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]

Core Viewpoint - Haitian Flavor Industry Co., Ltd. is in the process of issuing H shares and listing on the Hong Kong Stock Exchange, with the announcement detailing the issuance price range and public offering schedule [1][4]. Group 1: H Share Issuance Details - The company plans to issue a total of 263,237,500 H shares, with 15,794,300 shares allocated for public offering in Hong Kong, representing approximately 6.00% of the total issuance [3]. - The international offering will consist of 247,443,200 shares, which may be adjusted based on demand and the exercise of over-allotment options [3]. - The maximum number of shares available for global issuance, including adjustments and over-allotment, could reach 320,886,400 shares [3]. Group 2: Pricing and Timeline - The preliminary price range for the H shares is set between HKD 35.00 and HKD 36.30 [3]. - The public offering in Hong Kong is scheduled to commence on June 11, 2025, and conclude on June 16, 2025, with the issuance price expected to be announced on June 18, 2025 [4]. - The H shares are anticipated to begin trading on the Hong Kong Stock Exchange on June 19, 2025 [4].

Core Viewpoint - Haitian Flavor Industry (海天味业) is set to launch a significant IPO in Hong Kong, reflecting strong international investor confidence in China's consumer sector [1][2] Group 1: IPO Details - The IPO will have a maximum offer price of HKD 36.3 per share, approximately RMB 33.3, with a potential discount of less than 25% [2] - Haitian will issue 263 million H-shares, with 247 million shares allocated for international investors, accounting for 94% of the total [2] - The cornerstone investors include major firms such as Hillhouse Capital, GIC, and UBS Asset Management, with a total subscription amount nearing HKD 4.7 billion [2] Group 2: Company Performance - Since its A-share listing in 2014, Haitian's revenue has grown from RMB 9.8 billion to RMB 26.9 billion, a 174% increase [3] - Haitian leads the Chinese seasoning market with a 4.8% market share, more than double that of its closest competitor [3] - The company has over 1,400 product SKUs, with seven products achieving annual sales exceeding RMB 1 billion [3] Group 3: Innovation and R&D - In 2024, Haitian's R&D investment reached a record high of RMB 840 million, representing 3% of its revenue [4] - The company has invested over RMB 3.8 billion in R&D over the past five years, achieving breakthroughs in fermentation technology and smart manufacturing [4] Group 4: Market Outlook - Haitian is well-positioned to benefit from the structural changes in the seasoning industry, with increasing market concentration and global demand for Chinese cuisine [5][6] - The company’s robust distribution network and brand influence support its growth, as it replicates domestic success in international markets [5] - The unique demand characteristics of the seasoning industry, combined with consumer upgrades and the globalization of Chinese cuisine, present significant growth opportunities for Haitian [6]

6月11日早盘，港股三大指数集体高开。盘面上，科网股普涨，新消费概念股普遍上涨，稀土概念上 涨，创新药概念延续涨势。A股同赛道规模及流动性双料第一的恒生科技指数ETF（513180）跟随指数 震荡向上，持仓股中，比亚迪（002594）股份、蔚来、比亚迪电子、金蝶国际、小鹏汽车、百度集团等 涨幅居前。 消息面上，海天味业（603288）于2025年6月11日至2025年6月16日招股，该公司拟全球发售2.63亿股H 股，港股公开发售占6%，国际发售占94%。另有15%超额配股权。每股发售价35-36.3港元，每手100 股，预期H股将于2025年6月19日（星期四）上午九时正在联交所开始买卖。此外，据港交所6月10日披 露，曹操出行通过港交所主板上市聆讯。据悉，该公司是一家由吉利集团孵化的中国网约车平台。 国金证券认为，港股市场持续火热，综合港股IPO（无论是A+H还是新股IPO）和成交量等因素来看， 港股的资产质量、风险偏好等都有显著提升，积极寻找港股的机会，其中资产交易平台的价值凸显。此 外，开年以来，港股市场多板块或者赛道景气度上行，AI、新消费、创新药等板块的赚钱明显，港股 市场的风险偏好显著提升，投资 ...

