Singaporean sovereign fund GIC has invested HK$659 million in leading cosmetics ingredients supplier Bloomage BioTechnology Corporation in a bid to secure a foothold in China’s aesthetic medical ecosystem.

The investment consists of HK$465 million in convertible bonds and HK$194 million in newly issued shares. Bloomage, which specialises in the production of sodium hyaluronic acid, will ply the funds into acquisitions as well as organic growth to drive the group’s domestic and global expansion.

GIC Special Investments’ Head of Direct Investments Group (China), Sharon Sun Xiaoning said, “Bloomage Biotech has a proven track record in producing innovative products and solutions in the field of aesthetic products, and we look forward to working with management to help it achieve its full potential.