顶格定价 机构、散户蜂拥认购！A股“酱油茅”港股首秀收涨

Core Viewpoint - Haitian Flavor Industry, a leading soy sauce company in China, successfully listed on the Hong Kong stock market on June 19, raising over HKD 10 billion, setting a record for IPOs in the consumer sector this year, surpassing Mixue Ice City. However, its debut was underwhelming, with a slight increase of only 0.55% on the first day, nearly facing a drop below the issue price [2][6]. Fundraising and Subscription Details - The final offer price for Haitian Flavor was set at HKD 36.30, at the top of the pricing range of HKD 35.00 to HKD 36.30. The subscription enthusiasm was exceptionally high, with retail investors showing a subscription multiple of 918.15 times and institutional investors at 22.93 times, surpassing the previous record set by CATL [3][4]. - The total number of applications received was 172,096, with 379,668 valid applications. The number of shares available for public offering was 15,794,300, which accounted for 19.81% of the total global offering [4]. Investor Participation - A significant number of well-known domestic and international institutions participated as cornerstone investors, including Sinopec (Hong Kong), Kuwait Investment Authority, and UBS Asset Management, among others [4][5]. Market Position and Performance - Haitian Flavor is the leading condiment company in China, holding a market share of 4.8% in the Chinese condiment market, which is projected to reach approximately RMB 498.1 billion in 2024. The company has maintained its position as the largest condiment enterprise in China for 28 consecutive years [6][7]. - In terms of specific products, Haitian Flavor ranks first in both the Chinese and global markets for soy sauce and oyster sauce, with market shares of 13.2% and 40.2% in China, respectively [6][7]. Future Plans - Following the fundraising, Haitian Flavor plans to allocate approximately 20% of the net proceeds for product development and technological upgrades, 30% for capacity expansion and supply chain digitalization, and 20% for enhancing its global brand image and sales channels [7].