HAITIAN FLAV (03288.HK)  -0.200 (-0.600%)   completed its H-share listing on June 19, 2025, raising a net amount of HKD10.4 billion, with EPS diluted by around 5%, according to a report from HSBC Global Research.

According to its H-share prospectus, Haitian is a leader in China's seasoning industry, with a market share of 4.8% in China's seasoning market in 2024 (soy sauce/ oyster sauce accounting for 13.2%/ 40.2%).

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Despite the high dependency on the dining channel that may pose short-term challenges to sales recovery, HSBC Global Research estimated Haitian to continue expanding its market share in the long run on the 1) strong brand influence; 2) extensive distribution network in China; 3) mature product portfolio; 4) further channel integration and penetration; and 5) overseas market expansion. Believing that future cost pressures will stay limited, the broker also projected the company to benefit from effective cost control measures.

After the restriction period ended, the broker has resumed coverage on HAITIAN FLAVOURING (603288.SH)  -0.090 (-0.234%)   's A-shares, with a Hold rating and a target price raised by 12% from RMB36 to RMB40.3. It initiated its coverage on the company's H-shares as well, with a rating of Hold and a target price of HKD36.2.
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