Key Takeaways:
Mainland Chinese cosmetics company Proya Cosmetics has resubmitted its application for a public listing on the Hong Kong Stock Exchange’s Main Board, reviving its plans for an H-share offering.
The company first filed for the listing on October 30 of last year, with CICC and UBS Group acting as joint sponsors. The prospectus shows the funds raised are intended for research and development, brand building, channel expansion, and potential acquisitions.
Proya Cosmetics reported total revenue of approximately RMB 10.597 billion in 2025, which yielded a net profit of RMB 1.543 billion and a gross margin of 73.3 percent. The company has been the largest domestic cosmetics group in mainland China for five consecutive years since 2021, holding a 1.5 percent market share in 2025.
The filing underscores Proya's reliance on digital channels, with online sales accounting for 95.6 percent of its total revenue. The company’s core skincare brand, “PROYA,” is its largest revenue driver, contributing 72.6 percent of the total. Its color cosmetics brand “TIMAGE” and personal care line “Off&Relax” accounted for 11.9 percent and 7 percent, respectively.
The renewed push for a public listing in Hong Kong will test investor appetite for Chinese consumer brands with strong online footprints. A successful offering would provide Proya with capital to further solidify its market-leading position and pursue strategic growth initiatives.
This article is for informational purposes only and does not constitute investment advice.
