Chinese selfie app aims for $1bn IPO

One of China’s most popular selfie app makers is preparing to raise up to $1 billion through a listing on the Hong Kong exchange, in a test of whether that market can compete with New York and mainland China for a wave of expected Chinese startup offerings, The Wall Street Journal reports. The app maker, Meitu Inc., filed an application with Hong Kong regulators on Friday for an initial public offering that could raise $500 million to $1 billion, and is expected in the fourth quarter, according to people familiar with the situation. A successful IPO could strengthen Hong Kong’s hand as it tries to persuade Chinese startups such as $46 billion phone-maker Xiaomi and $36 billion ride-hailing app Didi Chuxing Technology to list in the former British colony.