Hillhouse, others said to invest $630m in China’s Giant Biogene

Photo by Bruce Röttgers on Unsplash

China’s Xian Giant Biogene Technology has embarked on a fundraising round that will likely see Hillhouse Capital Group and others buy at least 4 billion yuan ($630 million) worth of shares, two people familiar with the matter said.

The share sale, a combination of new and existing shares, will value the maker of medicinal skin care treatments at 19 billion yuan ($3 billion) said the people, who declined to be named as the information was private.

The deal is near closing, but the total investment size may still change, one of the sources said.

The fundraising will likely be followed by an initial public offering in Hong Kong, the sources added.

Giant Biogene and Hillhouse did not immediately respond to Reuters requests for comment.

The Chinese market for so-called “medical aesthetics” products and services is expected to growth 20% in 2021, compared with less than 10% last year, according to a forecast by China Economic Information Service.

Giant Biogene said in a statement on Monday that during China’s Singles’ Day in November, the world’s biggest online shopping event, it had only taken 45 minutes for sales of its key product line called “Kefumei” to exceed the sales logged for the whole day last year.

Reuters 

Singapore Reporter/s

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

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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.