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Shares of Chinese selfie app developer Meitu Inc. slipped by as much as 15 percent after it posted a loss for the previous fiscal year, in its first earnings report since its IPO.
The stock tumbled to as low as HK$13.20 before ending at HK$13.56 at the close of morning trade, falling by 12.52 percent and weighing down the benchmark Hang Seng Index by representing an overall 0.28 percent decline.
Meitu share price rose by as much as 80 percent this March since it was listed in the scheme of stocks linking HK to mainland bourses.
However, the company announced it has suffered a net loss of 540.5 million yuan last year, lesser than the incurred 710 million loss in 2015. Meanwhile, revenue advanced to 1.58 billion yuan from 742 million yuan.
Analysts said the price drop denotes investors are still adjusting to the results which are not at par with the stock's valuation, as it still fails to generate money.
Meitu CFO Gary Ngang King Leung said last week that the Chinese firm was bound to hit its target of breaking even during the current fiscal year.
