L Catterton-Backed Chinese Skincare Brand Marubi Soars on Stock Debut

SHANGHAI – Shares of Chinese cosmetics maker Guangdong Marubi Biotechnology soared on its first day of trading on the Shanghai Stock Exchange, rising 44 percent to 29.58 renminbi in the first two hours of listing, from its opening price of 20.54 renminbi per share. The Guangzhou-based company, backed by L Catterton, is aspiring to become a world-class expert in the eye care category. Marubi has stated the money it raised–totaling 790 million renminbi, or $115 million–will be used to expand its cosmetic business, distribution network and upgrade its IT systems. L Catterton is having a great year overall when it comes to China. Marubi’s debut comes less than two months after its other investment Mulsanne Group, a Chinese men’s wear manufacturer filed for IPO on the Hong Kong Stock Exchange. Registered as Guangdong Marubi Biotechnology, the company was founded in 2002 by Sun Huaiqing and became known for its specialized eye cream, before branching into a full-range offering. Sun and his wife Wang Xiaopu, owns more than 80 percent of the shares. Marubi’s Chinese name Wan Mei means well-rounded beauty. The price range for Marubi products starts at 28 renminbi, or $4, for three sheet masks, and goes up as high as 1,886 renminbi,

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