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By Ding Yi / Nov 30, 2020 01:18 PM / Finance

Photo: VCG

Photo: VCG

China’s second-largest e-commerce company has reportedly joined a group of more than 10 entities to lodge bids for Japanese skincare brand Fancl’s Asian business outside its home market.

Bain Capital, Sequoia Capital and CITIC Capital are among the bidders for the business owned by Hong Kong-based Chris Chan, which is valued at $1 billion by the potential buyers, Reuters reported Friday, citing people with direct knowledge of matter.

In August, Chan hired Morgan Stanley to sell CMC Holdings, the sole distributor of Fancl’s skincare products in Asia outside Japan, which operates more than 200 stores in China and Southeast Asia, according to Reuters.

Alibaba, which owns China’s popular e-commerce marketplaces Tmall and Taobao, and Tencent, which is a key financial backer of fast-rising social e-commerce platform Pinduoduo, have also shown interest and could join a bidding group later in the process, the people told Reuters., had not responded to Caixin’s requests for a comment at the time of publication, while both Alibaba and Tencent said they had no formal comment on the issue.

The news marks investors’ growing confidence in a consumer recovery in Asia, particularly in China, which accounts for about 80% of revenue Fancl generates from Asia. The Japanese brand also sells its products on Tmall, and Tencent’s WeChat.

During this year’s “Double Eleven” shopping extravaganza that ran from November 1 to November 11, Alibaba and logged 498.2 billion yuan ($74.1 billion) and 271.5 billion yuan respectively in transaction volume, both setting new sales records.

CMC is expected to finalize a shortlist for the second round of bidding by the end of this week and binding bids are due by the end of January, the report said.

Contact reporter Ding Yi (

Related: Alibaba and Make Record ‘Double Eleven’ Sales as Government Combats Internet Monopolies

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