The largest soy sauce manufacturer is conducting a placement in Hong Kong for $1.2 billion

One of the world's largest soy sauce producers, Chinese Foshan Haitian Flavouring & Food, is conducting a placement in Hong Kong that could raise up to $1.2 billion. The company's shares are already traded in Shenzhen, where they have fallen 9% since the beginning of the year. Foshan Haitian Flavouring & Food is known for its soy sauces as well as sesame oil, soy paste, vinegar, and other seasonings.

Foshan Haitian Flavouring & Food, one of the world's largest soy sauce producers from China, plans to raise up to 9.56 billion Hong Kong dollars ($1.2 billion) through a share placement in Hong Kong, Bloomberg writes, citing a company statement.

The company has begun accepting investor applications, offering them 263 million shares priced between 35 and 36.3 Hong Kong dollars ($4.4–4.6). The placement is being organized by China International Capital, Goldman Sachs Group, and Morgan Stanley. Trading of Foshan Haitian Flavouring & Food shares on the Hong Kong Stock Exchange is expected to begin on June 19.