Beauty salon chain files for IPO in HK

Chinese beauty salon chain Beauty Farm Medical and Health Industry has filed for an initial public offering in Hong Kong.

Bloomberg reported in December that the Shanghai-based firm could raise as much as US$500 million (HK$3.9 billion) for the proposed offering.

Founded in 1993, Beauty Farm said it is the largest provider of daily facial and body care services, as measured by revenue in 2021, citing data from Frost & Sullivan.

It has three sub-brands, namely Palaispa, Neology and CellCare.

The company operates about 177 stores across China and it also has 160 stores operated by franchisees.

Beauty Farm's investors include Chinese private equity firm Citic Private Equity Funds Management, which a holds 35 percent stake in the company.

Meanwhile, Zhuhai Wanda Commercial Management, the commercial property service arm of Dalian Wanda, has refiled for an IPO after its first application lapsed earlier this month.

The firm managed a total of 417 malls and had 161 projects in the pipeline as of 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 dual primary listing on the bourse's main board. After the conversion, the company will become a dual-listed company on Nasdaq and the Hong Kong stock exchange.