Meitu leads declines among Chinese stocks that took wrong-way bets on bitcoin after global sell-off of digital tokens

Source: South China Morning PostChinese firms Meitu and Shenzhen Asia Link Technology Development led losses among cryptocurrency-linked stocks in local markets after the worldwide sell-off in cryptocurrencies erased hundreds of billions of dollars of value.Meitu, the Xiamen-based maker of beauty applications for smartphones, tumbled by as much as 8.5 per cent to HK$1.83 in Hong Kong on Thursday. It closed 0.5 per cent lower at HK$1.99, bringing the losses this month to 17 per cent. The slide mirrors Tesla’s 21 per cent slump…Read More

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