Group 1 - Company Hai Tian Wei Ye has officially launched a global public offering and is set to list on the Hong Kong Stock Exchange on June 19, marking it as the largest IPO in the consumer sector this year and the second largest overall in the Hong Kong market after Ningde Times [1] - The cornerstone investor lineup for the IPO includes prestigious institutions such as Hillhouse Capital, GIC, UBS Asset Management, and Sequoia, with a total subscription of 129 million shares and an investment amount nearing 4.7 billion HKD, representing almost 50% of the offering [1][2] - Hai Tian Wei Ye has demonstrated strong financial performance, with revenue growth from 9.8 billion CNY in 2014 to 26.9 billion CNY in 2024, achieving a 174% increase over ten years, and a 9.53% year-on-year growth in 2024 [2][3] Group 2 - The company is pursuing a global strategy, capitalizing on the growing international demand for Chinese condiments, and has introduced organic and gluten-free products that meet international standards [3][4] - Hai Tian Wei Ye's dual listing in A+H shares is expected to enhance its global brand influence and attract more international investors, facilitating future overseas acquisitions and channel development [4] - The company has established a comprehensive competitive advantage in product quality, brand recognition, distribution channels, and innovation, making it a benchmark in the Chinese condiment industry [4][5] Group 3 - Hai Tian Wei Ye boasts a diverse product matrix with over 1,400 SKUs, including seven products with annual sales exceeding 1 billion CNY, and maintains a leading market position in soy sauce for 27 consecutive years [5][6] - The company invests significantly in R&D, with 840 million CNY allocated in 2024, and has accumulated over 1,000 patents, positioning itself as a leader in the condiment sector [6] - Hai Tian Wei Ye's production capacity reaches 5 million tons annually, supported by four major production bases, and it actively promotes sustainable practices and social responsibility [6]

Group 1 - Over 60% of actively managed equity funds have recovered their net value to levels seen two months ago, with a strong performance from funds focused on innovative pharmaceuticals and AI sectors [1] - The upcoming mid-year assessment is prompting wealth management companies to optimize asset allocation strategies, including shortening bond durations to control volatility [1] - The Hong Kong IPO market is heating up, with 190 companies queued for listing, many of which are from mainland China, indicating a trend of A+H listings [2] Group 2 - The domestic robotics industry is experiencing a surge in IPO activity in Hong Kong, with nine companies disclosing plans to list, reflecting strong investor interest in hard technology [2] - Midea Group has initiated a voluntary recall of over one million window air conditioners in North America due to a rare issue with mold on a specific component, with a complaint rate of less than 0.01% [3] - Several major automotive companies have committed to a unified payment term of no more than 60 days, indicating a shift in industry payment practices [3] Group 3 - The launch of the world's first AI-based fully automated design system for processor chips marks a significant advancement in chip design, addressing the growing demand for specialized chips [4] - The successful listing of a leading company in the panoramic camera sector has attracted significant attention from capital markets, with the global market for panoramic cameras expected to grow at a CAGR of over 10% [4] - The summer grain wheat harvest in China has progressed to over 70%, with significant contributions from major wheat-producing provinces [5] Group 4 - OpenAI is investigating increased error rates affecting its API and ChatGPT services, with over 1,000 service interruption reports logged [5] - Haitian Flavor Industry plans to issue 263.24 million shares in its Hong Kong listing, with a price range set between HKD 35 and HKD 36.3 [6] - A food safety incident involving excessive bacterial counts at a specific store has led to regulatory actions against the establishment [7] Group 5 - The financial regulatory authority has imposed strict penalties on two insurance companies, marking a shift towards individual accountability in the insurance sector [8] - Tencent Music has signed an acquisition agreement with Himalaya, with assurances that the brand and management structure will remain unchanged post-acquisition [9] - A significant personnel change has occurred at Yanghe Co., with a board member resigning due to work relocation [10]

