China's Foshan Haitian aims to raise over $1.2 billion in Hong Kong listing
June 11 (Reuters) - Foshan Haitian Flavouring and Food Co (603288.SS), opens new tab, one of China's biggest condiment makers, is aiming to raise as much as HK$9.56 billion ($1.22 billion) through a Hong Kong listing, marking a fresh signal of recovery in domestic capital markets.
The Shanghai-listed firm is offering 263.2 million H shares for a maximum offer price of HK$36.30 apiece, according to a filing made with the Hong Kong Stock Exchange on Wednesday.
The offer price would be no less than HK$35 per share, the company said. Haitian expects to list its shares in Hong Kong on June 19.
The company, which is also listed in Shanghai, said it plans to use the proceeds from the share sale to make new products and strengthen its overseas supply chain, among other initiatives.
Reuters reported in May that the condiments maker had received approval from the local bourse operator to list in Hong Kong and was looking to raise around $1 billion.
Foshan Haitian said it has maintained its position as China's largest condiment producer by volume for 27 consecutive years, boasting 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 preliminary filings submitted to the Hong Kong Stock Exchange.
Foshan Haitian's offer is the latest sign of a revival in Hong Kong's equity capital markets, which have been subdued for the past two years.
The deal would make Haitian join other mainland-traded companies that are attempting to make a foothold in Hong Kong, including the likes of CATL (300750.SZ), opens new tab and Jiangsu Hengrui Pharmaceuticals (600276.SS), opens new tab.
China International Capital Corp, Goldman Sachs Group and Morgan Stanley are joint sponsors of Haitian's listing.
($1 = 7.8479 Hong Kong dollars)
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