8th JANUARY 2016 - Baring Asia acquires HCP

Dear Customer,

I am writing to share that HCP and private equity investor TPG Capital have reached a definitive agreement whereby Baring Private Equity Asia (“Baring Asia”) has acquired 100% of TPG Capital’s stake in HCP.

The last three years have been a period of transformative growth for our business. With TPG’s world-class operational expertise and resources, we have become today one of the world’s largest primary packaging company for color cosmetics and skincare products. And now, we are preparing to advance to the next phase of our development and take our business to the next level.

After careful consideration, the Board of Directors, management team and I have concluded that Baring Asia is the right partner for that journey. It is among the most established independent private equity firms in Asia with experience and ambitious goal in investing globally. It also has well established teams of both financial and operational experts who can support HCP’s future growth. The management team and I are extremely confident in its ability to support us in reaching the next level.

I would like to thank you and your company for your continued support of HCP and the partnership we share. I would also like to assure you that notwithstanding this change of ownership, it is business as usual and we will ensure no disruption of service with this change.

Thank you again for your continued support and trust in HCP and we look forward to continuing and strengthening our successful long-term business relationship. We will be in touch with you soon, but in the meantime please do not hesitate to let us know if you have any questions.

Yours sincerely,

Eddy Wu
Group President and Chief Executive Officer