Shares of Chinese beauty services provider Beauty Farm Medical and Health Industry soared on Monday on its debut on the Hong Kong Stock Exchange during the Covid pandemic.
Beauty Farm yesterday jumped 53.5% from its IPO price of HK$19.32 to HK$29.65, or $3.80. According to the prospectus, the company has raised HK$387.2 million in its initial offering, most of which will be used to upgrade and expand its service network.
Beauty Farm operates four chains: BeautyFarm, Palaispa, CellCare and Neology. The total revenue of beauty and beauty medical services increased from 1.4 billion yuan in 2019 to 1.78 billion yuan in 2021. However, in the first half of 2022, he fell from 776 million yuan in the first half to 654 million yuan in the first half of 2022. 2021 during the pandemic lockdown.
Investors include Fan Daodi, billionaire chief science officer of Giant BioGene, which went public in Hong Kong in December. Among them is the Shenzhen-listed Yunnan Botanee Bio-Tech Group, a skin care product supplier led by billionaire Zhenyu Guo. According to Forbes estimates, Fan is worth his $2.8 billion today, and Guo is worth his $2.3 billion.
Another China IPO, mainly aimed at women, went public in Hong Kong in December and is off to a strong start. Shanghai Chicmax Cosmetic closed at HK$28.70 from its IPO price of HK$25.20 on Friday. The CEO’s Lyu Yixiong value is his $1.1 billion.
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