According to a source, Chinese cosmetics company Mao Geping plans to put its shares at the top of the range in its Hong Kong IPO.

Reuters, Sydney, December 5 According to a person with firsthand knowledge of the situation, Chinese cosmetics company Mao Geping plans to price its shares at the top of the range in order to raise $270 million in a Hong Kong IPO.A request for comment was not immediately answered by Mao Geping. According to its documents, the company is selling 70.6 million shares, with a price range of HK$26.30 to HK$29.80 per share when the sale was announced on Monday.Mao Geping will raise $270 million in the initial public offering (IPO) at the top of the range.

One of China's most well-known makeup artists, Mao Geping, established his own cosmetics company in 2000. It has helped C-beauty, or Chinese beauty goods, become more popular in recent years and are increasingly seen by local customers as being on par with global skin care and cosmetics firms. Mao Geping's prospectus estimates the value of China's high-end beauty sector at about 195 billion yuan ($26.93 billion).In China, the company operates 372 points of sale in department stores, but e-commerce sites like Tmall, Douyin, JD.com, and Xiaohongshu account for about half of its total sales.