Chinese selfie app Meitu reports smaller net loss in 2016

Sijia Jiang

HONG KONG, March 24 (Reuters) - Chinese technology company

Meitu Inc, known for its popular selfie beautifying

apps, on Friday reported a net loss of 540.5 million yuan ($78.5

million) last year in its first earnings results since its

landmark market debut.

The photo app and mobile phone maker said its net loss

narrowed by 24 percent in 2016, from 710 million the previous

year. Revenue grew to 1.58 billion yuan, from 742 million yuan.

Monthly active users grew 32 percent to a record high of

around 520 million in January 2017, it said.

Xiamen-based Meitu listed on the Hong Kong market in

December in a rare floatation for unprofitable companies,

fetching $630 million in the IPO. That was Hong Kong's largest

tech IPO in a decade.

Meitu shares have since gained 85 percent to close at

HK$15.50 on Friday. Shares traded wildly this week, sparking

concerns of cross-border speculation.

($1 = 6.8860 Chinese yuan renminbi)

(Reporting by Sijia Jiang; Editing by Randy Fabi)