The photo modification app owner had targeted a $5bn valuation for an initial public offering that would grant exits to Sina Weibo, Foxconn and IDG Capital Partners.
China-based photo retouching app developer Meitu is set to raise up to $800m in its initial public offering according to China Money Network, which cited local media reports.
Meitu, which is backed by social media platform Sina Weibo and media company International Data Group’s Chinese VC affiliate, IDG Capital Partners, has scheduled roadshows next week and intends to float on the Hong Kong Stock Exchange shortly afterwards.
The company filed in August this year to raise between $500m and…
