Chinese beauty salon chain Beauty Farm Medical and Health Industry has filed for an IPO in Hong Kong.
Bloomberg reported in December that the Shanghai-based company could raise up to US$500 million (HK$3.9 billion) for the proposed offering.
Founded in 1993, Beauty Farm said it was the largest provider of daily face and body care services measured by revenue in 2021, citing data from Frost & Sullivan.
It has three sub-brands, namely Palaispa, Neology and CellCare.
The company operates approximately 177 stores across China and also has 160 stores operated by franchisees.
Investors in Beauty Farm include Chinese private equity firm Citic Private Equity Funds Management, which owns 35% of the company’s equity.
Meanwhile, Zhuhai Wanda Commercial Management, the commercial real estate services arm of Dalian Wanda, filed a new IPO application after its first application expired earlier this month.
The company managed a total of 417 shopping centers and had 161 projects underway last year, including 139 from independent third parties.
In other news, Chinese biotech firm Zai Lab (9688) has approved a motion to pursue a voluntary conversion to a dual main listing on the exchange’s main board. After conversion, the company will become a dual-listed company on Nasdaq and Hong Kong Stock Exchange.