HK Stock Market Move | MEITU (01357) rose nearly 4%, planning to pay a special dividend of HK$0.109 per share. The company has cleared its cryptocurrency holdings and improved management of cryptocurrency symbols.

MEITU (01357) rose nearly 4%, as of the time of writing, it rose 3.72% to HK$3.07, with a turnover of HK$54.7152 million. In terms of news, MEITU recently announced that it proposed to distribute a special dividend of HK$0.109 per share in cash from the share premium account, subject to meeting certain conditions. In addition to this special dividend, the Board expects to maintain the company's current dividend policy, which recommends regular annual dividends based on a percentage of the Group's adjusted net profit attributable to equity holders of the company, which has shown significant growth in recent years. It is worth mentioning that MEITU announced in early December 24 that it had sold all of its holdings of cryptocurrencies for a total cash consideration of approximately US$180 million, with a profit of approximately US$79.63 million (equivalent to approximately RMB 571 million), of which about 80% is intended to be used to pay the special dividend. Morgan Stanley previously pointed out that MEITU's stock price has deviated from its fundamental value due to its holdings of cryptocurrencies, leading long-term value investors to question the focus of MEITU's operations. Selling all cryptocurrencies for shareholder returns and business development signifies a significant improvement in the company's management.