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Foshan Haitian shares soar on debut
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Foshan Haitian Flavoring and Food Co surged nearly 30 percent in its trading debut yesterday as industry watchers said they are optimistic about the Chinese soy sauce giant’s growth prospects.
Shares of the Guangdong-based seasoning producer jumped 44 percent on the Shanghai exchange seconds after the market opened, triggering a trading suspension until 2:55pm, five minutes before the market close.
Foshan Haitian gave up some of its gains after trading resumed. It increased 29.6 percent to close at 66.41 yuan (US$10.96).
Analysts said they expect shares of Foshan Haitian to rise further as China’s condiment industry will grow rapidly due to increasing demand for essentials amid the country’s urbanization process.
Foshan Haitian is the flagship firm in China’s fast-growing condiment industry as both the popularity of its products and scale give it a competitive edge, Zhang Baoping, an analyst with Founder Securities, said in a recent report. “Funds raised from the IPO will help the company break its capacity bottleneck and consolidate its leading position.”
Foshan Haitian is China’s largest soy sauce maker with a market share of between 16 and 19 percent in 2010, according to its prospectus.
The company priced its IPO at 51.25 yuan per share and raised 3.84 billion yuan. It was the highest priced new share listing since a freeze on IPOs ended in December after a yearlong hiatus.
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