On June 19, &#34;Soy Sauce King&#34; HAITIAN FLAV officially landed on the Hong Kong stock market.
On the first day of listing, HAITIAN FLAV initially rose nearly 5%, but then the stock price fell below the issue price. As of the time of writing, HAITIAN FLAV's Hong Kong stock is down 0.55%, and the A-shares have also dropped over 3%.
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According to the allocation results announced by HAITIAN FLAV, the company globally offered approximately 279 million H shares, with 19.81% allocated for public offering in Hong Kong and 80.19% for international offering. The final offer price was HKD 36.30 per share, raising approximately HKD 10.0096 billion globally. Among them, the Hong Kong public offering was subscribed 918.15 times, and the international offering was subscribed 22.93 times.
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Image source: Daily Economic News reporter Huang Wanyin
<h2>400,000 People &#34;Buy Soy Sauce&#34; in Hong Kong Stocks</h2>
Subscription amount exceeds HKD 400 billion, surpassing &#34;Ning Wang&#34;
According to Daily Economic News, on June 17, the enthusiasm for HAITIAN FLAV's Hong Kong stock IPO surged, with over 390,000 people subscribing, resulting in a low winning rate. The Futu platform's financing subscription multiple was nearly 700 times, with financing subscription amounts exceeding HKD 400 billion, and the number of subscribers exceeding 100,000, setting a new high for IPO subscription numbers in Hong Kong this year, surpassing &#34;Ning Wang&#34; Contemporary Amperex Technology Co., Limited (HK03750) and &#34;Medicine King&#34; Heng Rui Medicine (HK01276).
&#34;I subscribed for 7,000 shares, which is 70 lots, but I didn't win a single lot.&#34; On June 17, some brokerages, including Futu Securities, began to announce the pre-winning information for HAITIAN FLAV, and IPO investor Xu Tao (pseudonym) lamented to the reporter from Daily Economic News. Although there were expectations for HAITIAN FLAV's popularity, Xu Tao did not anticipate such a low winning rate; he knew someone who subscribed for 80 lots and only won one lot.
HAITIAN FLAV introduced 8 cornerstone investors for this offering, including Hillhouse Capital, Government of Singapore Investment Corporation (GIC), UBS Asset Management, Royal Bank of Canada, CITIC Industrial Fund, Sequoia, and Foshan Development.
HAITIAN FLAV's secondary listing in Hong Kong aims for global development. As early as December 2024, the company announced that to further promote its globalization strategy and enhance its international brand image and comprehensive competitiveness, it planned to issue H shares and apply for listing on the main board of the Hong Kong Stock Exchange.
In fact, HAITIAN FLAV's overseas layout has already begun. In 2023, the company established HAITIAN International Investment Co., Ltd. in Hong Kong to carry out overseas business; in 2024, it continued to increase its efforts by establishing three international trading companies: HAITIAN International Trade, HADAY FOOD VN, and HADAY ID, to expand overseas business
According to the latest prospectus, HAITIAN FLAV has developed a systematic layout for overseas expansion. The prospectus shows that the funds raised will be used for product development as well as research and development of cutting-edge technologies and process upgrades; capacity expansion, adoption of new technologies, and digital upgrades of the supply chain; establishing a global brand image, expanding sales channels, and enhancing overseas supply chain capabilities to increase global influence; strengthening the sales network and enhancing penetration capabilities; and for working capital and general corporate purposes.
Among them, approximately HKD 1.854 billion (accounting for 20% of the raised funds) will be specifically used to establish a global brand image, expand sales channels, and enhance overseas supply chain capabilities. Specifically, 15% of the raised funds are planned to expand overseas distribution channels in regions such as Southeast Asia and Europe, set up regional offices, and establish localized sales teams; 5% of the funds will be used to build brand image in overseas markets.
According to the Beijing News, Liang Xiao, chairman of Zhongshan Capital, believes that HAITIAN FLAV's preparation period for its secondary listing in Hong Kong is relatively short, which benefits from the foundational advantages of already being listed on the A-share market. He emphasized that the recognition of Hong Kong stocks internationally provides natural convenience for companies to &#34;go global.&#34; HAITIAN FLAV's choice to list in Hong Kong not only helps the company more efficiently layout overseas markets and advance strategic measures such as overseas factory construction but also leverages international capital platforms to accelerate breakthroughs in brand globalization and supply chain internationalization.
