Meitu Speculation Playing with Fire and Losing 300 million in Speculative Coins

According to a new wave report on July 5, 2022, (01357.HK) – Meitu’s announcement said that in the first half of this year, the company’s net loss has reached the range of 274.9 million yuan to 349.9 million yuan. It is reported that the main reason for the increase in the company’s expected losses is the impairment of the purchased cryptocurrency.

According to the announcement, Meitu has purchased virtual currencies many times in the first half of 2021, including a total of 31,000 Ether coins and about 940.89 Bitcoins, for US$50.5 million and US$49.5 million respectively, with a total investment of about US$100 million. Cai Wensheng, chairman of Meitu, issued a statement saying that Meitu has laid out the blockchain and purchased ETH and BTC digital currencies as a value reserve for the long-term development of the blockchain strategy.

However, the cryptocurrency market has been turbulent, and the prices of Bitcoin and Ethereum have fallen by more than 60% and 35% respectively compared with the average prices at the time of Meitu’s purchase. The news said that Meitu, founded in 2008 and listed in 2016, has been trying to transform in recent years, but with no success, causing the company to continue to lose money.

Mr. Miles Guo broke the news before that the digital currency has fluctuated and fallen this time, the funds mainly manipulated Bitcoin and Ethereum ETH, and the Chinese Communist Party (CCP) is the trader behind the scenes. This time, the CCP launched a perfect unrestricted economic war against the United States, causing US stocks to evaporate by 7 trillion US dollars, and more than ten trillion US dollars disappeared from the world. Cai Wensheng, if you watched Mr. Miles Guo’s grand live broadcast, you would have been happy now. If you followed the whistle-blower movement, you would have bought HCoins and you will sit back and relax. Unfortunately, you don’t have one, so the choice is very important!

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Translator: MOS English Team – Wenqin
Design&editor: HBamboo(昆仑竹)

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