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02145 上美股份
Listing Date2022/12/22
Listing Price25.200
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Shanghai Chicmax Cosmetic Co. is a multi-brand cosmetics company, focusing on development, manufacturing and sales of skincare and maternity and childcare products. In 2021, it was the only Chinese domestic cosmetics company with two skincare brands each achieving annual retail sales of more than RMB1.5 billion. In addition, the retail sales of Baby Elephant exceeded RMB1.8 billion in 2021, maintaining first in the China market for Chinese branded maternity and childcare products.


The Group successfully established a number of household brands in China, such as KANS, One Leaf and Baby Elephant, and accumulated a broad customer base. According to the Frost & Sullivan Report, it was the only company with two brands, namely KANS and One Leaf, that ranked among the top ten Chinese domestic skincare brands based on consumer surveys in 2021.


The Group distributes products through online channels and offline channels. Under its online direct sales model, it sells products directly to end-consumers through its self-operated online stores on third-party e-commerce platforms, primarily including Tmall, Douyin, JD.com and Kuaishou.


The Group started independent R&D activities in 2003. As of June 30, 2022, it had an R&D team of 204 staff members.

MarketHong Kong (Main Board)
Business NatureHousehold & Personal Products
Major Business AreaChina
Board Lot100
No. of Offer Shares36.96M H shares
No. of International Offer Shares35.19M H shares
No. of HK Offer Shares1.76M H shares
Offer Price$25.20 - $29.80
Stock Code2145
Sponsor(s)J.P. Morgan Securities (Far East) Limited, China International Capital Corporation Hong Kong Securities Limited, CLSA Capital Markets Limited
Underwriter(s)J.P. Morgan Securities (Asia Pacific) Limited, China International Capital Corporation Hong Kong Securities Limited, CLSA Limited, Zhongtai International Securities Limited, Shenwan Hongyuan Securities (H.K.) Limited, Tiger Brokers (HK) Global Limited, Futu Securities International (Hong Kong) Limited, Valuable Capital Limited, BOCI Asia Limited
Application PeriodDec 12 (Mon) - noon, Dec 15 (Thu)
Price Determination DateDec 15 (Thu)
Result Announcement DateOn or before Dec 21 (Wed)
Result Announcement DateOn or before Dec 21 (Wed)
Dealings in Shares commence onDec 22, 2022. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$25.20 - $29.80
Capitalization10.00B - 11.83B
NAV / share ($)$4.39 - $4.80 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 27.50, the net proceeds raised would be HKD 910.40M, of which
32% : branding activities to raise brand awareness
12.2% : Enhancing R&D capabilities by strengthening fundamental research and product development
19.8% : Strengthen production and supply chain capabilities
18% : Increasing the breadth and depth of sales networks
8% : Enhancing digitization and information infrastructure
9.9% : Working capital
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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