BRIEF: Forest Cabin rises in Hong Kong debut
Shares of skincare products maker Shanghai Forest Cabin Cosmetics Group Co. Ltd. (2657.HK) opened up 9.3% at HK$85 in their Hong Kong trading debut on Tuesday, then continued to rise to close up 14.4% by the midday break.
The company sold about 14 million shares for HK$77.77 apiece, raising net proceeds of HK$997 million ($128 million). The public portion of the offering for local investors was oversubscribed by more than 1,200 times, while the international placement was oversubscribed by 19 times.
Seven cornerstone investors, including FIL Investment, Dajia Life Insurance, Loyal Valley Capital, Mega Prime, Duckling Fund, SS Capital and Yield Royal Investment, bought $6.2 million worth of IPO shares, representing 5.85% of the total issued.
Forest Cabin sells a wide range of skincare products, from facial oils, creams, toners, lotions and serums, to masks, and sunscreens. Its flagship product, Camellia Essence Oil, has sold over 45 million bottles since its launch in 2014.
By Lau Chi Hang
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