Mao Geping Cosmetics, after receiving approval for its initial public listing, is setting its sights on raising HK$2.3 billion through an IPO on the Hong Kong Stock Exchange.
According to The Standard, the cosmetics giant has redirected its focus toward Hong Kong after four unsuccessful bids to go public in Shanghai, dating back to 2016.
In 2023, the brand reported a profit of CNY664 million and achieved an 83% increase in revenue, reaching CNY2.89 billion.
Industry analysts have scrutinized Mao Geping’s business tactics, product offerings, and investment in research and development since its first IPO attempt. Concerns have been noted regarding its R&D spending being less than 1% of revenue and the company’s reliance on contract manufacturers for product production.