HONG KONG - China's sovereign wealth fund China Investment Corp plans to invest $50 million in L'Occitane International SA's Hong Kong initial public offering, the French cosmetic retailer said on Monday.
The investment plans by CIC were mentioned in an initial prospectus by L'Occitane seen by Reuters. CIC's investment in the French company's shares will be locked up for six months after the IPO, according to the prospectus.
L'Occitane plans to raise up to $708 million in a Hong Kong IPO, a source close to the deal said late on Sunday, becoming the first French company to list in Hong Kong.
