Chinese makeup artist Mao Geping becomes billionaire

Shares of Mao Geping Cosmetics surged up to 92% Tuesday and closed the day 77% higher, which meant the company raised HK$2.3 billion (US$300 million) in its initial public offering, according to Bloomberg.

Mao, founder and CEO, together with his wife, now hold around $1.6 billion worth of shares, according to the Bloomberg Billionaires Index.

Torch bearer Mao Geping runs with the torch during the torch relay of the 19th Asian Games in Ningbo, east China's Zhejiang Province, Sept. 12, 2023. Photo by Xinhua via AFP

"I am very excited and today is an important timing for us," Mao said at a briefing Tuesday. "The share price performance represents investors’ acknowledgment of our products and quality."

Mao established his company in 2000. His techniques earned recognition within the beauty industry, opening doors for collaborations with Chinese celebrities and social media influencers, according to the South China Morning Post.

While most cosmetic brands compete by offering affordable products, Mao Geping puts itself in a race with international labels in China's premium segment, offering products in the high-end range, such as a $52 box of pressed powder.

A Mao Geping Cosmetics store. Photo courtesy of the company

The brand's growth has been a family effort, with his wife and two sisters playing key roles as shareholders and board members.

The company’s revenue surged 41% in the first half of this year, building on a 35% average annual growth between 2021 to 2023, while foreign beauty brands such as L’Oreal SA and Shiseido posted disappointing sales.

Mao said that his company will utilize Hong Kong’s capital markets to recruit talent, invest in research and development and increase the global recognition for its products.