RRJ-Backed Chinese Diaper Maker AAB Group Plans $300M HK IPO

Fujian province-based Chinese diaper maker AAB Group is planning an IPO in Hong Kong to raise as much as US$300 million, according to media reports.

The firm is expected to benefit from a new policy that allows Chinese parents to have a second child if one of the parent is a single child. AAB plans to list during the first quarter at the earliest.

In 2011, Hong Kong-based private equity firm RRJ Capital invested US$80 million in AAB together with Hong Kong listed CK Life Sciences International Holdings Ltd.

Founded in 2000, AAB currently produces around 10 lines of baby diapers, sanitary napkins, baby bottles, wet wipes and adult diapers.

Bank of America, RaffAello Capital and UBS AG are managing the share listing.

RRJ Capital currently manages US$6 billion across two private equity funds focused on China and South-East Asia.

The firm is founded by Richard Ong, former founder and CEO of Hopu Fund. Before that, Ong spent 15 years with Goldman Sachs with the latest position as co-head of Asia Ex Japan investment banking.

The firm’s co-CEO is Charles Ong, formerly with Temasek Holdings holding positions including chief investment officer and chief strategy officer.

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