China Renaissance-backed Bloomage Biotech raises $338m in Shanghai IPO

China Renaissance-backed leading hyaluronic acid producer Bloomage Biotech has raised over 2 billion yuan ($338 million) in its initial public offering on the Shanghai Stock Exchange (SSE), per a statement on Wednesday. 

Bloomage Biotech issued 480 million shares at 47.79 yuan apiece ($6.82). The successful IPO comes nearly seven months after the Shanghai Stock Exchange approved the company’s listing application in April 2019.

Founded in 1998, Bloomage Biotech is headquartered in Ji’nan, the capital city of Central China’s Shandong province. The producer of hyaluronic acid (HA), which is widely used in skincare and medical treatments, intends to use the proceeds to upgrade its R&D centres.

Bloomage is led by founder Zhao Yan, who ranks 32nd in the Hurun Richest Women in China 2019, and Dr. Guo Xueping who was with Shandong Medicinal Biotechnology Center.

Bloomage earlier teamed up with The Palace Museum releasing  a six-colour limited edition lipstick collection on Tmall at the beginning of this year. 

According to a Frost & Sullivan report, the sales HA raw material has reached to 500 tonnes in 2018 and it is expected to increase to 1150 tonne by 2023.

With a global boom in the medical aesthetics industry, HA technology is expected to be at the forefront of growth. Besides, China is already third largest plastic surgeries market.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.