Company Overview - Haitan Flavor Industry Co., Ltd. (海天味业) is launching a global public offering, with shares expected to be listed on the Hong Kong Stock Exchange on June 19 [1] - The maximum offer price for the H-shares is set at HKD 36.3, approximately RMB 33.3 per share, with a total issuance of 263 million H-shares [1] - The offering includes 247 million H-shares for international investors, accounting for 94% of the total shares, and 15.79 million H-shares for public subscription in Hong Kong [1] Investment Highlights - Key cornerstone investors include major firms such as Hillhouse Capital, GIC, UBS Asset Management, and Sequoia, with a total subscription amount nearing HKD 4.7 billion, marking it as the third-largest cornerstone investment in a Hong Kong IPO in 2023 [1] - Since its A-share listing in 2014, the company's revenue has grown from RMB 9.8 billion to an expected RMB 26.9 billion in 2024, representing a 174% increase [1] Industry Context - The Chinese condiment industry is undergoing structural changes, with an accelerating optimization of the competitive landscape and increasing industry concentration [2] - The global demand for Chinese cuisine is expanding, providing growth opportunities for leading companies like Haitan Flavor, as the industry still has significant room for concentration compared to mature markets like the US and Japan [2] - Haitan Flavor leads the Chinese condiment market with a 4.8% market share, according to data from Frost & Sullivan [1]