Paul Hastings Advises Joint Sponsors and Underwriters in Haitian’s US$1.3 Billion Hong Kong IPO and Global Offering

Paul Hastings LLP advised China International Capital Corporation Hong Kong Securities Limited, Goldman Sachs (Asia) L.L.C. and Morgan Stanley Asia Limited — the joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers — and other underwriters on the US$1.3 billion offering and listing of Foshan Haitian Flavouring and Food Company Ltd. (Haitian) on the Main Board of the Hong Kong Stock Exchange (HKEX).

Haitian is China’s leading condiments company. It provides quality condiment products for home cooking and dining experiences.

Haitian is also listed on the Shanghai Stock Exchange. The transaction established the first A+H dual-listed company in the PRC condiments industry and marks one of the largest A+H IPOs on HKEX in 2025.

Founding partner and chair of Greater China Raymond Li and corporate partners Chaobo Fan, Steven Hsu and Crystal Liu led the Paul Hastings team, which also included associates Jessica Lam, Wei You, Helen Cheung, Sara She, Bonnie Liu, Linfei Li and Meiyi Li, legal managers Jin Cha, Lynn Liao, Zihan Shi and Heverly Ma and paralegal Sunny Han. Corporate partner David Hearth provided additional advice on U.S. Investment Company Act-related matters.

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