Hillhouse, others set to invest $630 mln in China's Giant Biogene -sources
08/12/2021 02:55
BEIJING/HONG KONG, Dec 8 (Reuters) - China's Xian Giant
Biogene Technology has embarked on a fundraising round that will
likely see Hillhouse Capital Group and others buy at least 4
billion yuan ($630 million) worth of shares, two people familiar
with the matter said.
The share sale, a combination of new and existing shares,
will value the maker of medicinal skin care treatments at 19
billion yuan ($3 billion) said the people, who declined to be
named as the information was private.
The deal is near closing, but the total investment size may
still change, one of the sources said.
The fundraising will likely be followed by an initial public
offering in Hong Kong, the sources added.
Giant Biogene and Hillhouse did not immediately respond to
Reuters requests for comment.
The Chinese market for so-called "medical aesthetics"
products and services is expected to growth 20% in 2021,
compared with less than 10% last year, according to a forecast
by China Economic Information Service.
Giant Biogene said in a statement on Monday that during
China's Singles' Day in November, the world's biggest online
shopping event, it had only taken 45 minutes for sales of its
key product line called "Kefumei" to exceed the sales logged for
the whole day last year.
($1 = 6.3646 Chinese yuan)
(Reporting by Roxanne Liu in Beijing and Kane Wu in Hong Kong;
Additional reporting by Scott Murdoch; Editing by Edwina Gibbs)
((hongkong.newsroom@thomsonreuters.com; （8610）6627-1277;
Reuters Messaging: roxanne.liu@thomsonreuters.com))