GIC is investing HK$659 million (S$120 million) in Hong Kong-listed Bloomage BioTechnology Corporation, a leading cosmetics firm, as it taps into China's growing medical cosmetics market.

The investment will consist of HK$465 million in convertible bonds and HK$194 million in new shares at a subscription price of HK$12 each, GIC and Bloomage said in a joint statement yesterday.

Bloomage will use the funds to pursue its internal organic growth and external acquisitive growth strategy to "inject vitality into the aesthetic medical ecosystem in China and drive the group's domestic and global expansion", it said in the statement.

Bloomage, which develops and sells sodium hyaluronic acid - a common ingredient in cosmetic products - formed a joint venture with South Korea's Medy-Tox Inc in July.

GIC's investment shows "recognition of our track record and future potential as well as strategy of building up (the) aesthetic medical ecosystem in China", Bloomage CEO Jin Xuekun said.

GIC, which manages more than US$100 billion (S$141 billion), is increasing its investments in emerging economies as their growth rates are expected to outpace those of developed markets.

Bloomage has a "proven track record of producing innovative products and solutions in the field of aesthetic products", GIC Special Investments' head of Direct Investments Group (China), Ms Sharon Sun Xiaoning, said in a statement. "We look forward to working with management to help it achieve its full potential," she said.

Barclays was the sole bookrunner for the transaction, the bank said in a separate e-mail.