(Bloomberg) -- Foshan Haitian Flavouring & Food Co., one of China’s biggest condiment makers, has hired China International Capital Corp., Goldman Sachs Group Inc. and Morgan Stanley to work on a second listing in Hong Kong that could raise at least $1.5 billion, according to people familiar with the situation.
Haitian intends to file its preliminary prospectus to the Hong Kong Stock Exchange as soon as January, the people said. The company’s board approved a share issuance in Hong Kong earlier this week, according to a Wednesday statement to the Shanghai Stock Exchange, where Haitian is already listed.
Haitian’s Shanghai-traded shares have risen 24% this year, giving the company a market value of about $36 billion.
Deliberations are ongoing and the fundraising amount could change, the people said, asking not to be identified because the information is private. More banks could be added at a later stage, the people said.
Representatives for Goldman and Morgan Stanley declined to comment, while representatives for Haitian and CICC didn’t immediately respond to requests for comment.
Founded in 1955, Haitian is one of most recognizable staple brands in Chinese households. Its products range from soy sauce and cooking oil to vinegar and fermented bean curd, according to its website. In recent years, the company has expanded into making hotpot sauce, lemon tea and ice cream.
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