HAI TIAN(SH:603288) Sou Hu Cai Jing·2025-06-19 15:35Core Viewpoint - Haitan Flavoring Food Co., Ltd. (Haitian) successfully listed on the Hong Kong Stock Exchange on June 19, raising approximately HKD 10.1 billion with an issue price of HKD 36.30 per share [1][3]. Group 1: Listing Information - On its first trading day, Haitian opened at HKD 37.50 per share, a rise of about 3.31% from the issue price, and reached a high of HKD 38.00 during the day [3]. - The closing price was HKD 36.50 per share, reflecting a slight increase of 0.55% from the issue price, with a market capitalization of approximately HKD 213.1 billion [3]. - Haitian attracted eight cornerstone investors who collectively subscribed for approximately USD 595 million (around HKD 4.668 billion) of the offering shares [3]. Group 2: Company Background - Haitian was established in April 2000 and is located in Foshan, Guangdong Province, with a registered capital of approximately RMB 5.56 billion [3]. - The main shareholders include Guangdong Haitian Group Co., Ltd., Pang Kang, and Cheng Xue [3]. Group 3: Financial Performance - For the years 2022, 2023, and 2024, Haitian's revenue was approximately RMB 25.61 billion, RMB 24.56 billion, and RMB 26.90 billion, respectively [5][6]. - Gross profit for the same years was approximately RMB 8.93 billion, RMB 8.33 billion, and RMB 9.73 billion, while net profit was approximately RMB 6.20 billion, RMB 5.64 billion, and RMB 6.36 billion [5][6]. - Soy sauce products are the core of Haitian's offerings, contributing approximately RMB 13.86 billion, RMB 12.64 billion, and RMB 13.76 billion to total revenue, accounting for 54.1%, 51.5%, and 51.1% of total revenue, respectively [7].