Recently, Proya held the eighth meeting of its fourth board of directors, during which it approved the appointment of Jin Chang as the company’s Chief Financial Officer (CFO).
According to the announcement, Jin brings many years of experience in financial management. He previously served as Finance Development Director of L’Oréal China and Finance Director of L’Oréal’s Active Cosmetics Division.
Notably, after leaving L’Oréal, Jin also joined Miglōw, a well-known Chinese beauty device brand, as Partner and CFO of its parent company, Shenzhen Zongjiang Technology Co., Ltd.
In May this year, Proya’s former CFO Wang Li resigned due to “personal career development plans.” Since then, the position had remained vacant, with General Manager Hou Yameng temporarily assuming the financial leadership duties.
With Jin’s appointment, Proya has officially filled the CFO position after nearly five months. Jin also becomes the second senior executive at Proya with a background at L’Oréal, following Wang Yifeng, the company’s Vice President and Head of Product Development and Incubation Brands.
Formerly in charge of strategic investments at L’Oréal China
Recently, Proya announced that its board of directors has approved the proposal to appoint Jin Chang as the company’s Chief Financial Officer (CFO). His term will run from the date of approval until the end of the fourth board’s tenure.
Each Proya board serves a three-year term, with the current fourth board set to conclude in September 2027.
According to the announcement, Jin Chang, born in 1975, holds a Bachelor’s degree in Economics from Fudan University and an EMBA from the Fudan University–Washington University Olin Business School. He is also a non-practicing member of the Chinese Institute of Certified Public Accountants (CPA).
Over his nearly 30-year career, Jin has focused on financial auditing, investments, and acquisitions, with experience spanning several industries including professional retail, coatings, and beauty.
According to CHAILEEDO’s review, Jin began his career at KPMG, a leading international accounting firm, where he worked as a Senior Auditor. He later joined Auchan Group, serving as Internal Audit Manager for China.
The coatings giant AkzoNobel marked the longest chapter of his career—over a decade—during which he rose from Global Business Analyst to Finance Director for the APAC and Global Chelates Business Unit.
Jin’s entry into the beauty industry came in 2015, when he joined L’Oréal China. Public information shows that he served as Finance Development Director and Finance Director of L’Oréal’s Active Cosmetics Division, where he was primarily responsible for strategic investments and mergers & acquisitions.
He also played a key role in the launch and development of the “L’Oréal BIG BANG Beauty Tech Innovation Program” in China—the country’s first startup challenge dedicated to the beauty tech ecosystem and a major initiative under L’Oréal’s global “Beauty Tech” transformation strategy.
At the 2020 L’Oréal China Beauty Tech Innovation Program virtual launch event, Jin represented L’Oréal as a speaker, engaging with startup founders and explaining the program’s purpose and collaboration model. That same year, L’Oréal China’s official WeChat account published a Q&A article featuring Jin discussing the innovation program in his capacity as Finance Development Director.
In October 2021, Jin appeared publicly for the first time as Head of Strategic Investments at L’Oréal China, following his earlier participation in the launch ceremony of the second “L’Oréal BIG BANG” innovation challenge five months prior.
Later, Jin reemerged in the industry spotlight as a member of the founding team of Miglōw, a Chinese beauty device brand. According to a December 2023 post on Miglōw’s official WeChat account, he was listed as Partner and CFO of its parent company, Shenzhen Zongjiang Technology Co., Ltd.
However, in July 2024, amid reports of large-scale layoffs at Miglōw—linked to changes in the brand’s operational strategy and new regulations governing beauty devices—rumors circulated about Jin’s departure.
These rumors were put to rest recently, as Proya’s official announcement confirmed his new appointment. Jin is now set to begin the next chapter of his career at one of China’s leading Chinese beauty companies.
Proya Accelerates Its Push Toward a Hong Kong Listing
CHAILEEDO has observed that since the beginning of 2024, Proya has been steadily restructuring its management team, continuously bringing in high-caliber talent with international backgrounds or experience at major global beauty companies. For example, Hu Ningbo, the company’s current Chief Digital Officer, previously served as CIO for LVMH Fashion Group North Asia; meanwhile, Sun Peiwen and Huang Hu, who are responsible for R&D operations, both previously held key R&D positions at Procter & Gamble.
The appointment of Jin Chang marks another addition of an executive with L’Oréal experience, following Wang Yifeng, Proya’s Vice President and Head of Product Development and Brand Incubation. Jin formerly served as Product Manager and Brand Director for Vichy, a L’Oréal-owned brand.
Analysts point out that Proya is currently in a critical stage of preparing for its Hong Kong listing, a process that places particularly high demands on financial management. With a background at an international accounting firm and leadership experience at multiple global corporations, Jin is seen as an ideal fit for Proya’s needs. His extensive expertise in investment and mergers & acquisitions is also expected to provide valuable support for Proya’s future global expansion and acquisitions.
According to the company’s Announcement on the Resolutions of the Eighth Meeting of the Fourth Board of Directors (the “Announcement”), alongside Jin’s appointment as CFO, the board also approved several proposals related to Proya’s planned Hong Kong listing, covering the use of proceeds, pricing methods, target investors, and offering principles.
The Announcement states that, in order to accelerate its internationalization strategy and overseas business development, enhance its foreign financing capacity, and further strengthen overall competitiveness, Proya plans to issue H-shares and apply for a listing on the Main Board of the Hong Kong Stock Exchange.
The funds raised from the IPO, after deducting issuance expenses, will be used for areas including (but not limited to): R&D and product innovation, brand building and category expansion, intelligent manufacturing and supply chain enhancement, digitalization and AI capability development, global business expansion, strategic investments and acquisitions, as well as working capital and general corporate purposes.
The H-shares will be ordinary shares denominated in RMB and subscribed in foreign currency, representing no more than 15% of the company’s total share capital after issuance (before the exercise of the over-allotment option). The global coordinators will also be granted an over-allotment option of up to 15% of the total H-shares issued.
For the listing audit, Proya has appointed Ernst & Young (EY) as its auditing firm. EY, one of the “Big Four” international accounting firms, has extensive experience assisting companies with Hong Kong IPOs, and has worked with several Chinese beauty companies pursuing listings, including Giant Biogene, Mao Geping Beauty, and Shanghai Jahwa.
It is worth noting that some of these proposals are still subject to approval at Proya’s shareholders’ meeting.
Since announcing its “Double Ten” strategic vision—to rank among the top ten global cosmetics companies within the next decade—Proya has actively pursued international expansion through talent acquisition and its planned Hong Kong listing, building a solid foundation in both human capital and financing.
With Jin Chang’s arrival, Proya gains another strong player in its globalization drive. As China’s leading Chinese beauty brand, Proya remains firmly committed to its goal of becoming a world-class beauty enterprise.
