Chinese Beauty App Meitu Slides as Crypto Bets Steepen Losses

Shares of Meitu Inc. extended their decline into a fourth day after the beauty-app developer disclosed that it expects first-half losses to widen due to soured cryptocurrency bets.

The Xiamen, Fujian-based firm’s stock tumbled as much as 8.7% in Hong Kong, the most in over two weeks, after saying it expects impairment from Bitcoin and Ether holdings to triple from a year ago. The loss was disclosed in an exchange filing Sunday, and the company is expected to publish first-half results in August.