Hong Kong IPO: Chinese soy sauce maker Foshan Haitian eyes dual listing
The Foshan-based condiment maker’s board has given the go-ahead for the fundraising plan
Shanghai-listed Foshan Haitian Flavoring & Food, the biggest listed condiment maker in mainland China, is seeking a dual listing in Hong Kong that could raise as much as HK$1.5 billion (US$193 million).
The soy sauce maker said in a filing to the Shanghai Stock Exchange on Thursday that its board had approved plans to raise funds for its global expansion.
The proceeds can help promote the brand globally and “enhance the international brand image and competitiveness”, the statement said. Foshan Haitian was looking to raise up to US$1.5 billion, Bloomberg reported in October, citing people familiar with the matter.
Haitian is the latest in a series of mainland companies answering the call by Vice-Premier He Lifeng to list on the Hong Kong stock exchange. The city’s bourse has proposed a fast-track listing procedure for qualified Chinese companies already trading on onshore bourses.
Such listings will add to the 159 Chinese companies with dual-listing status, including Industrial and Commercial Bank of China and electric-vehicle maker BYD.
