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China‘s newly minted billionaire is an opera singer-turned-celebrity makeup artist. Mao Geping, whose namesake cosmetics company went public in Hong Kong on Tuesday, saw his wealth explode as the company he founded more than 25 years ago raised at least $300 million in the initial public offering.
Mao Geping made history as the first Chinese beauty brand to list on the Hong Kong Stock Exchange. The shares opened at 47.65 Hong Kong dollars, or $6.13, and closed up at 52.6 Hong Kong dollars, or $6.70.
The company sold 78.4 million shares at 29.8 Hong Kong dollars, or $3.80, each, the highest price within the range initially presented to investors when the deal was unveiled on Dec. 2.
Mao and his wife, Wang Liqun, who serves as the company’s vice chairperson, jointly hold a 45 percent stake in the label, both directly and via investment entities.
The company stands out among its C-beauty competitors as the only Chinese company in the high-end cosmetics playing field, according to the company prospectus. In 2023 the company had a market share of 1.8 percent in China.
The Mao Geping brand owns two major cosmetics labels: its flagship brand Mao Geping and Zhi’ai Zhongsheng, or Love for Keeps. In the first six months of 2024, Mao Geping accounted for more than 99 percent of the group’s total cosmetics sales. The company also owns a professional makeup school with nine branches across China. The educational branch had sales of 71.5 million renminbi, or $9.8 million, in the first half of 2024, accounting for 3.6 percent of the business.
Mao, a trained Yue Opera performer, found his true calling as a makeup artist in the troupe after a voice change that shattered his career prospects as a singer. He became one of the first celebrity makeup artists in the country, known for his work in period dramas.
In 2000, Mao launched his namesake cosmetics brand alongside the makeup school business. Known for incorporating ancient Chinese aesthetics into product design, Mao’s company gained retail footing for its customized beauty lessons reserved for VIP customers.
As the face of the brand and its most effective spokesperson, Mao reclaimed his fame online with a popular Bilibili account that has more than 900,000 followers. Preaching a technique of subtle light and shadow play, Mao is seen doing the makeup for Chinese women of all age groups and consistently produces looks that are “better than getting a facelift,” according to Chinese netizens.
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