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HONG KONG, Jan 13, 2023 - (ACN Newswire) - Beauty Farm Medical and Health Industry Inc. ("BeautyFarm Med" or "Company", stock code: 2373.HK), the largest provider of traditional beauty services in China, today announced the allotment results of its Global Offering. The Offer Price is HK$19.32 per share. Dealings in the shares of the Company on the Main Board of the Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") are expected to commence on 16 January 2023 (Monday) with a board lot size of 500 shares.
The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been very significantly oversubscribed. A total of 6,671 valid applications have been received under the Hong Kong Public Offering through the White Form eIPO service and the CCASS EIPO service for a total of 89,670,000 Hong Kong Offer Shares, representing approximately 22.12 times of the total number of 4,054,000 Hong Kong Offer Shares initially available for subscription under the Hong Kong Public Offering. The Offer Shares initially offered under the International Offering have been moderately oversubscribed, representing approximately 4.7 times of the total number of 36,482,500 International Offer Shares initially available for subscription under the International Offering.
The proceeds raised from the Global Offering of shares received by the Company are planned to be used to expand and upgrade the service network, carry out strategic mergers and acquisitions of franchise stores, and further invest in IT systems. The Company stated, through nearly three decades of deep cultivation in the industry and integration of resources, BeautyFarm Med has become a leading player in China's beauty and health management service industry. The official listing on the Hong Kong Stock Exchange marks an important milestone in the history of the development of BeautyFarm Med, opening a new chapter for the Company's development. The outstanding share oversubscription shows the trust and support of global investors for the Company's business development and lays a firm ground for the Company's long-term growth. Looking forward, BeautyFarm Med will continue strategically expanding its service network and marketing channels, introducing new technologies, equipment and products, and expanding its service offerings; continuing to cultivate, recruit and retain high-caliber talent; and integrating industry resources by deepening cooperation with upstream suppliers, thereby continuing to create greater value for the clients, shareholders and employees.
Beauty Farm Medical and Health Industry Inc.
Beauty Farm Medical and Health Industry Inc. (stock code: 2373.HK) is a leading player in China's beauty and health management service industry, which has a large and loyal client base, extensive network with expansion efficiency, diversified services and product offerings as well as strong brand awareness. BeautyFarm Med is the largest provider of traditional beauty services and the fourth largest non-surgical aesthetic medical service provider in China with a market share of 0.2% and 0.6%, respectively, as measured by revenue in 2021 and according to Frost & Sullivan. The Company provides overall beauty and health management services through its well-established and widely recognized brand portfolio of BeautyFarm, Palaispa, CellCare and Neology. The service offerings of the Company cover traditional beauty services, aesthetic medical services as well as subhealth assessment and intervention services, across the full client lifecycle.
This press release is issued by Porda Havas International Finance Communications Group for and on behalf of Beauty Farm Medical and Health Industry Inc. For further information, please contact:
Porda Havas International Finance Communications Group
Telephone: 852 3150 6788
Email: projectgarden.hk@pordahavas.com
Topic: Press release summary
Source: Beauty Farm Medical and Health Industry Inc.
Sectors: Healthcare & Pharm, Beauty & Skin Care
https://www.acnnewswire.com
From the Asia Corporate News Network
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