Fubon Securities Co (富邦證券) has inked an agreement with cosmetics and health food manufacturer Kelti Group (克緹集團) to help the China-based Taiwanese business proceed with its plan to list on the local bourse, a company official said yesterday.
The two sides signed an underwriting agreement on Monday, Fubon Securities’ vice president Edwin Liao (廖鴻輝) said.
Kelti is expected to submit its listing application to the exchange regulator before the second quarter of next year, which may take another five months to gain a regulatory approval, he said.
Kelti, which entered the Chinese market in 1998, owns nearly 3,000 cosmetics outlets throughout the country.
The company has leveraged its skin care expertise developed in Taiwan to quickly earn popularity in China by targeting mid- to high-income white-collar female clients, the securities company said in a statement.
In April, Kelti began operations at its Shanghai-based factory and R&D center, which measures 58,000m² and cost 100 million yuan (US$15 million).
In June, the company won a direct-selling license in China — the 23rd licensed direct-marketing company in the country.
Kelti plans to expand its direct-selling businesses in the second half of this year by taking advantage of its 3,000 outlets there, Fubon said in the statement.