Mao Geping Cosmetics to debut in Hong Kong with US$270 million IPO as C-beauty ascends

Mao Geping Cosmetics, founded by one of the most famous make-up artists in China, aims to raise HK$2.1 billion (US$270 million) next week in the city’s first share listing by a Chinese beauty brand.

The make-up pioneer has been a strong contributor to the rising popularity of so-called C-beauty brands. Mao Geping is the only domestic market player among the top 10 premium beauty groups in China, ranking seventh based on total retail sales in 2023 with a market share of 1.8 per cent, according to Frost & Sullivan.

The brand stands apart from its local competitors with a more premium price point. For example, its popular Light Radiant blush retails for HK$410 at Sephora in Hong Kong.

Founder Mao Geping’s landmark trait is a “light and shade” technique that places an emphasis on brightening parts of the face to alter perceptions of the person’s shape. His contouring technique garnered nationwide acclaim when he worked on TV drama The Empress of China in 1995, helping then 40-year-old actress Liu Xiaoqing convincingly play a character who aged from 15 to 80 years.

Mao graduated from the Zhejiang Vocational Academy of Art in 1983 and went on to work as an opera performer with the Zhejiang Yue Opera Troupe, where he began experimenting with performance make-up.