Chinese photo app and mobile-phone maker Meitu Inc is about to launch an IPO in Hong Kong.

This could be for up to US$735 million, which would value the company at as much as $4.5 billion, reports IFR, making it among the 10 largest tech companies listed in Hong Kong.

A technology sector flotation is rare in Hong Kong, and this is the largest from the industry since the B2B unit of eCommerce giant Alibaba Group Holding went public in 2007, says Reuters.

Backers for Meitu, known for its apps that let users retouch and beautify images, include venture-capital investors IDG-Accel China, Qiming Venture Partners and Tiger Global.

About 95 per cent of the company’s revenue comes from the sale of smartphones.

In its preliminary prospectus in August, Meitu said it plans to use part of the IPO funds to expand its smartphone business and produce new devices, for potential acquisitions, and for marketing and research.

China Merchants Securities, Credit Suisse and Morgan Stanley have been hired as sponsors of the IPO.