China’s Foshan Haitian Flavouring and Food Company has been approved to be listed on the Hong Kong Stock Exchange. The company plans to raise about $1 billion, according to two people familiar with the situation.
The sources said the Shanghai-listed company’s proposed deal was approved by the exchange’s listing committee on Thursday.
Foshan Haitian did not reply right away when Reuters asked for a comment. The Hong Kong Stock Exchange also chose not to comment.
One of the sources said that book building for the deal could begin within the next two weeks.
The sources asked not to be named because they were sharing confidential information.
Foshan Haitian said it had been China’s biggest condiment maker by volume for 27 years, with a market share twice as significant as its nearest competitor.
In early filings to the Hong Kong exchange, the company said that its soy sauce and oyster sauce products have the highest market share.
Foshan Haitian’s deal is happening as Hong Kong’s stock market is recovering after being very quiet for the past two years.
Battery giant CATL has completed a $4.6 billion listing, and its shares will start trading on Tuesday. Meanwhile, Jiangsu Hengrui is currently working on raising $1.27 billion through a listing in Hong Kong.
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