China’s Top Soy Sauce Maker Rises in Hong Kong Trading Debut

Foshan Haitian Flavouring & Food Co., China’s biggest soy sauce maker, edged up in its Hong Kong trading debut after its HK$10.1 billion ($1.3 billion) stock offering drew strong demand from investors.

The stock rose as much as 4.7% in early trading before finishing the day just 0.6% above its issue price of HK$36.30. The shares, which climbed in the gray market the previous day, had been sold at the high end of their marketed range, and attracted cornerstone investors including Hillhouse Investment, GIC Pte and RBC Global Asset Management.

Both institutional and retail investors flocked to ...