By Scott Murdoch and Rishav Chatterjee
(Reuters) -China’s top soy sauce maker Foshan Haitian Flavouring and Food Co is aiming to raise as much as HK$9.56 billion ($1.22 billion) in a Hong Kong listing, as a recovery in the city’s equity capital market marches on.
The Shanghai-listed firm is selling 263.2 million shares in a price range of HK$35 to HK$36.30 apiece, according to a filing made with the Hong Kong Stock Exchange on Wednesday.
The final price of the shares is due to be set by Tuesday and the stock will start trading on the Hong Kong exchange on June 19, the filings showed.
Eight cornerstone investors have subscribed for about $595 million shares in the listing, led by Hillhouse’s investment of $350 million and GIC which has committed $60 million.
Foshan Haitian said it plans to use the proceeds from the listing to make new products and strengthen its overseas supply chain, among other initiatives.
Reuters reported in May that the condiments maker had received approval from the local bourse operator to list in Hong Kong and was looking to raise around $1 billion.
Foshan Haitian said it has maintained its position as China’s largest condiment producer by volume for 27 consecutive years, with a market share twice that of its nearest competitor.
Its soy sauce and oyster sauce products hold the top spot in market share, according to preliminary filings submitted to the Hong Kong Stock Exchange.
Foshan Haitian’s offer is the latest sign of a revival in Hong Kong’s equity capital markets, which have been subdued for the past two years.
Companies have raised about $9.7 billion in Hong Kong through IPOs and second listings so far in 2025, compared to $1.05 billion at the same time last year, according to LSEG data.
The increase in listings comes despite political tensions between China and the U.S.
but has been attributed to international investors returning to buying China stocks.
($1 = 7.8479 Hong Kong dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Alan Barona and Kim Coghill)
