![Proya Cosmetics founder Hou Juncheng has become China's newest cosmetic and skin care billionaire following a record high close of Shanghai-traded shares of the company.](https://img.gcimagazine.com/files/base/allured/all/image/2020/01/gci.850x425-ChinaBeautyBillionaire.png?auto=format%2Ccompress&q=70&w=700)
Following the record high close of Shanghai-traded shares in Proya Cosmetics, founder and chairman Hou Juncheng has become China;’s newest cosmetic and skin care billionaire with a worth of $1.2 billion, according to a Forbes article.
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Proya’s revenue and net profit in the first three quarters of 2019 were up about a third from the previous year, with the majority of the company’s sales coming from brands popular among women aged between 18 and 24 in third- and fourth-tier China cities, according to the article.
Founded in 2006 in Zhejiang Province, Proya set up a joint venture with Spanish skin care brand Singuladerm in China and also signed an agreement to sell Italian makeup brand Wycon in 2019.