The application for a Hong Kong initial public offering filed by Proya Cosmetics Co., Ltd. (603605.SH) on October 30, 2025, has lapsed as of April 30, 2026, after being active for six months. China International Capital Corporation (CICC) and UBS Group AG acted as the joint sponsors for the application. According to the prospectus, Proya is a domestic Chinese multi-brand beauty group dedicated to building a world-class cosmetics industry platform and providing global consumers with a high-quality, technology-driven cosmetics experience. The company has established a multi-brand, multi-category product matrix covering different consumer segments, spanning skincare, color cosmetics, and personal care. Data from Frost & Sullivan shows that, based on 2024 retail sales, the company ranked fifth among the top five groups in China's cosmetics industry and was the only domestic Chinese cosmetics group in that ranking. By retail sales, Proya was the largest domestic cosmetics group in China for four consecutive years from 2021 to 2024.