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How Beauty-Boosting Shots Made Two Women Billionaires

  • Jian Jun, Zhao Yan have built fortunes as stocks surged
  • China’s market for skin treatments poised to reach $48 billion
Light equipment at the Guangzhou 2020 International Live Streaming Industry Expo on Dec. 27, 2020.
Light equipment at the Guangzhou 2020 International Live Streaming Industry Expo on Dec. 27, 2020.Photographer: Li Zhihao/VCG/Getty Images
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Fiona Cai is an internet host from Nanchang, China, who livestreams the nation’s pop songs to several thousand social-media followers. She’s 28 but spends about 1,000 yuan ($155) each month for a skin booster injection.

“It can help minimize pores and whiten my skin, and I feel my makeup works better,” she said in an interview. She first tried the treatment a year ago. “But my body will process it in a few weeks, so I have to keep it up every month.”