Soy sauce maker Foshan Haitian's shares gain 4.7% in Hong Kong debut
Foshan Haitian sold 279 million shares at HK$36.30 ($4.62) each, the top of the price range flagged to investors ahead of the book build last week.
The shares climbed to as much as HK$38 early on Thursday, while Hong Kong's Hang Seng Index (.HSI), opens new tab was down 0.36%. It is the most actively traded stock by turnover on the Hong Kong exchange on Thursday.
Foshan Haitian increased the number of shares on sale during the book build due to strong demand from investors.
The retail tranche of the deal was oversubscribed nearly 920 times while the institutional portion was 23 times covered, according to Foshan Haitian's regulatory filings.
Foshan Haitian said it plans to use the proceeds from the listing to make new products and strengthen its overseas supply chain, among other initiatives.
The company said it has maintained its position as China's largest condiment producer by volume for 27 consecutive years, with a market share twice that of its nearest competitor.
Its soy sauce and oyster sauce products hold the top spot in market share, according to its prospectus.
($1 = 7.8497 Hong Kong dollars)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
43 minutes ago
- Reuters
China restricts EU imports of medical devices
HONG KONG, July 6 (Reuters) - China's finance ministry said on Sunday it was restricting imports of medical devices from the European Union that exceed 45 million yuan ($6.3 million) in value. China will also restrict imports of medical devices from other countries that contain EU-made components worth more than 50% of the contract value, the finance ministry said. The measures come into force on Sunday. ($1 = 7.1645 Chinese yuan renminbi)
Reuters
an hour ago
- Reuters
South Korea parliament approves 31.8 trillion won extra budget to bolster economy
SEOUL, July 4 (Reuters) - South Korea's parliament approved a supplementary budget on Friday of 31.8 trillion won ($23.3 billion), supporting President Lee Jae Myung's push to bolster an economy grappling with trade headwinds and tepid consumption. The spending plan that parliament approved is larger than 30.5 trillion won proposed by the government. The government will hold a cabinet meeting on Saturday to adopt the revised budget, the Finance Ministry said. Lee inherited an economy facing weakening demand after months of national turmoil triggered by ousted leader Yoon Suk Yeol's failed martial law decree in December. The economy unexpectedly contracted in the first quarter against the backdrop of U.S. President Donald Trump's sweeping tariffs and is seen expanding a mere 0.8% this year, according to the Bank of Korea. South Korea's government debt will rise to 49.1% of gross domestic product, from 48.4%, and fiscal deficit to 4.2% from 3.3%, as 21.1 trillion won out of the total will be financed by issuing additional bonds. ($1 = 1,362.3000 won)
Reuters
an hour ago
- Reuters
Investors head into Trump tariff deadline benumbed and blase
SINGAPORE/NEW YORK, July 6 (Reuters) - Global investors are heading into U.S. President Donald Trump's Wednesday deadline for trade tariffs palpably unexcited and prepared for a range of benign scenarios that they believe are already priced in. Just days before the end of a 90-day pause he announced on his April 2 "Liberation Day" tariffs, Trump said the first batch of letters outlining the tariff levels they would face on exports to the United States would be sent to 12 countries on Monday. Investors who have been tracking this date for months expect more details to emerge in the coming days and protracted uncertainty too, anticipating Trump will not be able to complete deals with all of America's trading partners in the coming week. And they are not overly concerned. 'The market has gotten much more comfortable, more sanguine, when it comes to tariff news,' said Jeff Blazek, co-chief investment officer of multi-asset at Neuberger Berman in New York. 'The markets think that there is enough 'squishiness' in the deadlines – absent any major surprise – to not be too unsettled by more tariff news and believe that the worst-case scenarios are off the table now.' Both the tariff levels and effective dates have become moving targets. Trump said on Friday that tariffs ranging up to 70% could go into effect on August 1, levels far higher than the 10%-50% range he announced in April. So far, the U.S. administration has a limited deal with Britain and an in-principle agreement with Vietnam. Deals that had been anticipated with India and Japan have failed to materialize, and there have been setbacks in talks with the European Union. World stocks (.MIWD00000PUS), opens new tab are meanwhile at record highs, up 11% since April 2. They fell 14% in three trading sessions after that announcement but have since rallied 24%. "If Liberation Day was the earthquake, the tariff letters will be the aftershocks. They won't quite have the same impact on markets even if they are higher than the earlier 10%," said Rong Ren Goh, a portfolio manager in the fixed income team at Eastspring Investments in Singapore. "This financial system is so inundated with liquidity that it is hard to cash up or delever at the risk of lagging the markets, with April serving as a painful reminder for many who derisked and were then forced to chase the relentless recovery in the subsequent weeks." Investors have also been distracted by weeks of wrangling in Congress over Trump's massive tax and spending package, which he signed into law on Friday. Stock markets have celebrated the passage of the bill, which makes Trump's 2017 tax cuts permanent, while bond investors are wary the measures could add more than $3 trillion to the nation's $36.2 trillion debt. The S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab indexes closed at record highs on Friday, notching a third week of gains. Europe's STOXX 600 benchmark (.STOXX), opens new tab is up 9% in three months. But the risks of tariff-related inflation have weighed on U.S. Treasuries and the dollar, and jostled expectations for Federal Reserve policy. Rate futures show traders no longer expect a Fed rate cut this month and are pricing in a total of just two quarter-point reductions by year-end. The dollar has suffered a knock to its haven reputation from the dithering on tariffs. The dollar index , which reflects the U.S. currency's performance against a basket of six others, has had its worst first half of the year since 1973, declining some 11%. It has fallen by 6.6% since April 2 alone. "The markets are discounting a return to tariff levels of 35%, 40% or higher, and anticipating an across-the-board level of 10% or so,' said John Pantekidis, chief investment officer at TwinFocus in Boston. Pantekidis is cautiously optimistic about the outlook for U.S. stocks this year, but the one variable he is watching closely is interest rate levels. For now he expects to see interest rates dip in the second half, 'but if the bond market worries about the impact of the bill and rates go up, that's a different scenario.'
