SHANGHAI — Shanghai-based skincare group Chicmax Cosmetic Company Ltd. — identified for its fashionable skincare manufacturers Kans, One Leaf, Baby Elephant, Bio-G and Hanamino — went public on the Hong Kong Stock Exchange on Thursday, turning into the primary Mainland China skincare firm to take action.
Chicmax opened at 25.20 Hong Kong Dollars, or $3.23, on Thursday, elevating 835 million Hong Kong greenback from the deal.
Founded in 2002 by Shanghai-based entrepreneur Yixiong Lv, Chicmax is broadly identified for its anti-aging model Kans, the botanically impressed facial masks model One Leaf and the Baby Elephant skincare model for moms and youngsters.
According to knowledge from the consulting company Frost & Sullivan, in 2021, Chicmax Cosmetics ranked 14th place in retail gross sales in China, accounting for a market share of 0.8 p.c. Compared to home gamers, Chicmax Cosmetics ranked after Proya, Jahwa, Yatsen because the fourth-largest within the home market.
As its hero product, Chicmax’s facial masks topped the rating of the class in China with retail gross sales of 1.84 billion renminbi, or $263 million, in 2021.
Chicmax additionally ranked first within the home maternity and childcare skincare class, with retail gross sales of 1.79 billion renminbi, or $256 million, in 2021, in line with Frost & Sullivan.
Chicmax initially deliberate for a list on the Shanghai Stock Exchange in 2021 however shifted its focus to the Hong Kong exhange later within the 12 months.
According to Chicmax Cosmetics’ prospectus, as a result of COVID-19-related disruptions, income dropped 31 p.c year-over-year to 1.26 billion renminbi, or $180 million, within the six months ending June 30, 2022. Gross revenue plunged nearly 33 p.c year-over-year to 0.8 billion renminbi, or $114 million, in the identical interval.
In latest years, Chicmax has been reinventing its star manufacturers to maintain up with market developments and keep in a extremely fragmented market dominated by international gamers, in line with Frost & Sullivan’s report.
For instance, Kans edged into the high-end anti-aging market with a self-developed blue copper peptide expertise and One Leaf was rebranded right into a clear magnificence model.
In 2016, Chicmax arrange a analysis facility in Kobe, Japan and has spent nearly 100 million renminbi yearly on analysis and growth. New manufacturers that made their debut this 12 months, akin to New Page and Armiyo, are geared toward tackling the delicate pores and skin market sector. In 2023, a high-end anti-aging model, Yamii Pro, will make its market debut.
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