According to Reuters ^[1], more than ten parties, including Blackstone and Chinese online retailer JD.com, bid for CMC Holdings, the sole distributor of FANCL’s skincare products in Asia outside Japan recently. In early November, Bloomberg also reported that Hillhouse Capital and Dosun were also considering acquiring the FANCL business. Hillhouse was preparing to make a joint quotation with Yatsen Global, the parent company of Perfect Diary. ^[2]