Beauty App Meitu Produces Its Second Billionaire
- Stock climbs for nine straight days to record in Hong Kong
- Chairman and Co-founder Cai was first Meitu billionaire
Wu Xinhong.
Photographer: Anthony Kwan/BloombergThis article is for subscribers only.
Wu Xinhong, co-founder and chief executive officer of Meitu Inc., became the second billionaire at the Chinese beauty-enhancing selfie app developer after the stock posted its longest winning streak since its December debut.
The stock extended gains since it was added to a second equity-trading link between China’s Shenzhen exchange and Hong Kong on March 6, rising 4.6 percent to HK$14.88 at the close in Hong Kong on Thursday. The 10th straight advance also pushed the shares to a record, giving Wu a net worth of $1.1 billion, according to the Bloomberg Billionaires Index.