New stock news | Foshan Haitian Flavouring and Food (603288.SH) submits application to Hong Kong Stock Exchange, ranking first in China's seasoning market revenue in 2023.

According to the disclosure of the Hong Kong Stock Exchange on January 13th, Foshan Haitian Flavouring and Food Co., Ltd. (referred to as Foshan Haitian Flavouring and Food) has submitted the application to list on the main board of the Hong Kong Stock Exchange, with CICC, Goldman Sachs, and Morgan Stanley as joint sponsors. The prospectus shows that Foshan Haitian Flavouring and Food is a leading Chinese seasoning company, committed to providing users with quality, delicious, and healthy consumer experiences, while serving the seasoning needs of kitchens and dining tables worldwide. The company's main product categories include soy sauce, oyster sauce, seasoning sauces, specialty seasonings, and others. Foshan Haitian Flavouring and Food has a successful national product matrix. The company has 7 single product series with annual revenue exceeding 1 billion, making it the company with the most single products in the Chinese seasoning industry; it also has 25 product series with annual revenue exceeding 100 million, accounting for 75.1% of product sales by revenue in 2023. As of September 30, 2024, the company has an extensive nationwide sales network in the seasoning industry, covering almost 100% of city-level and nearly 90% of county-level markets in China. The company manages its distribution network accurately and efficiently to be closer to distributors and sales terminals. According to a Frost & Sullivan report, based on 2023 revenue, Foshan Haitian Flavouring and Food is the absolute leader in the Chinese seasoning industry and one of the top five seasoning companies globally. The company ranks first in the Chinese seasoning market, with a market share of more than double that of the second-place company. In terms of sales volume, the company has been the largest seasoning company in China for 27 consecutive years. According to the same source, the company's soy sauce and oyster sauce products have ranked first in the Chinese seasoning market for many years, while seasoning sauces, vinegar, and cooking wine are also among the top products in the Chinese market. From 2013 to 2023, the company was the only enterprise among the top ten global seasoning companies to achieve double-digit compound growth in revenue. In terms of finances, in the fiscal years 2022, 2023, and the nine months ending on September 30, 2024, Foshan Haitian Flavouring and Food achieved revenues of approximately 25.61 billion yuan, 24.559 billion yuan, 18.65 billion yuan, and 20.399 billion yuan respectively, with profits for the year/period of approximately 6.203 billion yuan, 5.642 billion yuan, 4.339 billion yuan, and 4.829 billion yuan respectively.