Detergent maker Blue Moon Group files for US$1 billion Hong Kong IPO

Blue Moon to pursue IPO in the city as soon as the third quarter, according to a person familiar with the discussions

Laundry detergent maker to use IPO proceeds to expand production, brand awareness

Reading Time:2 minutes

Detergent maker Blue Moon eyes listing. Photo: Handout

Published: 12:30pm, 30 Jun 2020Updated: 9:54pm, 30 Jun 2020

Blue Moon Group Holdings, the Chinese laundry detergent maker backed by Hillhouse Capital, plans to raise up to US$1 billion in an initial public offering in Hong Kong as soon as the third quarter of this year, according to a person familiar with the discussions.

The Guangzhou-based firm filed a highly redacted offering document on Monday night indicating it planned to proceed with a listing on the Hong Kong Exchange.

The proposed listing is the latest Chinese company to seek a primary or secondary listing in Hong Kong as the bourse fights for the crown as top city for capital raising globally.

As tensions between Washington and Beijing rose this year, Hong Kong became a destination for some US-listed Chinese companies looking for a listing closer to home amid the heightened rhetoric.

New Economy companies JD.com and NetEase raised more than US$6 billion combined with secondary listings in the city, following a US$12.9 billion secondary listing last year by Alibaba Group Holding, the parent company of the South China Morning Post.

In the first six months of the year, the Hong Kong stock exchange raised US$11.18 billion from 54 IPOs, according to data from Refinitiv, putting it third behind Nasdaq and the Shanghai Stock Exchange in terms of capital raised.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x