HAI TIAN(SH:603288) He Xun Wang·2025-06-11 07:36Core Viewpoint - Haitai Weiye has officially launched its global public offering on June 11, 2023, with a record high in cornerstone investor subscriptions, indicating strong market interest and confidence in the company [1] Company Summary - The IPO is set to list on the Hong Kong Stock Exchange on June 19, 2023, with a maximum offer price of HKD 36.3 per share, approximately RMB 33.3 per share, reflecting a discount of less than 25% [1] - The company plans to issue 263 million H-shares, with 247 million shares allocated for international offerings, accounting for 94% of the total, and cornerstone investors subscribing to 129 million shares, nearly 50% of the total [1] - Notable cornerstone investors include Hillhouse Capital and Singapore's GIC, with total subscriptions nearing HKD 4.7 billion, marking it as the third-largest cornerstone subscription for a Hong Kong IPO in 2023 [1] - Haitai Weiye, listed on A-shares in 2014, has seen revenue growth from RMB 9.8 billion to RMB 26.9 billion, a 174% increase [1] - The company leads the Chinese seasoning industry with a 4.8% market share in 2024, holding the top global sales for soy sauce and oyster sauce [1] - Haitai Weiye offers a comprehensive product matrix with over 1,400 SKUs, including seven products with annual sales exceeding RMB 1 billion [1] - The company is capitalizing on health trends with its organic and low-sugar/low-fat/low-salt product lines becoming star products [1] - Research and development investment is projected to reach RMB 840 million in 2024, with a cumulative investment exceeding RMB 3.8 billion over the past five years [1] - In early 2025, Haitai Weiye is expected to be recognized as the world's first "lighthouse factory" for soy sauce production [1] Industry Summary - Analysts view the IPO as a high-quality consumer sector offering in the Hong Kong market for 2023, highlighting strong competitive barriers and favorable financial performance [1] - The industry is undergoing transformation, presenting opportunities for growth within a "large industry, small leaders" framework, which provides ample growth space for companies like Haitai Weiye [1] - Experts indicate that the essential nature of the products combined with dual benefits positions Haitai Weiye to expand its market share and create long-term value for investors [1]