On June 19, Haitian Flavouring and Food Company Ltd. (“Haitian” or the “Company”, stock code: 03288.HK) was officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first “A+H share” listed enterprise in the seasoning industry.

For this Hong Kong listing, Haitian issued 279 million shares at an offer price of HK$36.3 per share, raising approximately US$1.48 billion. It ranks as the second-largest Hong Kong IPO of 2025 and the largest IPO in the global consumption industry of the year. A total of eight cornerstone investors subscribed to 129 million shares, including Hillhouse Capital, GIC (Singapore’s sovereign wealth fund), UBS Asset Management, RBC (Royal Bank of Canada), CPE Fund, Sequoia Capital, and Boyu Capital, among other leading sovereign funds and global institutions. The cornerstone tranche totaled HK$4.7 billion, accounting for nearly 50% of the offering.

At this historic milestone, Haitian looks back with gratitude and wishes to share our story — one that began 400 years ago with the legacy of flavor and craftsmanship.

Our roots trace back to the Wanli era of the Ming Dynasty, originating from the ancient soy sauce workshops of Foshan. As one of the first enterprises recognized by China’s Ministry of Commerce as a “Chinese Time-honored Brand”, we have remained committed to delivering products of quality, taste, and health, carrying the mission of sharing authentic Chinese flavor with the world. Today, our product portfolio spans soy sauce, oyster sauce, pastes, vinegar, and other seasonings, covering everything from seasonings to edible oils and grains—offering consumers a one-stop kitchen solution.

Generations of quality and reputation have built Haitian into a trusted household name among millions of consumers. According to the Kantar Consumer Index 2024, Haitian reached 732 million consumers in China, with a household penetration rate of 80%, ranking 4th of Chinese Consumers' Top Choice and No. 1 in seasonings among all brands.

By sales volume, Haitian has been China’s largest seasoning producer for 28 consecutive years. Our soy sauce and oyster sauce products have long held the top position nationwide and ranked No. 1 globally by volume in 2024. Internationally, Haitian’s footprint extends to over 100 countries and regions around the world.

From 2022 to 2024, our revenues reached RMB 25.61 billion, RMB 24.559 billion, and RMB 26.901 billion respectively, with net profit margins of 24.2%, 23.0%, and 23.6%, all ranking among the highest within the world’s top ten seasoning enterprises.

At Haitian, consumers always come first. We listen attentively and respond to every expectation with high-quality products. Our signature Golden Label Superior Light Soy Sauce and Mushroom Dark Soy Sauce have been household staples for over 60 years, becoming part of the flavor memory for generations.

To meet the evolving needs of consumers, we continuously innovate—prioritizing health and convenience:

Health-oriented innovation: Haitian has developed over 1,200 nutritional and health-focused products, including organic soy sauces and Soybean Pasta certified by China, the U.S., and the EU. Our gluten-free soy sauce—tailored for individuals with Hashimoto’s disease or gluten intolerance —has obtained global SGS gluten-free certification, while our Halal-certified soy sauces and oyster sauces have passed Indonesia’s HALA certification.

Convenience-oriented innovation: We independently developed easy-squeeze bottle packaging, addressing issues of residue, difficulty in pouring, and fragility of glass bottles. As of December 31, 2024, total sales of our squeeze-bottle oyster sauce exceeded 460 million units.

With the global rise of Chinese cuisine, international demand for seasonings is booming. In response, Haitian has built a product portfolio of over 1,450 SKUs, covering all kitchen and dining scenarios. Multiple Haitian products have earned Global Superior Taste Awards.

Your expectations guide our innovation. Going forward, Haitian will continue to embrace your feedback, accelerate R&D for customized products, and launch more offerings that meet your needs for health, convenience, and global accessibility—crafting every flavor with both professionalism and sincerity.

With the heart of perfection, be the best in seasoning

As a seasoning brand with four centuries of heritage, Haitian upholds food safety and quality as its foundation. We believe that traditional craftsmanship must be safeguarded by the precision of modern technology.

