XI’AN Giant Biogene Technology Co. has selected banks for an initial public offering (IPO) in Hong Kong that could take place as soon as this year, according to people familiar with the matter.

The cosmetics firm based in northwestern China’s Shaanxi Province is working with China International Capital Corp. (CICC) and Goldman Sachs Group Inc. on the proposed share sale that could raise as much as US$1 billion, the people said.

Giant Biogene was founded in 2000, according to its website. It focuses on skincare, medical devices and nutritional and preventive medicines, according to its corporate site.

The company says it has applied for several patents for a collagen technology it has developed. Its flagship beauty mask products Kefumei and Kefuxin are sold on e-commerce platforms such as JD.com Inc.

China’s booming aesthetic medical industry nearly tripled in value to 177 billion yuan (US$28 billion) between 2015 and 2019, according to a report from Deloitte China.

(SD-Agencies)