Nu Skin receives $210 mln investment for China expansion
Nu Skin Enterprises Inc. has inked a $210 million investment deal in a bid to grow operations in China. The multi-million dollar cash injection came from Ping An ZQ China Growth Opportunity Ltd.
The investment firm consists of a consortium of experienced Chinese investors led by Ping An of China Securities (Hong Kong) Company Ltd. and a group of additional investors affiliated with ZQ Capital Limited.
“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,” said Nu Skin chief executive officer Truman Hunt, in a press release.
“We plan to use the proceeds for repurchasing common stock throughout the remainder of the year and investing in our China operations,” said Nu Skin chief financial officer Ritch Wood in a statement.
Under the terms of the investment, Ping An ZQ China Growth Limited is purchasing $210 million in aggregate principal amount of 4.75 percent, four-year convertible senior notes with an initial conversion price of $46.50 per share. The convertible notes will be general unsecured obligations of Nu Skin.
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