Hong Kong-listed beauty app Meitu said on Friday it is expecting a net loss of up to 349.9 million yuan (US$52 million) in the first half of 2022, driven by tumbling cryptocurrency prices. 

See related article: Hong Kong-listed Meitu buys more Bitcoin, now has US$100 million in crypto

Fast facts

  • Meitu said it could see a 154% year-on-year jump in net loss over the first half of 2022. 
  • Meitu’s estimates are unrealized losses as the firm has not sold its cryptocurrencies since accumulating 31,000 ETH and 940.89 BTC from March 2021, the firm said.  
  • Meitu said crypto losses will not affect its cash flow or operations and that it still believes digital assets will appreciate in the long term.

See related article: Software firm Meitu loses US$17.3M on Bitcoin