Soy sauce maker Foshan Haitian's shares gain 4.7% in Hong Kong debut
Foshan Haitian sold 279 million shares at HK$36.30 ($4.62) each, the top of the price range flagged to investors ahead of the book build last week.
The shares climbed to as much as HK$38 early on Thursday, while Hong Kong's Hang Seng Index (.HSI), opens new tab was down 0.36%. It is the most actively traded stock by turnover on the Hong Kong exchange on Thursday.
Foshan Haitian increased the number of shares on sale during the book build due to strong demand from investors.
The retail tranche of the deal was oversubscribed nearly 920 times while the institutional portion was 23 times covered, according to Foshan Haitian's regulatory filings.
Foshan Haitian said it plans to use the proceeds from the listing to make new products and strengthen its overseas supply chain, among other initiatives.
The company said it has maintained its position as China's largest condiment producer by volume for 27 consecutive years, with 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 its prospectus.
($1 = 7.8497 Hong Kong dollars)
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As for the new embassy, Cheung says it would 'make me feel a lot more endangered than right now…. it would imply that the British Government are less and less willing to stand up for our safety'. Last month, Yvette Cooper, the Home Secretary, and David Lammy, the Foreign Secretary, jointly condemned the National Security law, saying: 'This Government will continue to stand with the people of Hong Kong, including those who have made the UK their home. We take the protection of their rights, freedoms and safety very seriously, and will not tolerate any attempts by foreign Governments to coerce, intimidate, harass, or harm their critics overseas.' But words like these are of limited reassurance to George* (not his real name), a 22-year-old student from Hong Kong studying at a British university. Having attended some campus demonstrations in favour of democracy in Hong Kong, he now feels compelled to hide his real identity from the Telegraph. 'We still think that the UK has free speech and the UK government and police won't allow the Chinese government to exercise trans-national repression over us,' he says. 'So far I feel safe to live here.' But if the new embassy is constructed, George says: 'That would definitely change the way that we feel. The Royal Mint is a huge place so there may be a danger that the Chinese can bring their agents inside.' He warns of a chilling effect on anyone campaigning for democracy. 'Every Hong Konger in the UK may be free in body, but their minds are still in fear of the Chinese government. If the embassy is built, that may make this fear become bigger and bigger.' And George is struck by the internal contradiction in the British Government's position. 'You can't in one press release say the Chinese government is harming democracy and freedom in the UK and then, in the next press release, say we're allowing them to build a big new embassy,' he says. In January, Cooper and Lammy publicly supported the new embassy on two conditions. China would have to relinquish the seven diplomatic premises it already has in London and consolidate everything in the new embassy. In addition, China would have to build a 'gated barrier or fence' to control public access to the forecourt of Royal Mint Court in order to reduce the risk of security incidents. This conditional backing showed that the Government was, in principle, content for the embassy plan to go ahead. Back in 2018, Boris Johnson, then Foreign Secretary, allowed China to buy the Royal Mint Court site for £255 million, a decision that began the project. But Royal Mint Court is next to the City of London, the biggest financial centre in Europe and the second most important in the world, representing the single most vital economic asset in the United Kingdom. The fibre-optic cables serving the City and transmitting countless transactions criss-cross the area around the proposed embassy: a secure BT telephone exchange is directly adjacent to the site. There is an irony in the fact that Angela Rayner is being asked to grant permission for this project not to a close ally but to a state described by Lammy in the House of Commons as a 'sophisticated and persistent threat'. But events this week suggest the British position may be changing. As Housing Secretary, Rayner has the final say and she has suddenly asked for further assurances. It turns out that plans for the new embassy submitted for her approval omit certain details for 'security reasons'. China aims to fill the imposing main building, completed in 1812, with reception rooms, offices and a banqueting hall. But a letter from Rayner's department - revealed by Luke de Pulford, the Director of the Inter-Parliamentary Alliance on China - states that the 'internal physical arrangements' in this plan have been 'greyed out' in the version she received. Plans for the basements of other buildings have also been concealed, along with the proposed layouts of the flats in the accommodation block. In total, Rayner's department has identified 52 redactions which appear to obscure key elements of what China proposes for all the main buildings on the embassy site. Redacting those details inevitably stirs suspicions that China intends to use secure underground facilities for espionage. Rayner has given the planning consultancy engaged by China's regime until August 20 to rectify these omissions. Her department's letter also discloses that China has not satisfied either of the conditions set by Lammy and Cooper. The plans do not include the new 'gated barrier or fence'. And Rayner has asked the Foreign Office for an 'update' on China's 'progress towards consolidation of accredited diplomatic premises', showing this has not been agreed. A Foreign Office spokesperson confirmed that the department would provide this update but declined any further comment. De Pulford describes the letter from Rayner's office as 'easily the most significant development' in the embassy saga, adding that it was possible that the British Government was 'looking for reasons to say no' and reject the scheme. However, the spokesperson of China's Embassy in London says the 'resubmitted planning application for the new Chinese Embassy project has taken into full consideration the UK's planning policy and guidance as well as views of all relevant parties.' The spokesperson adds: ' It is hoped that the UK side will consider and approve this planning application based on merits of the matter.' Step by step, China is steadily extending its influence in Britain, from providing the technology for renewable energy to investing in research with UK universities and preparing to export even greater numbers of electric vehicles. A grand new embassy would be a fitting symbol of how Beijing is steadily entrenching its position and advancing its interests. And part of China's plan, it seems, is to make it steadily harder for any British Government to provide people like Chloe Cheung with a safe refuge and the freedom to campaign for democracy in Hong Kong. Like its predecessors, the Government wants to build a beneficial relationship with Beijing while also upholding Britain's values - and this country's status as a place where even those who are abhorred by China's brutally authoritarian leaders can still be safe. But one day, the balancing act may become impossible and a choice will need to be made. If China is allowed to have the biggest embassy in London, a milestone may be passed. 'We have told them that our safety is at risk from this mega-embassy,' says Cheung. 'But if they still let it be built? If the UK government is walking backwards and the Chinese government is walking forwards?'
