China’s renowned makeup artist Mao Geping became a billionaire as his beauty company soared as much as 92% in its trading debut in Hong Kong, delivering the biggest first-day gains among firms that raised at least $300 million by selling shares in the past three years.
His skincare and cosmetics firm, Mao Geping Cosmetics Co., which listed Tuesday, raised HK$2.3 billion ($300 million) in its initial public offering after upsizing the deal, according to a filing to the Hong Kong stock exchange. The shares closed up 77% for the day, capping a remarkable run for Mao’s premium powders and lotions that have defied the nation’s consumer slowdown.
That’s given the 60-year-old makeup wizard and his wife Wang Liqun, the company’s vice chairwoman, a fortune of about $1.6 billion based on the closing price of HK$52.60, according to the Bloomberg Billionaires Index. Mao and his wife hold a more than a 45% stake in the company, directly and through investment vehicles. Two of Mao’s sisters and several other relatives also each hold a smaller stake that could be worth another $900 million in total, the company’s prospectus showed.
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