Meitu focuses on AI development, away from BTC, ETH investment

Meitu (1357), a pioneering Hong Kong-listed company known for its activities in cryptocurrencies, recently announced a strategic shift away from digital assets such as Bitcoin and Ethereum.

In the year The company, which made headlines by investing nearly $100 million in 2021, now says its growth is primarily based on its artificial intelligence (AI) business.

Maytu credit registration system for fiscal success

Meitu's senior investor relations manager, Kang Yikong, recently confirmed that the company will no longer focus on buying and holding digital assets and will consider selling them in the future. She said the decision was based on the changing global economic situation, which has caused many companies to rethink their spending habits. This change, on the other hand, has created an opportunity for Maytu products to be in demand in the market.

Kang Yikong said the company turned from loss to profitability mainly through its subscription system, which insulates its revenue from the changing macroeconomic landscape. In addition, Maytu's AI business has been a major growth driver in terms of attracting new subscribers and contributing to profitability.

Maytoo's current strategic focus is on video production, complementing its push into AI. In early October 2023, the company unveiled MiracleVision 3.0, an enterprise AI vision solution that leverages the global AI craze driven by technologies like ChatGPT. As Kang Yikong emphasized, AI is expected to play a crucial role in the company's growth, especially as it contributes to profits by expanding subscriptions.

Maytoo's $100 million crypto investment journey

Maytoo's experience in the cryptocurrency market involved a large investment that initially suffered losses. However, the recent market recovery allowed the company to recover losses related to cryptocurrency holdings to 190 million yuan. Calling the decision strategic, Kang Yikong explained that Meitu will stop buying cryptocurrencies after 2021.

Looking ahead, Kang Yikong expressed optimism about the overseas market as demand for Meitu's AI-powered drawing and other functions continues to grow. The company intends to design and launch products with a global perspective, initially targeting Southeast Asia, Japan, South Korea, Europe and the US. Local development strategies are adapted to the specific conditions and needs of each region.