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Meitu , the pioneering Hong Kong-listed company known for its ventures into cryptocurrencies, has recently announced a strategic shift away from digital assets like Bitcoin and Ethereum.
The company, which made headlines in 2021 for investing around $100 million in cryptocurrencies, has revealed that its growth is now driven primarily by its artificial intelligence business.that the company no longer focuses on buying and holding digital assets and may consider selling them in the future. She explained that the decision is rooted in the changing global economic environment, which has prompted many companies to rethink their spending habits.
Kang Yicong stated that the company’s turnaround from losses to profitability is largely attributed to its subscription system, which has shielded its earnings from the volatile macroeconomic landscape. Additionally, Meitu’s AI business has been a significant growth driver in attracting new subscribers and contributing to profits.. In early October 2023, the company unveiled its enterprise AI vision solution, MiracleVision 3.
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