Meitu CEO: The company's cryptocurrency investments were fully liquidated at the end of last year, with a profit of 570 million yuan and 80% of the earnings distributed as dividends
ChainCatcher news, according to LatePost, Meitu CEO Wu Xinhong stated, "The previous company's blind diversification strategy was mostly led by me, rather than Cai Wensheng. I don't want to comment on Meitu's cryptocurrency purchases anymore, as it has become a thing of the past.From the board's voting at that time, I also voted in favor of Meitu's cryptocurrency purchases; I just regarded it as an investment. In terms of results, it indeed turned out to be a good return on investment. At the end of last year, Meitu sold all the cryptocurrencies it held, earning 570 million yuan, and 80% of the profits were distributed as dividends to shareholders.However, if I could go back in time, I might prefer to use that money to find some good teams that could synergize with our business. Sometimes, even when performance has clearly improved, if Bitcoin crashes, our stock price immediately drops, but when Bitcoin rises, our stock price doesn't increase."