Morgan Stanley, Credit Suisse Group AG and China Merchants Securities Co are the joint sponsors of the proposed initial public offering of Meitu Inc, a Chinese photo app developer, according to a filing to the Hong Kong Stock Exchange on Monday.

If it is listed in the Hong Kong Stock Exchange, it will be the biggest IPO after online game developer Tencent Holdings Ltd, which was listed in 2004 with its market value up 300 times in the past 12 years, reaching $249 billion.

The monthly active users of Meitu have reached 446 million as of June, up 81 percent year-on-year, according to its application for the IPO.