(Yicai) Dec. 10 -- Mao Geping Cosmetics, a beauty brand named after famous Chinese makeup artist Mao Geping, surged over 90 percent on its first trading day in Hong Kong.

Mao Geping Cosmetics [HKG: 1318] closed 76.5 percent elevated at HKD52.60 (USD6.80) today after soaring by 92 percent intraday.

The renowned seller of foundation and face masks issued 78.4 million new shares at a price of HKD29.8 each, securing net proceeds of HKD2.2 billion (USD282.9 million) from its initial public offering.

The company will allocate around 25 percent of the proceeds to expand its sales network, 20 percent to build its brand, and 15 percent for overseas expansion and acquisitions, according to its prospectus. The remainder will be invested in enhancing production and supply chain capabilities, strengthening product design and research and development, and building training facilities and digital infrastructure.

Founded in 2000, the Hangzhou-based brand primarily sells makeup and skincare products. Founder and Chairman Mao has over 30 years of experience as a makeup artist for television series, movies, and stage performances. Prior to the IPO, Mao and his family held about 57 percent of the company's equity.

After three unsuccessful attempts to list on the mainland—the first initiated in 2016—the fourth attempt proved successful. The company effectively changed its listing destination and submitted its first prospectus in Hong Kong in April.

Based on sales, Mao Geping Cosmetics was China's seventh-largest premium makeup brand last year, capturing nearly 2 percent of the market, according to the prospectus. In the first half, the firm increased its net profit by 41 percent to CNY492.5 million (USD68 million) from a year ago and saw a 41 percent revenue surge to CNY2 billion (USD276 million).

Editors: Dou Shicong, Emmi Laine