Foshan Haitian raises $10.01b with top-range IPO pricing

Shares were priced at $36.30 each—the highest point in the offer range.

Foshan Haitian Flavouring and Food Company Ltd., China’s top condiment producer, has successfully raised $10.01b through its global offering on the Hong Kong Stock Exchange.

Shares were priced at $36.30 each—the highest point in the offer range.

The offering included 279 million H shares, following the full exercise of the offer size adjustment option. Retail demand was especially intense, with the Hong Kong Public Offering oversubscribed by more than 918 times.

This triggered a claw-back mechanism, increasing the public share allocation to over 55 million shares, about 19.8% of the total offering. The remaining 80.2% went to international investors, where the offering was nearly 23 times oversubscribed.

Cornerstone investors played a significant role in the listing, securing roughly 128.6 million H shares—around 46% of those offered.

Major backers included HHLR Advisors, GIC, RBC, UBS Asset Management, and Supercluster Universe Limited. These cornerstone investors are subject to a lock-up period until 18 December 2025, limiting their ability to sell shares during that time.

However, the exchange issued a warning about shareholder concentration. The top single investor holds 35.6% of the issued H shares, whilst the top ten together control over 67%.

Such high concentration could lead to significant share price swings with relatively low trading volumes. The company has urged retail investors to exercise caution when dealing in its stock.

Proceeds from the offering will be used to support the company’s expansion plans as outlined in its prospectus.