The Chinese premium beauty brand Mao Geping Cosmetics Co boosted the company’s market capitalization to more than $3 billion, according to Chinese data provider Wind, with an IPO on the Hong Kong's Hang Seng Index.WHO: Hangzhou-based Mao Geping Cosmetics Co was founded in 2000 and takes its name from its founder and chief executive, one of China’s most famous makeup artists. While most Chinese beauty brands have focused on offering affordable prices, Mao Geping Cosmetics has maintained its premium positioning by competing with international brands. The company described itself as the only domestic player among the top 10 premium beauty groups in China, with 1.8% market share, citing consultancy Frost & Sullivan. The brand sells its products at retail outlets across China and via online sales channels, including Alibaba’s Tmall and Taobao platforms, as well as ByteDance’s Douyin and Xiaohongshu.WHY: China's premium beauty market is valued at around 195 billion yuan ($26.85 billion), according to Mao Geping's prospectus.IN THEIR OWN WORDS: “I am very excited and today is an important timing for us,” Mao said at a briefing on December 10. “The share price performance represents investors’ acknowledgment of our products and quality.”DETAILS:Mao Geping Cosmetics Co. raised HK$2.3 billion ($300 million) in its initial public offering on the Hong Kong stock exchange.The shares opened at HK$47.65 and trades under the ticker (1318.HK) on Hong Kong's Hang Seng Index.Founder Mao Geping and his wife hold a stake of more then 45% in the company, directly and through investment vehicles.