Due to increased competition and declining consumer demand, Chinese beauty product manufacturer Proya Cosmetics Co.’s half-year sales fell short of analysts’ projections.

In an effort to increase its offshore funding and speed up its worldwide expansion, the cosmetics manufacturer located in Hangzhou recently revealed plans to issue shares in Hong Kong.

Proya reported in an exchange filing that its revenue for the six months ending June was 5.36 billion yuan ($748.3 million), up 7.2% from the same period last year but less than analysts’ forecast of 5.53 billion yuan. Compared to projections of 830.7 million yuan, net income climbed 13.8% to 798.5 million yuan.

In a separate filing, Proya stated that the board had approved a strategy to issue shares in Hong Kong in order to boost its overall competitiveness and expedite its commercial development in foreign markets. At the moment, Shanghai is where the company’s shares are traded.

Poor consumer sentiment is catching up to more cheap goods, as evidenced by Proya’s stuttering growth.

While international cosmetics giants like Shiseido Co. and Estée Lauder Co. struggled in China, the company has managed to sustain its expansion in recent years. Proya’s 329 yuan ($46) Ruby face cream has been well received by budget-conscious customers, supporting the company’s goals to rank among the top 10 worldwide beauty brands in the next ten years.