Meitu's photo-editing and sharing software for smartphones is hugely popular in China and other Asian countries, attracting 456 million users who post more than 6 billion photos every month.
That's a heck of a lot of selfies.
The company has sought to cash in by selling shares in Hong Kong. But its failure to turn a profit appears to have dampened enthusiasm for the initial public offering.
Meitu raised the equivalent of $629 million from investors, the company said Wednesday, valuing it at $4.6 billion. It sold shares at 8.5 Hong Kong dollars ($1.10) each, the bottom of the range it had targeted....