Meitu IPO Prices at Bottom of Range

(Beijing) — Beauty app operator Meitu priced shares for its Hong Kong IPO at the bottom of their range on Wednesday, as investors remained skeptical about the future profit potential of the market's biggest new China internet listing in a decade.

Meitu shares priced at HK$8.50 apiece, or the bottom of their previously indicated range of HK$8.50 ($1.10) to HK$9.60. The pricing will allow the company to raise around HK$4.7 billion, well below its earlier $710 million target at the top of the range.