The selfie-based app Meitu is hoping to receive a valuation of over 5 billion US dollars when it floats on the Hong Kong Exchange. Consisting of a selfie app, a livestreaming service and a smartphone production arm, Meitu is planning to offer shares at somewhere between 8.5 and 9.6 Hong Kong dollars. This will be worth around 700 million US dollars. It is nearly ten years since The Hong Kong Exchange has seen an IPO of this size, and comes after Line raised just over 1 billion US dollars in a similar listing. In a statement, Cai Wensheng, the founder of Meitu, said that the funding would be used to develop the company “as a portfolio of innovative apps so as to retain and attract more business partners”.