Stock Track | Meitu Soars 5.59% as Cryptocurrency Disposal Boosts Liquidity

Stock Track12-05

Shares of Meitu Inc, the Hong Kong-listed internet company, jumped 5.59% in Thursday's intraday trading session. The stock surge came after the company announced the disposal of a significant portion of its cryptocurrency holdings, unlocking substantial liquidity.

According to the announcement, Meitu sold 15,703.94 units of Ether for $55.49 million and 470.19 units of Bitcoin for $44.85 million. The cryptocurrency disposal is expected to provide the company with additional financial flexibility and cash to support its operations and strategic initiatives.

Investors reacted positively to the news, as the cryptocurrency sale alleviated concerns about the company's exposure to the volatile digital asset market. Meitu's decision to monetize a portion of its crypto holdings was seen as a prudent measure to strengthen its balance sheet and focus on core business areas.

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