Two decades ago, Pan Dong was a teacher at a university in China. Today, she is one of the richest women in China, thanks to her ingenuity in creating a liquid detergent. Together with her husband, Luo Qiuping, they own and operate Blue Moon Group Holdings Ltd., which has become a household name in China, surpassing industry giants like Unilever and Procter & Gamble in soap sales. Recently, Blue Moon's IPO was one of the largest in Hong Kong this year, raising an impressive $1.3 billion for the company. Pan's 77% stake in this flourishing enterprise is valued at a staggering $8.6 billion.
It all began about 10 years ago when Pan and her husband reached out to Zhang Lei of Hillhouse Capital Management to pitch their innovative liquid detergent. At that time, no other Chinese companies were producing liquid detergent, and Zhang was intrigued by their vision. Although Blue Moon had a solid profit record, it remained a small player in the market. Hillhouse came on board as Blue Moon's first external investor, injecting $46 million across two funding rounds. By the end of the first trading day, Hillhouse's stake soared to a worth of $960 million.
The journey was not without challenges. Initially, Blue Moon faced losses due to unexpectedly high costs associated with developing their liquid detergent. However, the company rebounded and returned to profitability before the onset of 2020. The COVID-19 pandemic created a surge in demand for cleaning and disinfecting products, allowing Blue Moon to flourish during this period. The company, often dubbed China's Procter & Gamble, reported $909 million in revenue in 2019, and profits skyrocketed by 39% in the first half of 2020.
| Detail | Information |
|---|---|
| Name | Pan Dong |
| Nationality | Hong Kong and Canada |
| Education | Master's in Organic Chemistry from Wuhan University (1987) |
| Career Start | Teacher at a university |
| Founded Blue Moon | 1994 |
| Recent IPO | Raised $1.3 billion |
- Pan Dong transitioned from teaching to entrepreneurship.
- Blue Moon Group Holdings Ltd. is a major player in the detergent industry.
- The company saw immense growth during the COVID-19 pandemic.
- Investors are increasingly interested in China's consumer market.
