An opera performer turned celebrity make-up artist has just become China’s newest billionaire. On the first day of trade for Mao Geping’s namesake cosmetics company, the first Chinese beauty brand to list in Hong Kong, shares rose as much as 87 per cent. That pop highlights a growing trend among Chinese consumers: a shift from European brands to domestic alternatives.

Tuesday’s gains give Skincare and cosmetics firm Mao Geping Cosmetics a market value of more than $3bn. The first day surge is notable given the deal had already been upsized and priced at the top end of the proposed range. The listing was over 700 times oversubscribed — the highest level of demand for Hong Kong’s IPO market this year.

This comes at a time when foreign beauty giants in China, including Shiseido and L’Oréal, are facing mounting challenges. L’Oréal reported a 6.5 per cent drop in sales in North Asia during the third quarter. That also marks the fifth straight quarter of contraction in the Chinese beauty market.