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Lighter skin has long been associated with power and privilege, and the use of lightening creams remains pervasive in parts of the world. Driven by colorism in society, some are now going even further.
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LianLian DigiTech, a rival to Jack Ma’s Ant Group Co., is in talks to raise as much as 1.5 billion yuan ($223 million) ahead of an initial public offering in Hong Kong as soon as next year, people familiar with the matter say.
The Hangzhou-based startup is working with China International Capital Corp. on the financing round, the people said, asking not to be identified as the information is private. Investment vehicles under the Zhejiang provincial government and a venture arm of China Mobile Ltd. have expressed interest in participating, one of the people said. The fundraising will likely take LianLian’s valuation to about 20 billion yuan, the person said.