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    1357   KYG5966D1051

MEITU, INC.

(1357)
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Delayed Hong Kong Stock Exchange  -  05/23 04:08:12 am EDT
0.9400 HKD   +1.08%
04/01MEITU (01357.HK) : Founder and CEO Wu Xinhong increases his stake in the company, showing his confidence in the image SaaS and beauty industry SaaS businesses of the company
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03/30TRANSCRIPT : Meitu, Inc., 2021 Earnings Call, Mar 30, 2022
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03/30Meitu, Inc. Reports Earnings Results for the Full Year Ended December 31, 2021
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INCE completes $700 million VC fundraising amid China tech crackdown

01/06/2022 | 09:00pm EDT

SHANGHAI (Reuters) - China-focused venture capital (VC) firm INCE Capital said it had secured $700 million in commitments for two dollar-denominated funds, indicating global investors were not entirely deterred by Beijing's regulatory crackdown on the tech sector. INCE's latest fundraising got strong support from global institutional investors, including Duke University, Carnegie Mellon University, University of Pittsburgh, and Kaiser Permanente, INCE said in a statement.

One of the funds was oversubscribed and raised $478 million, said INCE, which focuses on Chinese tech, Internet and consumer start-ups. China has cracked down on the technology sector over the past year and recently stepped up scrutiny of offshore listings by domestic companies, roiling domestic stocks in the sector.

"Despite the global uncertainty and challenging capital market, we continue to believe in the innovation, entrepreneurship in China and Chinese venture capital as a great asset class," Edward J. Grefenstette, President and Chief Investment Officer of The Dietrich Foundation that participated in the INCE fundraising, said in the statement.

INCE "will navigate through these uncertain times exceedingly well", Grefenstette said. JP Gan, founding partner of INCE Capital, said the fundraising success was a recognition of the firm's ability to nurture fast-growing and great companies in the world's second-biggest economy. INCE was founded in July, 2019, and raised $351.9 million in its first dollar fund that year. The latest fundraising triples its assets under management to $1 billion. Investors in the two new funds - INCE Capital Partners II and INCE Opportunity Fund - also include Commonfund, Unicorn Capital, Axiom Asia and Siguler Guff. Gan has over two decades of experience in venture capital.

His previous investments include Trip.com Group, Bilibili Inc, Meitu Inc and Musical.ly, which was acquired by ByteDance and then merged into TikTok.

(Reporting by Samuel Shen and Kane Wu; Editing by Himani Sarkar)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE -3.38% 9.575 Real-time Quote.-41.35%
BILIBILI INC. -2.61% 21.23 Delayed Quote.-53.02%
CAPITAL VC LIMITED 0.00% 0.23 Delayed Quote.-23.33%
MEITU, INC. 1.08% 0.94 Delayed Quote.-40.00%
THE INCE GROUP PLC -8.51% 21.5 Delayed Quote.-32.86%
TRIP.COM GROUP LIMITED -4.96% 20.33 Delayed Quote.-13.12%
UNITED PARCEL SERVICE INC 1.96% 174.39 Delayed Quote.-20.20%
All news about MEITU, INC.
04/01MEITU (01357.HK) : Founder and CEO Wu Xinhong increases his stake in the company, showing ..
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03/30TRANSCRIPT : Meitu, Inc., 2021 Earnings Call, Mar 30, 2022
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03/30Meitu, Inc. Reports Earnings Results for the Full Year Ended December 31, 2021
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01/06INCE completes $700 million VC fundraising amid China tech crackdown
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2021MEITU : Denies Connection With Sanctioned Website in China
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2021TRANSCRIPT : Meitu, Inc., H1 2021 Earnings Call, Aug 25, 2021
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2021Meitu, Inc. Reports Earnings Results for the Half Year Ended June 30, 2021
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Financials
Sales
Net income
Net Debt
P/E ratio
Yield
Capitalization 3 499 M 523 M 523 M
EV / Sales -1
EV / Sales 0
Nbr of Employees 2 090
Free-Float 49,3%
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Xin Hong Wu Chief Executive Officer & Executive Director
King Leung Ngan Chief Financial Officer & Secretary
Wen Sheng Cai Chairman
Yongli Ruan Senior Vice President of Technology
Xiujuan Wang Chief Operating Officer
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