Over the past decade, we have invested more than RMB 5.9 billion in technological innovation—embedding ancient brewing techniques into an intelligent protection framework. By the end of 2024, Haitian had accumulated over 1,000 patents and maintained a 1:7 R&D staffing ratio, forming a robust foundation for continuous technological advancement.

Earlier this year, Haitian’s Gaoming plant was recognized as a “Lighthouse Factory” for soy sauce brewing, thanks to its adoption of over five world-leading intelligent brewing technologies. Here, every soybean undergoes more than 200 inspections, every drop of soy sauce is monitored in real time by AI throughout fermentation, and every bottle that reaches consumers’ tables is tested against 2,000 quality indicators — with every stage strictly supervised and controlled to ensure that the taste is safe and trustworthy.

Looking ahead, Haitian will deepen collaboration with international institutions, drive flavor innovation, and upgrade our intelligent brewing and safety systems—striving to become the most trusted choice for global consumers.

The journey of a bottle of Haitian product crosses mountains and seas, yet it always leads to the same destination—your dining table. From every place of origin and each production line to every market around the world, Haitian’s fully integrated supply chain is constantly exploring how to deliver each bottle in the freshest, fastest, and safest way to every corner of the globe.

We have established four core production bases in Guangdong, Jiangsu, Guangxi, and Hubei, with an annual capacity exceeding 4 million tons.

Offline, over 3,000 sales representatives and 6,700 distributors ensure near-100% coverage of prefecture-level cities and nearly 90% coverage of county-level cities, keeping Haitian products available to restaurants and retailers everywhere. Online, we partner with 29 major e-commerce platforms, meeting consumers’ seasoning needs with speed and precision.

Haitian insists on authentic ingredients and excellence in supply chain management. In the future, we will extend our domestic experience abroad—building overseas production bases, adapting product strategies to local culinary cultures, and enhancing digital and flexible manufacturing capabilities to make the taste of China within everyone’s reach.

As a food enterprise, Haitian is committed not only to delivering safe and delicious products but also to protecting the environment and serving society. Sustainability is embedded in every step of our growth:

99.59% of annual production waste is recycled and reused, achieving “turning waste into value.”

1.5 million m³ of water is saved annually—enough for 10,000 families of three for a year.

A carbon traceability mechanism extends low-carbon management throughout the supply chain, reducing CO₂ emissions by 21,013 tons per year.

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These efforts have earned Haitian numerous honors, including: National Green Factory, Zero-Waste Factory, Water Conservation Benchmark of Guangdong Province, Energy-Saving and Environmental Protection Model of China’s Bio-Fermentation Industry, and recognition in China’s Outstanding ESG Case Studies.

Haitian also continues to practice warmth through public service:

27 years of social philanthropy since 1998, contributing to rural revitalization, education, disaster relief, and community care, benefiting over 2 million people in the past four years.

23 years of iron fortification programs—Haitian was among the first to launch iron-fortified soy sauce, producing 200 million bottles since 2002 and benefiting 23 million people, by far, we donated 1.05 million bottles, benefiting 650,000 recipients in iron-deficiency anemia-prone regions.

The “Little Pink Cap” project, in partnership with the Kangze Foundation, provides customized seasonings for special dietary needs, donating RMB 1 to public welfare initiatives per bottle sold.

Through these ongoing commitments, Haitian strives to become a respected international food group, fulfilling our promise to consumers, partners, and society alike.

Over 400 years, Haitian has evolved from a single soy sauce workshop into a comprehensive one-stop seasoning brand, expanding from Foshan to China, and from China to the world. We are deeply grateful for every consumer’s trust and every partner’s support along this journey.

Looking ahead, our Hong Kong listing marks a new beginning. Haitian will continue to uphold the philosophy of “consumer first,” remain steadfast in making high-quality seasonings, and steadily bring the authentic taste of China to tables around the globe—so the world will remember the flavor of China.