Latest news with #FoshanHaitian
South China Morning Post
40 minutes ago
- Business
- South China Morning Post
Zhejiang Sanhua seeks US$1 billion in Hong Kong listing as Chinese firms rush to city
Chinese heating systems supplier Zhejiang Sanhua Intelligent Controls aims to raise up to HK$8.12 billion (US$1.03 billion) in a Hong Kong listing, joining a wave of mainland-traded companies that are tapping the city's red-hot initial public offering (IPO) market. Advertisement The Shenzhen-listed firm plans to offer 360.3 million shares at HK$21.21 to HK$22.53 each, according to a filing to the Hong Kong stock exchange on Friday. The company will allocate 7 per cent of the base offering to Hong Kong investors and 93 per cent to global investors. It may boost the offer size by up to 116.2 million shares to accommodate excess demand, according to the prospectus. This could swell the final fundraising to as much as HK$10.7 billion at the top end of the price range. The stock is expected to start trading on June 23 under the 2050 code. At HK$22.53, Sanhua would be pricing its Hong Kong shares at an 18.5 per cent discount to its onshore shares. The stock fell 2.3 per cent to 25.29 yuan in Shenzhen at noon on Friday, trimming this year's gain to around 7.6 per cent. Sanhua is the world's largest maker of refrigeration and air-conditioning control components by revenue. Photo: Handout Sanhua's offer follows Shanghai-listed Foshan Haitian Flavouring and Food, which began taking investor orders on Wednesday to raise up to HK$9.56 billion. They are among the 40-plus mainland companies that have made announcements or filed their listing applications to the Hong Kong stock exchange. Advertisement
Reuters
2 days ago
- Business
- Reuters
China's Foshan Haitian aims to raise over $1.2 billion in Hong Kong listing
June 11 (Reuters) - Foshan Haitian Flavouring and Food Co ( 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 ( opens new tab and Jiangsu Hengrui Pharmaceuticals ( 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)
South China Morning Post
2 days ago
- Business
- South China Morning Post
Haitian eyes US$1.22 billion Hong Kong IPO as soy sauce maker joins beeline for the city
Foshan Haitian Flavouring and Food Company, the largest listed condiment producer in mainland China, is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong, marking one of the city's largest initial public offering s (IPOs) this year and giving a boost to its status as a world-leading fundraising hub. The company is offering 263.2 million H shares at a maximum price of HK$36.30 each, with the final offer price to be determined on or before June 17, Haitian said in a statement to the Hong Kong stock exchange. About 30 per cent of the estimated net proceeds would be used to expand Haitian's production capacity, adopt new technologies, digitisation and upgrades of its supply chain. Another 20 per cent is earmarked for product development and research in advanced technologies and process improvements, according to the company's listing prospectus. Haitian, established in 1955, said it would use 20 per cent of the proceeds to enhance its global presence, including its global brand image, expand sales channels, and strengthen overseas supply chain capabilities, the company said. An undated photograph of Foshan Haitian's factory. Photo: Captured from online. Haitian said it would use an additional 20 per cent to bolster its sales network and improve market penetration. The remaining 10 per cent would be used for working capital and general corporate purposes.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Foshan Haitian Seeking to Raise Over $1 Billion in IPO
Foshan Haitian Flavouring & Food 603288 0.48%increase; green up pointing triangle has begun accepting orders from investors for a listing that could raise more than US$1 billion, joining an expanding list of Chinese companies entering the Hong Kong public market. The Shanghai-listed company, which produces sauces and condiments, set price guidance for the offering at 35.00 Hong Kong dollars to HK$36.30 a share. It plans to sell 263.24 million shares, which could raise up to HK$9.56 billion, equivalent to US$1.22 billion, according to a filing on Wednesday.
Bloomberg
2 days ago
- Business
- Bloomberg
Soy-Sauce Maker Foshan Haitian Starts Taking Orders for Up to $1.2 Billion Hong Kong IPO
Foshan Haitian Flavouring & Food Co. began taking investor orders for a Hong Kong initial public offering that could raise as much as HK$9.56 billion ($1.2 billion), the latest big listing powering the city's share-sale recovery this year. The Chinese maker of soy sauce and other condiments is offering 263 million shares at HK$35 to HK$36.30 each, according to a listing document Wednesday.
