Photo shows Foshan Haitian Flavouring and Food Company Ltd. lists on the Hong Kong Stock Exchange on June 19, 2025.
BEIJING, June 20 (Xinhua) -- Foshan Haitian Flavouring and Food Company Ltd. (03288.HK) on Thursday made its debut on the Hong Kong Stock Exchange, becoming the first condiment company to achieve dual primary listings in both A-share and H-share markets.
The company's shares rose more than 3 percent at market opening, pushing its total market capitalization above 400 billion yuan, establishing Haitian as the world's highest-valued condiment enterprise.
Priced at 36.3 Hong Kong dollars per share, the IPO saw 279 million shares offered, raising 1.48 billion U.S. dollars. This marks not only the largest consumer sector listing globally in 2025 year-to-date, but also sets a new near 25-year fundraising record for the worldwide condiment industry.
The IPO witnessed global investors' confidence in China's condiment industry leader, with Hong Kong public offering portion oversubscribed by 918.2 times. The international offering was 22.9 times oversubscribed and closed ahead of schedule.
Cornerstone investors such as HHLR Advisors, Ltd., GIC Private Limited, and UBS Asset Management (Singapore) Ltd. anchored the deal with combined subscriptions nearing 4.7 billion Hong Kong dollars, securing nearly half of the total offering.
It is learned that proceeds will primarily fund the development of health-focused and trend-aligned products, R&D in core fermentation technologies, establishment of global R&D infrastructure, worldwide brand elevation and distribution network expansion, enhancement of overseas supply chain capabilities, among others.
It is noted that the company has built the industry's most comprehensive product portfolio spanning over 1,400 SKUs. Its seven core products each generate annual sales exceeding 1 billion yuan. The company leads in the domestic market with a market share more than double that of its nearest competitor.
According to Frost & Sullivan, worldwide condiment market is projected to reach 402.7 billion U.S. dollars by 2029, expanding at a compound annual growth rate (CAGR) of 6.2 percent from 2024 to 2029. Emerging markets are driving the acceleration, with Southeast Asia and Latin America outpacing global averages at CAGRs of 9.1 percent and 7.8 percent, respectively.
This robust growth trajectory creates expansive opportunities for internationalization of Chinese culinary seasonings, providing favorable conditions for Haitian's global development, industry analysts say. (Edited by Niu Huizhe with Xinhua Silk Road, niuhuizhe@xinhua.org)
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