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Apart from the core consumers aged from 23 to 28, those under 22 are increasing rapidly, now accounting for about one fourth of the consumers on Tmall, the online marketplace. Men are also paying more attention to skin care than before, the Alibaba and CBN Data report said.

Ant, with 33 percent owned by e-commerce guru Alibaba Group, announced a concurrent IPO plan last month and since then has kicked off a process for what's likely to be the largest fundraising in global finance.

Another reason behind the stagnation of bank IPOs is that bank stocks are currently undervalued, experts said.

Ant's order book on the Hong Kong bourse for institutional investors was oversubscribed in just an hour after the launch on Monday, according to a company note sent to China Daily, citing anonymous insiders.

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, attends a Senate Health, Education, Labor and Pensions Committee hearing on efforts to get back to work and school during the coronavirus disease (COVID-19) outbreak, in Washington, D.C., US June 30, 2020. [Photo/Agencies]