Core Viewpoint - Haitian Flavor Industry (HK03288), a leading domestic condiment company, officially listed on the Hong Kong Stock Exchange on June 19, experiencing a volatile stock price on its debut day, reflecting a contrast between strong subscription demand and subsequent price drop [1][4][5] Group 1: Market Performance - On its first trading day, Haitian's stock price peaked with a 4.68% increase but later fell below the issue price, closing up 0.55% at HKD 36.5, with a total market capitalization of HKD 213.1 billion [1][5] - The subscription phase was highly successful, with an effective application number of approximately 380,000 and a subscription amount of 918.15 times, surpassing other recent IPOs in Hong Kong [4] - The initial public offering (IPO) raised a net amount of HKD 10 billion, setting a record for consumer companies in Hong Kong this year [5] Group 2: Company Background - Haitian Flavor Industry has evolved from a local soy sauce factory established in 1955 to a dual-listed company on both A-share and H-share markets [7] - The company has maintained a leading market share in the global soy sauce and oyster sauce industries, with a projected market share of 6.2% globally and 13.2% domestically in 2024 [12] Group 3: Financial Performance - Despite a recovery in revenue and net profit in the previous year, the growth rate has slowed down significantly compared to the double-digit growth seen from 2015 to 2020 [8] - In 2022, Haitian's revenue reached CNY 26.9 billion, with a year-on-year growth of 9.53%, and a net profit of CNY 6.344 billion, growing by 12.75% [8] Group 4: Industry Challenges and Opportunities - The condiment industry is facing intensified competition and a maturing domestic market, leading to a slowdown in growth rates [12] - Haitian plans to expand its global presence, with 20% of the IPO proceeds allocated for building a global brand image and enhancing overseas supply chain capabilities [12][13] - The company aims to penetrate Southeast Asian and European markets, which are growing but also competitive, requiring localization of products and management [13]