Meitu selfie-editing app eyes $3 billion valuation

Chinese image-editing app developer Xiamen Meitu Technology is reportedly eyeing an IPO in Hong Kong to raise up to $200 million this year, which would send the firm's valuation to as much as $3 billion.

Chinese selfie-editing app Meitu is reportedly to mull a Hong Kong IPO this year after making its way into 900 million terminals globally, according to a Sina news report on Thursday.

Backed by IDG and Qiming Venture Partners, Meitu completed three rounds of venture financing in 2014, which has seized up to $360 million.

The photo-editing app can remove dark circles under eyes, lighten and smoothen skin, narrow the face, and elongate body shape in the selfie. It also offers a "one-click beautifying" function, with photos able to be shared instantly via popular social network platforms like Weibo and WeChat.

Users can pay to download the premium edition, which comes along more advanced features.

Founded in 2008, Meitu currently owns 270 million monthly active users and 52 million active daily users. Meitu's active users exceed 1 million in 18 countries or regions, and the firm ranks eighth in the Top Ten Global Application Developers by App Annie, according to the Sina report.