Alibaba lands US$250 million convertible bonds deal, AI pact with selfie app giant Meitu
The strategic collaboration is expected to serve as ‘the foundation of a long-term partnership’ between Meitu and Alibaba

After trading hours on Tuesday, Alibaba.com China conditionally agreed to subscribe to the convertible bonds for a term of three years, “at an initial conversion price of HK$6 per conversion share”, according to Meitu’s filing. Alibaba owns the South China Morning Post.
Shares of Meitu surged 18.98 per cent to close at HK$7.02 on Wednesday, the highest the stock has reached since 2018. Meanwhile, Alibaba’s shares closed up 1.15 per cent to HK$123.10.
The strategic collaboration is expected to serve as “the foundation of a long-term partnership” between Meitu and Alibaba, according to the filing. The partnership will also allow Meitu “to seize the opportunities brought by AI, driving the company’s long-term growth”.