Shares in social media entertainment provider migme have soared by more than a third after Chinese mobile app developer Meitu invested almost $7 million in the company.
Singapore-based migme started trading on the Australian share market through a back-door listing in August 2014.
migme's social entertainment services are delivered through mobile apps migme and LoveByte, artist management website alivenotdead, social news website Hipwee, and ecommerce site Sold.
migme's digital entertainment products are aimed at emerging markets in Asia. The key markets are Indonesia, India and the Philippines.
Meitu is a photo and video mobile app developer, with more than 900 million users, mostly in China but including 100 million users outside of China.
migme said on Friday that it had placed about 11.6 million shares with Meitu, at 60 cents per share.
migme and Meitu also have agreed to explore joint marketing and product development opportunities and share content across the Meitu and migme platforms.
"Co-operation between Meitu's amazing products and migme as a platform, could provide an experience set comparable to an Instagram and Snapchat experience, and be a great service for all our key influencers, opinion leaders, driving further growth, engagement and monetisation of the business," migme chief executive Steven Goh said on Friday.
migme shares gained 21 cents, or 36 per cent, to 79 cents.
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