Chinese beauty giant Proya’s wholly owned subsidiary Proya Hainan has acquired a 12.55% stake in cosmetics brand Flower Knows for RMB351 million (USD51.8 million) in cash, increasing its existing holdings to a 51% controlling stake. Grandall Law Firm and Jingtian & Gongcheng advised Proya and Flower Knows on the latest acquisition. In September 2025, when Flower Knows completed its series B financing, Proya acquired a 38.45% stake in the company for RMB428 million. Through the two transactions, Proya now has invested a total of RMB779 million, securing a 51% controlling stake in Flower Knows.
Grandall Law Firm advised Proya on the acquisition, with partner Sun Tingjuan handling the merger control filing and partner Li Yan co-ordinating the legal due diligence, transaction structure design and implementation.
Jingtian & Gongcheng counselled Flower Knows.
Following completion of the deal, Flower Knows founder Yang Zifeng stepped down as chairman but remained the company’s manager and a director. Hou Yameng, general manager of Proya, has succeeded Yang as chairman.
“Whether through acquisitions or internal incubation, every brand has independent operating space. The company mainly provides support in areas such as the supply chain and finance,” Hou said at Proya’s annual general meeting in June this year.
Proya would respect the founder’s vision for the Flower Knowsbrand and preserve the founder’s authority over product development, Hou said.
Proya said in its acquisition announcement: “Flower Knows’ differentiated positioning in the colour cosmetics segment complements our existing cosmetics brands.”
As “a pioneer with a proven overseas track record”, Flower Knows’ international market experience would support Proya’s global expansion strategy, the company said.
Headquartered in Hangzhou, Proya develops, manufactures and sells cosmetics. Its portfolio spans skincare, cosmetics, personal care and fragrances, with well-known brands including Timage and Off&Relax. The company listed on the SSE main board in 2017, becoming the first beauty company to debut on China’s A-share market.
Flower Knows, also headquartered in Hangzhou, focuses on cosmetics aimed at the young women segment and is known for its distinctive product design. Its product range includes eyeshadow, lipstick and blush. The company began expanding overseas in 2019, and now sells its products in Japan, Southeast Asia, Europe and the US.
