S&C’s Hong Kong and Beijing offices advised the joint sponsors and underwriters on three initial public offerings that were listed on June 26, 2025 on the Hong Kong Stock Exchange, collectively raising approximately HK$3 billion ($379.6 million).
Eternal Beauty, one of the largest perfume group in China based on 2023 retail sales, raised HK$960 million ($123 million). BNP Paribas Securities (Asia) Limited and CITIC Securities (Hong Kong) Limited acted as the joint sponsors. BNP Paribas Securities (Asia) Limited, CLSA Limited, CMB International Capital Limited and DBS Asia Capital Limited acted as the overall coordinators for the offering.
Saint Bella, the largest postpartum care and recovery group both in Asia and in China in terms of revenue from postpartum centers in 2024, raised HK$722 million ($92 million). UBS Securities Hong Kong Limited and CITIC Securities (Hong Kong) Limited acted as joint sponsors. UBS AG Hong Kong Branch, CLSA Limited and Huatai Financial Holdings (Hong Kong) Limited acted as joint overall coordinators for the offering.
Zhou Liu Fu, a leading jewelry company in China, have consistently ranked among the five largest brands in the Chinese jewelry market for eight consecutive years from 2017 to 2024, in terms of number of stores in China, raised HK$1.291 billion ($164.6 million). The Hong Kong public offering tranche of the global offering was oversubscribed more than 700 times. CICC and CSCI acted as the joint sponsors. CICC, CSCI and CMBI acted as the overall coordinators for the offering.
The team advising the underwriters for each offering was led by Hong Kong managing partner Kay Ian Ng, Beijing managing partner Gwen Wong and Hong Kong partner Ching-Yang Lin.
The team advising the underwriters for Eternal Beauty consisted of Xi Rui and Jeffrey Lee, trainee solicitor Vanessa Kwang. The team advising the underwriters for Saint Bella included Stella Yang, Runtong Gong, Steve Lee and trainee solicitor Kimberly Cheah. The team advising the underwriters for Zhou Liu Fu included Xi Rui, Runtong Gong, trainee solicitor Alicia So.