By Ben Otto
Chinese skincare company Giant Biogene Holding Co. is advancing plans for a Hong Kong IPO to raise funds to boost research and manufacturing capacity, among other things.
The Xi’an-based cosmetics specialist said in an updated draft prospectus on Sunday that it plans to expand online sales channels and ramp up research and development for a pipeline of more than 100 products, including skin care, medical dressings and immune-boosting products Food .
It hasn’t specified a timeline for the bid or the amount it intends to raise. The company filed an earlier draft prospectus with the Hong Kong Stock Exchange in May.
Giant Biogene develops skin treatment products, including flagship brands Collgene and Comfy, that use recombinant collagen as its key bioactive ingredient. The company held 1.1% of China’s skincare and treatments market by retail sales in 2021, according to consultancy Frost & Sullivan.
Giant Biogene posted sales of 1.55 billion yuan (US$217.8 million) in 2021, up from 1.19 billion CNY in 2020. Net profit increased to 828.1 million CNY from 826.5 million CNY in the same period .
The company has raised more than CNY7 billion from investors since the end of 2021, including a unit of China-focused private equity firm Hillhouse Capital.
Goldman Sachs and China International Capital Corp. advise on the planned offer.
Write to Ben Otto at [email protected]
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