Latest news with #soySauce
Yahoo
4 hours ago
- Business
- Yahoo
China's Biggest Soy Sauce Maker Rises in Hong Kong Trading Debut
Foshan Haitian Flavouring & Food Co., China's biggest soy sauce maker, rose 3.3% on its Hong Kong trading debut on Thursday. That's after its HK$10.1 billion ($1.3 billion) stock offering drew strong demand from investors. Bloomberg's Manuel Baigorri reports. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
11 hours ago
- Business
- CNA
China soy sauce maker rises on Hong Kong debut
HONG KONG: Shares in China's top soy sauce maker Foshan Haitian ended slightly higher on its debut on Thursday (Jun 19) after raising US$1.3 billion in one of Hong Kong's biggest initial public offerings (IPO) this year. The listing came weeks after openings by Chinese battery giant CATL and pharmaceutical firm Jiangsu Hengrui boosted hopes that the Asian financial hub is bouncing back as a destination for stock market flotations. Foshan Haitian's shares rose as much as 4 per cent in opening trade before sinking back towards their HK$36.30 (US$4.62) listing price, which was the higher end of its offer range. The stock ended the day up 0.55 per cent at HK$36.50, though it outperformed the Hang Seng Index, which sank 2 per cent. Chairwoman Cheng Xue called the listing "another important milestone in Haitian's development history". Foshan Haitian was founded in southern China's Guangdong province in 1955 and has developed from a small family workshop into a major producer of soy sauce, an essential ingredient in East Asian cuisine. The company has claimed the title of China's largest condiments maker by volume for 28 years, and its IPO came after it listed in Shanghai in 2014. Cornerstone investors for the Hong Kong listing - including private equity giant Hillhouse, Singapore's sovereign wealth fund GIC and Royal Bank of Canada's Global Asset Management - agreed to buy shares worth US$595 million. The firm exercised its option to issue additional shares, reflecting robust market demand. Foshan Haitian says it will use the proceeds to develop products, expand capacity and explore overseas markets in Southeast Asia and Europe. Hong Kong's stock market has taken a battering in recent years as appetite for new listings in the city was dampened by the COVID-19 pandemic and China's lethargic domestic growth, while a strict security law added to uncertainty. But it is now seeing a strong rebound, with an increasing number of listed Chinese companies flocking to the former British colony for secondary offerings. "We are cautiously optimistic that Hong Kong is well-positioned to contend for the top position in the global IPO market in 2025," Edward Au, Deloitte China's southern region managing partner, wrote in a note. But "adverse geopolitical or macroeconomic disruptions" could affect the optimism, he warned. Foshan Haitian's listing comes after Jiangsu Hengrui raised around US$1.3 billion in May in one of the world's biggest biopharma IPOs this year. That was days after the US$4.6 billion taken by CATL, which was the most so far in 2025. Proceeds from IPOs and additional share sales in Hong Kong have reached US$26.5 billion as of June, compared with US$3.8 billion over the same period last year, according to data compiled by Bloomberg.
Reuters
20 hours ago
- Business
- Reuters
Soy sauce maker Foshan Haitian's shares gain 4.7% in Hong Kong debut
SYDNEY, June 19 (Reuters) - China's top soy sauce maker Foshan Haitian rose as much as 4.7% on Thursday on the Hong Kong Stock Exchange after the company raised $1.3 billion in a listing. Foshan Haitian sold 279 million shares at HK$36.30 ($4.62) each, the top of the price range flagged to investors ahead of the book build last week. The shares climbed to as much as HK$38 early on Thursday, while Hong Kong's Hang Seng Index (.HSI), opens new tab was down 0.36%. It is the most actively traded stock by turnover on the Hong Kong exchange on Thursday. Foshan Haitian increased the number of shares on sale during the book build due to strong demand from investors. The retail tranche of the deal was oversubscribed nearly 920 times while the institutional portion was 23 times covered, according to Foshan Haitian's regulatory filings. 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. The company 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 its prospectus. ($1 = 7.8497 Hong Kong dollars)
Yahoo
20 hours ago
- Business
- Yahoo
Soy sauce maker Foshan Haitian's shares gain 4.7% in Hong Kong debut
By Scott Murdoch and Donny Kwok SYDNEY (Reuters) -China's top soy sauce maker Foshan Haitian rose as much as 4.7% on Thursday on the Hong Kong Stock Exchange after the company raised $1.3 billion in a listing. Foshan Haitian sold 279 million shares at HK$36.30 ($4.62) each, the top of the price range flagged to investors ahead of the book build last week. The shares climbed to as much as HK$38 early on Thursday, while Hong Kong's Hang Seng Index was down 0.36%. It is the most actively traded stock by turnover on the Hong Kong exchange on Thursday. Foshan Haitian increased the number of shares on sale during the book build due to strong demand from investors. The retail tranche of the deal was oversubscribed nearly 920 times while the institutional portion was 23 times covered, according to Foshan Haitian's regulatory filings. 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. The company 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 its prospectus. ($1 = 7.8497 Hong Kong dollars)
Bloomberg
a day ago
- Business
- Bloomberg
China's Top Soy Sauce Maker Set to Begin Trading in Hong Kong
Foshan Haitian Flavouring & Food Co., China's biggest soy sauce maker, will begin trading in Hong Kong on Thursday after its HK$10.1 billion ($1.3 billion) stock offering drew strong demand from investors. The stock rose in Hong Kong's gray market on Wednesday. Earlier this week, Foshan Haitian sold the shares at HK$36.30 apiece, the high end of its marketed range, and attracted cornerstone investors including Hillhouse Investment, GIC Pte and RBC Global Asset Management.