Group 1: Company News - Greenland Hong Kong Holdings Limited (00337.HK) reported contract sales of approximately RMB 1.407 billion for the first five months of 2025, a year-on-year decrease of 59.27% [1] - Tencent Music (01698.HK) plans to acquire Ximalaya for USD 1.26 billion [2] - CIFI Holdings Group (00884.HK) recorded monthly contract sales of RMB 1.68 billion, a year-on-year decrease of 50% [2] - Yuzhou Group (01628.HK) reported contract sales of RMB 621 million in May, down from RMB 703 million in the same period last year [2] - HSBC Holdings (00005.HK) repurchased 520,900 shares on June 9, costing HKD 4.6 million [2] Group 2: Market Movements - The National Integrated Circuit Industry Investment Fund Co., Ltd. reduced its stake in Hua Hong Semiconductor (01347.HK) [2] - JPMorgan increased its short position in Bilibili (09626.HK) from 7.75% to 8.27% [2] - Haitian Flavoring and Food Company plans to issue 263 million shares at a price range of HKD 35 to HKD 36.3 per share [1]

集团已订立基石投资协议，据此，基石投资者已同意在遵守若干条件的情况下，按发售价认购或促使其 指定实体认购总金额5.95亿美元(或46.675亿港元)可购入的发售股份数目。根据发售价每股H股35.65港 元(即指示性发售价范围的中位数)计算，基石投资者将认购的发售股份总数为约1.31亿股发售股份。基 石投资者包括HHLR Advisors, Ltd.("HHLRA"，隶属于高瓴集团)、GIC Private Limited("GIC")、RBC、 源峰基金、UBS AM、Boyu、HSG Growth、以及佛山发展有限公司("佛山发展")。 假设发售价为每股发售股份35.65港元(即所述发售价范围的中位数)，集团估计将自全球发售收取所得款 项净额约92.712亿港元(假设发售量调整权及超额配股权并无获行使)。根据集团的战略，集团拟将全球 发售的所得款项净额约20.0%用于产品开发以及前沿技术的研发和工艺升级；约30.0%将用于产能扩 张、采纳新技术及供应链的数字化升级；约20.0%将用于通过建立集团的全球品牌形象、拓展销售渠道 以及提升海外供应链能力，以提升集团的全球影响力；约20.0%将用于增强集团的销售网络 ...

Core Viewpoint - Haitan Flavor Industry (海天味业) is launching a global offering of 263 million H-shares, with a price range of HKD 35-36.3 per share, aiming to raise approximately HKD 9.271 billion for various strategic initiatives [1][2]. Company Overview - Haitan Flavor Industry is a leading Chinese condiment company with a long history, focusing on high-quality products for home cooking and dining experiences. Its main product categories include soy sauce, oyster sauce, seasoning sauces, specialty condiments, and others [1]. - According to Frost & Sullivan, the company ranks first in the Chinese condiment market with a market share of 4.8% in 2024, which is more than double that of its largest competitor. The total market size for Chinese condiments is projected to reach RMB 498.1 billion in 2024 [1]. Financial Performance - The company's revenue decreased by 4.1% from RMB 25.61 billion in 2022 to RMB 24.559 billion in 2023, followed by a 9.5% increase to RMB 26.901 billion in 2024. The net profit for the same years was RMB 6.203 billion, RMB 5.642 billion, and RMB 6.356 billion, respectively [3]. - The net profit margins for 2022, 2023, and 2024 were 24.2%, 23.0%, and 23.6%, respectively [3]. Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: - 20% for product development and advanced technology research, including 8% for new product lines, 7% for core fermentation technology, and 5% for global R&D capabilities [2]. - 30% for capacity expansion, new technology adoption, and supply chain digitalization, with 17% for production base expansion and 8% for upgrading production technology [2]. - 20% for enhancing global brand image and expanding sales channels, including 15% for establishing local sales offices and 5% for brand building in overseas markets [2]. - 20% for strengthening sales networks and marketing efforts, with 9% for marketing on various platforms and 2% for digital marketing initiatives [2]. - 10% for working capital and general corporate purposes [2].

智通财经6月11日电，港交所文件显示，海天味业香港上市拟发行263,237,500股H股（视乎发售量调整 权及超额配股权行使与否而定），定价介于35港元~36.3港元，预计6月19日在港交所开始买卖。 海天味业在港上市拟发行2.63亿股 定价介于35至36.3港元/股 ...