China's Biggest Soy Sauce Maker Rises in Hong Kong Trading Debut

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00:00It's a soy sauce maker, right? $1.3 billion was the amount raised.

00:04Now, as far as this, and kudos to our producers for coming up with this headline,

00:07what's this Yvonne's headline? Sauce evaluation coming through here.

00:12So, when you look at the multiple on the stock here,

00:15so we're comparing this to, you have Mao Tse, apples to apples,

00:20if you want to talk about condiments that it takes you into.

00:22Do we have the other one coming up, please, if we can?

00:26I think it's Heinz, I think we're comparing this to.

00:28In Japan, of course, there's the other one, which is Kikuman.

00:31There we go. $21.

00:33So, yeah, I mean, there is a bit of a premium coming through here as well.

00:36But that being said, despite the premium coming through,

00:39yeah, Yvonne, this is a soy sauce maker, but there is some hot sauce coming through here

00:42as far as the first day of trading is concerned.

00:45Up 3% last week checked. Vaughan.

00:47Yeah, I mean, it's not a household name, but then you take a look at

00:49how you compare it to some of the big household names out there.

00:52It's actually looking pretty expensive there right now.

00:54Let's talk a bit more about Vox and Haitian right now.

00:56Yeah, so we mentioned it's the biggest soy sauce maker in the mainland.

00:59The firm is planning to use those proceeds from the deal for product development,

01:03new technologies as well.

01:05More now with Maniel Balgore, who leads our Asia-Pacific deals coverage.

01:09How's demand so far for this one?

01:11Demand is, Yvonne, is really, really strong.

01:14And, you know, with all these proceeds,

01:16they're going to be able to develop a lot of new condiments for sure.

01:19But, I mean, I think what these tell us, you know, overall is that there is strong demand

01:25for Hong Kong APOs, second listings, and equity capital markets transactions as a whole.

01:33I mean, we've seen a number of block trades, foreign offerings,

01:36these second listings, which are kind of like the flavor of the month, so to speak.

01:41And then some IPOs as well.

01:44So definitely there is a lot more activity.

01:48When we look at our own data and we look at the past few years

01:51and just this first half of 2025, it's just tremendous, right?

01:56The increase in activity, the proceeds being raised in capital markets are just phenomenal.

02:01It kind of starts to look back to the years, you know, the boom years, 2020, 2021.

02:08You remember when it was, like, super hectic here.

02:11So it's starting to look like that.

02:13And I think this is just the latest example we saw with CATL a couple months ago.

02:19We also saw with Henry, now Haitian, and there is more to come as well.

02:24Well, what is the pipeline looking like?

02:26The pipeline, David, is actually getting bigger and bigger for the remaining of the year.

02:32Some of these deals that we're starting to see may spill over into 2026,

02:36which is also quite encouraging, into next year.

02:40Obviously, there could be always some volatility shocks here and there.

02:45That's unavoidable.

02:46But I think the trajectory overall is, it goes in crescendo.

02:50And that's what investors want to see, for sure.

02:53So the pipeline is looking good across sectors.

02:55And there is likelihood for more 1 billion plus IPOs of either second listings or even some IPOs.

03:02So the question is, you know, the Pave and the Pave and the Pave and the Pave and the Pave are not at risk.

03:07So the question is, you know, you can see a couple million from the Pave and the Pave and the Pave and the Pave.

03:11It happens in the same time, because you can see that this is more likely to be matched.

03:15So, you know, we're still going to be getting a couple of people.

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