Condiment king gears for mega share sale

Staff reporter and Bloomberg

China's largest condiment maker Foshan Haitian Flavouring and Food Company has filed for a second listing in Hong Kong as it seeks fresh funds for expansion.

The Guangdong-based firm was earlier reported to be looking at raising at least US$1.5 billion (HK$11.7 billion) from the share sale, Bloomberg reported last October.

Founded in 1955, Haitian is one of the most recognizable staple brands in Chinese households. Its products range from soy sauce and cooking oil to vinegar and fermented bean curds, according to its website.

In recent years, the company has expanded into making hotpot sauce, lemon tea and ice cream.

It ranked first in China's condiments market by revenue, with a market share over twice that of its closest competitor in 2023, according to consulting firm Frost & Sullivan.

Haitian's shares in Shanghai have increased more than 23 percent in the past year, giving it a market value of over 233 billion yuan (HK$247.5 billion).

In other news, Contemporary Amperex Technology is poised to hire Bank of America, China International Capital Corporation (3908), CSC Financial (6066), and JPMorgan Chase as lead arrangers for a second listing that could help it raise at least US$5 billion in Hong Kong this year, Bloomberg reported.

Other banks are likely to be added for what could be one of the largest offerings in Hong Kong in recent years, the report said.

Meanwhile, Chinese bubble tea brand Auntea Jenny (Shanghai) Industrial has received approval from the China Securities Regulatory Commission for a listing in Hong Kong, according to a notice.

Separately, shares of Yibin City Commercial Bank (2596) inched up less than 1 percent on its debut while that of New Gonow Recreational Vehicles (0805) slumped over 22 percent.