognition technology that allow users to edit photos with the help of filters such as skin smoothing. The company claims its products have been installed on more than 900 million devices.
Meitu raised a total of $360m in its series A, B and C rounds, according to its website. Qiming reportedly provided $10m in series C capital in 2014, while details about the preceding rounds have not been confirmed.