Meitu, China’s answer to Instagram, can help people glamorize their selfies, but cannot edit its own stock price graph. 

The app is now being closely watched by regulators, after it swung 40 percent on the Hong Kong Stock Exchange on Monday, according to local media.

The stock quote of Meitu tumbled 11 percent following its rise up to 28 percent in early afternoon trading, eventually vaporizing about 30 billion yuan (4.3 billion US dollars) in shareholder value. It had already gone up for 11 consecutive trading days before it fell.

Despite its price fall, its trading volume reached a new record high of 489.3 million US dollars, which was triple that from the previous day, and came third in the daily ranking following Tencent and China Mobile. 

Market sources suggest the Securities and Futures Commission (SFC) made the rare move of asking certain brokers to submit transaction records related to Meitu after its fluctuations, and that it was the third such request made by the SFC since Meitu was listed.

Meitu’s share price has almost doubled in the past two weeks since March 6, when it became available to Chinese mainland investors through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect.

Last year, over half of the photos posted on Chinese mainland’s social media platforms were edited by Meitu’s app, according to iResearch, a professional market research and consulting company in China.

As of last October, the mobile photo editing app had 456 million monthly active users with a market cap of 10 billion US dollars.

Even if Meitu has enamored Chinese mainland investors, it is still in the red. The company will report earnings on Friday after markets close.