Chinese cosmetics firm Mao Geping prices shares at top end of range ahead of Hong Kong IPO

The company is selling 70.6 million shares in its IPO, which is set to launch on Tuesday. China International Capital Corporation is its sponsor. The shares were priced at HK$29.80, according to exchange filings on Monday.

Mao Geping plans to issue 70.59 million H shares, with 10 per cent allocated for the retail offering. Its international placement has reportedly been oversubscribed several times.

It comes as the city has seen some improvement in new-listing activity this year. Around 95 per cent of Hong Kong’s IPOs were oversubscribed, up 4 percentage points from a year earlier.

The Hangzhou-based company was founded by make-up artist Mao Geping in 2000. He sought to promote Chinese make-up artistry and aesthetics globally. The brand’s products often depict designs that mimic classical Chinese paintings.

The company’s fusion of traditional eastern aesthetics with modern beauty standards has been very popular among Chinese consumers.