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Hong Kong-listed company Meitu plans to sell its crypto investment gradually and focus on artificial intelligence (AI) business. The move comes as Meitu’s AI business becomes a major growth driver for the company. Meanwhile, the company will no longer invest in crypto as its investment that the market is paying attention has dropped in value.
Meitu Selling Its Crypto Investments
Meitu, the first Hong Kong-listed firm to buy Bitcoin and Ethereum worth nearly $100 million, will no longer focus on crypto and may sell its crypto holdings gradually, reported local media on October 16.
Kang Yicong, senior investor relations manager of Meitu, said:
“The profit was largely attributed to the company’s subscription system, which prevents the company’s earnings from fluctuating significantly due to macroeconomic changes.”
The AI business is a growth driver for Meitu and the company will focus on it to turn loss into profit. The AI product subscriptions such as “Meitu Design Studio” will help its profit contribution to continue increasing with time. Some companies have switched to using Meitu for product introductions instead of hiring models and photographers at higher prices. This helps companies reduce their expenditures.
ChatGPT Brings AI Focus
ChatGPT’s introduction this year has revolutionized AI products and solutions. Meitu has also invested extensively in artificial intelligence. Meitu launched enterprise AI vision solution MiracleVision 3.0 this October to continue to increase its profits.
Kang Yicong said the company is working harder to expand its corporate customer base, with new solutions such as “Beauty Industry” to help merchants provide consumers with services such as makeup testing and skin testing.
The crypto market has a bearish phase, decreasing the crypto holdings of Meitu from profit to loss. The purchase in 2021 bull market was a strategic investment.
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