THE WHAT? Proya Cosmetics has re-submitted its application to list on the Hong Kong Stock Exchange, seeking to issue H shares on the Main Board.
THE DETAILS The mainland China-based beauty company plans to use IPO proceeds to fund research and development, brand building, channel expansion, intelligent manufacturing upgrades, and potential investments and acquisitions, as well as working capital.
Proya ranked fifth in China’s cosmetics market by retail sales in 2025, with a 1.5% market share, and has been the largest domestic cosmetics group for five consecutive years since 2021. The company reported revenue of RMB10.6 billion and net profit of RMB1.54 billion, with a strong gross margin of 73.3%.
Its core PROYA brand contributed 72.6% of revenue, followed by TIMAGE (11.9%) and Off&Relax (7%), with a heavily digital-led model as online channels accounted for 95.6% of total sales. The company previously filed for listing in Hong Kong last year, with CICC and UBS acting as joint sponsors.
THE WHY? The re-filing reflects Proya’s ambition to secure capital to accelerate innovation, expand its brand portfolio and strengthen its position in China’s competitive beauty market.
Source: AAStocks
