GIC investing S$120 million in Chinese firm Bloomage BioTechnology

Singapore sovereign wealth fund GIC will invest HK$659 million (S$120 million) in China's Bloomage BioTechnology. PHOTO: BLOOMBERG

SINGAPORE (REUTERS)- Singapore sovereign wealth fund GIC will invest HK$659 million (S$120 million) in Bloomage BioTechnology Corp as it bets on China's leading medical cosmetic products and services firm.

The investment includes HK$465 million in convertible bonds and HK$194 million in new shares, the Hong Kong-listed company said in a statement.

GIC, which according to the Sovereign Wealth Fund Institute is the world's 12th biggest sovereign wealth fund with assets estimated at S$344 billion, has said in the past it is keen on investing in technology companies in markets like China and India.

Barclays was the sole placing agent for the deal.

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