Biomedical beauty firm eyes $23.4b listing in HK

Mainland biomedical product maker Imeik Technology is said to be seeking a Hong Kong secondary listing to raise up to HK$23.4 billion.

The Shenzhen-listed company has picked China International Capital Corporation and JPMorgan to arrange its Hong Kong listing, with plans to file an application to Hong Kong stock exchange later this month or early next month, IFR Asia reported.

Imeik Technology is seeking to raise between US$2 billion (HK$15.6 billion) to US$3 billion, the report said.

Founded in 2004, the Beijing-based firm mainly produces biomedical soft tissue repair materials, such as skin fillers and facial implant threads.

Thanks to the rapid growth of China's beauty market, shares of Imeik Technology have jumped more than 335 percent to 799 yuan (HK$959.48) since its Shenzhen debut last September - 5.76 times higher than its initial public offering price of 118.27 yuan apiece.

Imeik Technology's market capitalization rose to 166.6 billion yuan as of yesterday.

A total of 13.67 million mainlanders received medical beauty services in 2019, and the number is expected to reach 25.48 million in 2023, a iResearch report showed. The total revenue of China's medical aesthetic services industry is expected to reach US$52.4 billion by 2023 from US$17.7 billion in 2018, according to Frost & Sullivan.

Imeik Technology's chairwoman, Jian Jun, saw her net worth surge more than 50 percent to US$10 billion so far this year, according to the Bloomberg Billionaires Index.

The China Securities Regulatory Commission on Tuesday said it has received Imeik Technology's overseas listing application.

The dual listing plan was approved by Imeik Technology's shareholder meeting on July 12.

Imeik Technology said it plans to issue new shares equal to no more than 15 percent of capital in Hong Kong, with up to 15 percent overallotment option. It plans to use the proceeds to improve research and development and marketing, as well as business cooperation with both domestic and overseas companies and potential acquisition and investment.