Both institutional and retail investors flocked to buy shares of the condiments giant, betting it will continue to widen its lead in China in products ranging from soy sauce to cooking wine.
Foshan Haitian Flavouring & Food, China’s biggest soy sauce maker, rose 3.3% on its Hong Kong trading debut after its HK$10.1 billion ($1.66 billion) stock offering drew strong demand from investors.
The stock opened at HK$37.50 Thursday from its listing price of HK$36.30. The shares, which climbed in the gray market the previous day, had been sold at the high end of its marketed range, and attracted cornerstone investors including Hillhouse Investment, GIC and RBC Global Asset Management.
