Chinese Cosmetics Maker Chicmax to Plan Hong Kong IPO, Sources Say
(Bloomberg) -- Chinese cosmetics manufacturer Shanghai Chicmax Cosmetic Co. is planning an initial public offering in Hong Kong as soon as this year, according to people familiar with the matter.
Shanghai-based Chicmax is working with China International Capital Corp., Citic Securities Co. and JPMorgan Chase & Co. on the proposed share sale that could raise several hundred million dollars, the people said, asking not to be identified as the information is private. The company is aiming to file a prospectus in the coming weeks, the people said.
Details of the offering such as fundraising amount and timing are still preliminary and subject to change, the people said. Representatives for CICC, Citic Securities and JPMorgan declined to comment, while Chicmax didn’t respond to an email for comment.
Chicmax had previously considered a listing on the Shanghai stock exchange, according to a document from Citic Securities, which worked as its pre-IPO consultant last year. The cosmetic manufacturer later shifted the listing plan to Hong Kong, the people said.
Founded in 2002, Chicmax manufactures cosmetics under brands such as Kans, One Leaf and Bio-G. In 2015, the company brought in investors including Citic Capital and New Alliance Capital in a Series A funding round, according to the company’s website.
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