Core Viewpoint - The article discusses the market performance of Haitian Flavoring and Food Co., Ltd. (海天味业) following its debut on the Hong Kong Stock Exchange, highlighting the stock's initial decline and the factors influencing its valuation and market perception [1][4]. Summary by Sections Company Overview - Haitian Flavoring is a leading condiment company in China, ranking first in the domestic market and fifth globally, with a market share of 4.8% in a projected 2024 market size of approximately 498.1 billion yuan [3]. IPO Performance - On June 19, 2025, Haitian Flavoring's shares were listed at an initial price of 36.3 HKD, raising about 10 billion HKD. However, the stock experienced a decline on its first trading day, reflecting a reassessment of its high A-share valuation and future growth expectations [1][2]. Market Reactions - The stock's performance was influenced by a combination of factors, including a general downturn in the A-share market prior to the IPO, where it experienced a "nine consecutive days" decline, and a drop of 3.83% on the day of the Hong Kong listing [1][3]. Financial Performance - In the first quarter of the year, Haitian Flavoring reported a revenue of 8.315 billion yuan, a year-on-year increase of over 8%, and a net profit of 2.2 billion yuan, reflecting a growth of 14.77% [4]. Strategic Goals - The funds raised from the IPO will be allocated towards product development, technological upgrades, capacity expansion, and enhancing the global brand presence and supply chain [2]. Industry Context - The article contrasts Haitian Flavoring's performance with that of other industry leaders like CATL, noting that while Haitian operates in a stable but slower-growing sector, CATL benefits from a high-growth environment in the new energy sector [5][7]. Investor Sentiment - Analysts suggest that the market's reaction to Haitian Flavoring's IPO indicates a divergence in investor sentiment towards different sectors, with traditional consumer stocks facing challenges compared to high-growth industries [6][8].
调味品龙头,港股上市第一天盘中破发!