股价意外破发，40万人打新股成了“打酱油”！海天味业融资100亿港元，“打工女皇”现场敲锣，身家达335亿元

Core Viewpoint - The article discusses the recent IPO of Haitian Flavor Industry Co., Ltd. ("Haitian"), highlighting its market performance, investor interest, and future growth strategies following its listing on the Hong Kong Stock Exchange. Group 1: IPO Performance - Haitian's shares initially rose nearly 5% on the first trading day but later fell below the issue price, closing down 0.55% [1] - The company issued approximately 279 million H-shares, with a final offering price of HKD 36.30 per share, raising about HKD 10.01 billion [2] - The Hong Kong public offering was oversubscribed by 918.15 times, while the international offering was oversubscribed by 22.93 times [2] Group 2: Investor Interest - Over 390,000 investors participated in the IPO, with subscription amounts exceeding HKD 400 billion, surpassing previous high-profile IPOs [5][6] - The low allocation rate led to disappointment among investors, with some reporting that they needed to apply for many shares to receive even a small allocation [6] Group 3: Global Expansion Strategy - Haitian aims for global expansion, having established several international subsidiaries and planning to use IPO proceeds for product development, technology upgrades, and enhancing its global brand image [7][8] - Approximately HKD 18.54 billion (20% of the raised funds) will be allocated to building a global brand and expanding sales channels, particularly in Southeast Asia and Europe [8] Group 4: Financial Performance - From 2011 to 2021, Haitian's revenue and net profit consistently increased, with 2021 figures showing revenue of CNY 25.004 billion and net profit of CNY 6.671 billion, reflecting year-on-year growth of 9.71% and 4.18% respectively [11] - However, in 2022, the company faced challenges, including a decline in net profit for the first time since 2011, with revenue of CNY 25.610 billion and a net profit of CNY 6.198 billion, marking a decrease of 7.09% [12] - In 2023, Haitian reported further declines in both revenue and net profit, with figures of CNY 24.559 billion and CNY 5.627 billion, representing decreases of 4.10% and 9.21% respectively [12] Group 5: Leadership Transition - In September 2024, Haitian underwent a leadership change with the transition from Chairman Pang Kang to Cheng Xue, who has been with the company since 1992 [13][15] - Under Cheng's leadership, the company has shown signs of recovery, with 2024 projected revenues of CNY 26.901 billion and net profits of CNY 6.344 billion, indicating growth of 9.53% and 12.75% respectively [18]