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Proya Cosmetics Founder Becomes Newest Billionaire in China

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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.

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.