Top soy sauce maker to float $1.2 bln in Hong Kong

One of the world’s largest soy sauce makers, China’s Foshan Haitian Flavoring & Food, is holding a Hong Kong IPO that could raise up to $1.2 billion. The company’s shares are already trading in Shenzhen, where they have fallen 9% since the beginning of the year. Foshan Haitian Flavoring & Food is known for its soy sauces, as well as sesame oil, soybean paste, vinegar and other seasonings.

Foshan Haitian Flavoring & Food, one of the world’s largest soy sauce makers from China, plans to raise up to HK$9.56 billion ($1.2 billion) in a Hong Kong IPO, Bloomberg reports, citing a company statement.

The company has begun accepting investor applications, offering them 263 million shares at a price of HK$35 to HK$36.3 ($4.4–4.6). The placement is organized by China International Capital, Goldman Sachs Group and Morgan Stanley. Trading in Foshan Haitian Flavoring & Food shares on the Hong Kong Stock Exchange is expected to begin on June 19. Foshan Haitian Flavoring & Food plans to use the funds raised to develop new products, expand production capacity and develop an overseas supply chain. The company was formed in 1955 through the merger of 25 factories. In addition to soy sauce, it also produces other sauces and additives: soybean pastes, oyster sauce, vinegar, sesame oil, etc. In 2024, Foshan Haitian Flavoring & Food’s revenue was 26.9 billion yuan ($3.6 billion), up 9.5% from a year earlier, and profit increased by 13%.

Tags: Hong Kong, soy sauce