<h2>&#34;Soy Sauce Queen&#34; with a net worth of 33.5 billion yuan</h2>
The enthusiasm for listing on the Hong Kong stock market reflects, to some extent, the capital's confidence in HAITIAN FLAV's development prospects.
As the &#34;soy sauce king,&#34; HAITIAN FLAV possesses strong market competitiveness and profitability.
From 2011 to 2021, HAITIAN FLAV's revenue and net profit continued to grow. In 2021, the company's operating revenue and net profit attributable to the parent company were 25.004 billion yuan and 6.671 billion yuan, respectively, with year-on-year growth of 9.71% and 4.18%.
In 2021, although HAITIAN FLAV's revenue and net profit continued to grow, the growth rate significantly slowed compared to the past decade.
In 2022, HAITIAN FLAV was embroiled in the &#34;double standard&#34; controversy, attracting significant market attention. Possibly affected by this incident, the company's operating revenue for that year was 25.610 billion yuan, a year-on-year increase of 2.42%, with the growth rate further slowing; the net profit attributable to the parent company was 6.198 billion yuan, a year-on-year decrease of 7.09%. This marked the first annual decline in net profit attributable to the parent company since 2011.
In 2023, the company achieved operating revenue and net profit attributable to the parent company of 24.559 billion yuan and 5.627 billion yuan, respectively, a year-on-year decrease of 4.10% and 9.21%, marking the first annual decline in both revenue and net profit since 2011.
In September 2024, HAITIAN FLAV underwent a leadership change, with chairman Pang Kang stepping back and Cheng Xue taking over, thus completing the handover.
According to 21st Century Business Review, Cheng Xue is extremely low-key, rarely accepting interviews, and there are few public photos of her.
She is from Yancheng, Jiangsu, born in 1970. She joined HAITIAN Soy Sauce Factory in 1992, starting as an ordinary employee and rising through the ranks to become an executive
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Tianyancha shows that Cheng Xue holds approximately 13% of the shares in HAITIAN FLAV, second only to the actual controller Pang Kang.
On the Hurun Global Rich List at the beginning of the year, 55-year-old Cheng Xue ranked 774th with a net worth of 33.5 billion yuan. At the peak in 2021, her wealth reached as high as 75 billion yuan, earning her the titles of &#34;the most powerful worker&#34; and &#34;the queen of workers.&#34;
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After Cheng Xue took office, HAITIAN FLAV's operating performance experienced a turnaround. In 2024, the company achieved operating revenue and net profit attributable to the parent company of 26.901 billion yuan and 6.344 billion yuan, respectively, representing year-on-year growth of 9.53% and 12.75%. In the first quarter of this year, its operating revenue and net profit attributable to the parent company were 8.315 billion yuan and 2.202 billion yuan, respectively, with year-on-year growth of 8.08% and 14.77%, continuing the dual growth momentum of 2024.
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HAITIAN FLAV officially listed on the Hong Kong stock market on June 19, with the stock price initially rising nearly 5% on the first day, but subsequently falling below the issue price, ultimately closing down 0.55%. This global offering involved approximately 279 million shares, raising about HKD 10 billion in net funds. The subscription for the Hong Kong public offering was highly enthusiastic, reaching 918.15 times. Despite over 400,000 subscribers, the winning rate was extremely low, and many investors were unable to secure shares. HAITIAN FLAV's secondary listing aims to promote global development

- On June 19, 2025, Haitian Flavor Industry officially listed on the Hong Kong Stock Exchange, initially rising nearly 5% before falling below the issue price.  
- The company offered approximately 279 million H shares, with a final price of HKD 36.30 per share, raising about HKD 10.01 billion, and saw a subscription rate of 918.15 times for the Hong Kong public offering.  
- Haitian aims for global expansion, utilizing funds for product development, brand building, and enhancing overseas supply chain capabilities, reflecting strong market confidence despite recent performance challenges.

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The stock price unexpectedly fell below the issue price, and 400,000 people who subscribed for the new shares became "bystanders"! HAITIAN FLAV raised HKD 10 billion, with the "working queen" ringing the bell on-site, her net worth reaching 33.5 billion yuan