HK Stock Market Move | Meitu (01357) rises over 6% in the afternoon, further deepening cooperation with Alibaba. The company encourages internal AI entrepreneurship.

MEITU (01357) rose more than 6% in the afternoon, up 5.53% as of press time, at HKD 7.83, with a turnover of HKD 379 million. On the news front, on December 31, Meitu announced that it had issued USD 250 million in convertible bonds to Alibaba. Morgan Stanley released a research report stating that if all convertible bonds were converted, Alibaba would hold 6.82% of Meitu's shares, becoming its third largest shareholder. The bank believes that this development is positive news, expecting further deepening cooperation between Meitu and Alibaba, especially in the field of e-commerce design, which could generate strong synergies. It is worth noting that Meitu CEO Cai Wensheng previously revealed that Meitu is returning to a startup team model, establishing an AI innovation studio to conduct internal innovation "races" every six months, with a "venture capital" fund of 10 million RMB. Cai Wensheng believes that the most intense competition in the future may come from emerging startup teams, so it is necessary to benchmark against the efficiency of startup companies.