HK Stock Market Move | MEITU (01357) is up more than 4% and has issued $250 million of convertible bonds to Alibaba. The cooperation between the two parties is expected to further deepen.

MEITU (01357) is up more than 4%, up 4.71% as of press time, at HK $7.33, with a turnover of HK $55.4276 million. On the news front, on December 31, Meitu announced the issuance of $250 million in convertible bonds to Alibaba. Morgan Stanley released a research report stating that if all convertible bonds are converted, Alibaba will hold a 6.82% stake in Meitu, becoming its third largest shareholder. The bank believes that this development is positive news, expecting further deepening of cooperation between Meitu and Alibaba, especially in the field of e-commerce design, which can generate strong synergies. It is worth noting that information from the official website of the China Securities Regulatory Commission shows that Suiyuan Technology, one of the four domestic GPU dragons, has completed IPO counseling work, marking the next stage in its listing process. Public information shows that Tencent is the largest shareholder of Suiyuan Technology, having participated in multiple rounds of financing. Zhao Lidong and Zhang Yalin are jointly the second largest shareholders of Suiyuan Technology. The National Large Fund Phase II is the fifth largest shareholder of Suiyuan, while Meitu is its fourteenth largest shareholder.