China soy sauce maker rises on Hong Kong debut
The Peninsula
Hong Kong: Shares in China s top soy sauce maker Foshan Haitian ended slightly higher on its debut Thursday after raising US$1.3 billion in one of Hon...
Hong Kong: Shares in China's top soy sauce maker Foshan Haitian ended slightly higher on its debut Thursday after raising US$1.3 billion in one of Hong Kong's biggest initial public offerings this year.
The listing came weeks after openings by Chinese battery giant CATL and pharmaceutical firm Jiangsu Hengrui boosted hopes that the Asian financial hub is bouncing back as a destination for stock market flotations.
Foshan Haitian's shares rose as much as four percent in opening trade before sinking back towards their HK$36.30 (US$4.62) listing price, which was the higher end of its offer range.
The stock ended the day up 0.55 percent at HK$36.50, though it outperformed the Hang Seng Index, which sank two percent.
Chairwoman Cheng Xue called the listing "another important milestone in Haitian's development history".
