Ping An ZQ China makes $210m strategic investment in Nu Skin Enterprises

Ping An ZQ China Growth Opportunity Limited has signed an agreement to make a $210m strategic investment in Nu Skin Enterprises.

The firm comprises a consortium of Chinese investors led by Ping An of China Securities (Hong Kong) Company and a group of additional investors associated with ZQ Capital Limited.

Nu Skin Enterprises CEO Truman Hunt said: "We are honoured to have the support of Ping An and ZQ Capital as we look to accelerate our growth and development in China.

"Ping An and ZQ Capital bring significant local market knowledge and valuable expertise that we believe will positively impact our long-term growth opportunities in this important region."

Ping An of China Securities (Hong Kong) Company chairman Le Lin said: "We are excited to become a strategic investor of Nu Skin and believe in the company’s global business opportunity and specific growth potential in the Chinese market.

"Our relationship brings together our collective strengths that we believe will generate positive long-term results."

ZQ Capital founding partner Simon Shen said: "This investment represents a meaningful step in our firm’s continued commitment to the consumer story in China. We firmly believe that our resources and knowledge in China can add to Nu Skin’s existing franchise and look forward to working together with the company to unlock additional shareholder value."

Under the agreement, Ping An ZQ China Growth Limited will acquire $210m in aggregate principal amount of 4.75%, four-year convertible senior notes with an initial conversion price of $46.50 for each share.

These convertible notes will be general unsecured obligations of Nu Skin.

The cosmetics firm expects to close the sale of the notes within five business days, subject to customary closing conditions.

Last week, the firm launched ageLOC Me, a customised skin care system, in China.