Botanee Picks Banks for $1 Billion Hong Kong Second Listing

Chinese cosmetics manufacturer Yunnan Botanee Bio-Technology Group Co. has picked Huatai Securities Co. and JPMorgan Chase & Co. for its second listing in Hong Kong, people with knowledge of the matter said.

The Shenzhen-listed company could raise about $1 billion in the Hong Kong share sale as soon as this year, said the people, who asked not to be identified as the information is private. 

Deliberations for its second listing are ongoing and details such as fundraising size and timing could change, the people said. Representatives for Huatai and JPMorgan declined to comment. Botanee did not immediately respond to emails and calls requesting comment. 

Botanee has authorized management to prepare for its Hong Kong offering, it said in an exchange filing in June, and didn’t give other details of the listing plan. Its initial public offering took place in Shenzhen in March, raising 3 billion yuan ($426 million).

Shares of Botanee closed about 4.7% lower on Friday, giving Botanee a market value of around $12 billion. The stock fell alongside other Chinese medical beauty firms after People’s Daily newspaper said in a commentary that the rising number of accidents in cosmetic surgery is alarming and the industry lacks relevant laws and regulations.

Founded in 2010, the Yunnan province-based firm makes skin-care products under the Winona brand, its website shows. It sells its cosmetics through e-commerce channels and also operates a beauty clinic in Kunming. 

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