Chinese condiments maker Foshan Haitian Flavouring and Food Company Ltd has raised HK$10.1 billion ( US$1.29 billion ) in its Hong Kong initial public offering, making it the second-largest share sale on the local bourse this year after the HK$41 billion listing of electric-vehicle battery giant CATL.  

Shares of Hatian ( 3288 ) opened at HK$37.50 on Thursday ( June 19 ), up 3.3% from their offer price of HK$36.30, the top of the proposed range. They closed 0.55% higher at HK$36.50.      

Hong Kong’s stock market has been one of the world’s top performers in 2025, with the benchmark Hang Seng Index rising by more than 3,800 points since the start of the year. Financial secretary Paul Chan also notes that IPO fundraising this year has reached nearly HK$79 billion, placing Hong Kong in a leading position among major global exchanges. Follow-on fundraising has exceeded HK$150 billion, he adds.

Haitian, based in Foshan, Guangdong province, is China’s leading condiments company with a longstanding heritage. It is also listed on the Shanghai Stock Exchange ( 603288 ), making it the first dual-listed ( A+H ) company in the local condiments sector.    

Law firm Paul Hastings advised China International Capital Corporation Hong Kong Securities, Goldman Sachs ( Asia ), and Morgan Stanley Asia Limited – the joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers – and other underwriters on Haitian’s Hong Kong IPO.