Sichuan Teway Food Group Co.,Ltd. (603317.SH), a leading hotpot seasoning manufacturer, has announced plans for a Hong Kong IPO as it pursues an A+H dual listing strategy.
On the evening of August 20, Sichuan Teway Food Group Co.,Ltd. announced that to advance its internationalization strategy and overseas business layout, the company plans to issue H-shares and list on the Main Board of The Stock Exchange of Hong Kong Limited. The company is currently actively preparing and discussing the H-share issuance and listing with relevant intermediary institutions. Details regarding the H-share issuance and listing have not yet been determined, and there remains significant uncertainty as to whether the process will pass deliberation, filing, and approval procedures and ultimately be implemented.
As a veteran enterprise in the compound seasoning sector, Sichuan Teway Food Group Co.,Ltd. was established in March 2007 and is based in Chengdu, Sichuan. The company went public on the Shanghai Stock Exchange in April 2019 and has been hailed as the "First Stock of Sichuan Compound Seasoning." The company's main business involves the research and development, production, and sales of compound seasonings, with primary products including hotpot seasonings, Chinese dish seasonings, and spicy sauces. The company operates six major brands: "Haorenjia," "Dahongpao," "Tianche," "Tianwei Food Catering High-end Customization," "Shicuifang," and "Jiadianziwei."
Additionally, Sichuan Teway Food Group Co.,Ltd. is essentially a "husband-and-wife enterprise," with company founder and chairman Deng Wen and his wife Tang Lu serving as actual controllers, jointly holding 65.32% of the company's shares. This year, the Deng Wen and Tang Lu couple were ranked 2,295th on the 2025 Hurun Global Rich List with a wealth of 11.5 billion yuan.
The company's Hong Kong listing plan is related to its overseas business planning. When discussing the motivation for planning the Hong Kong listing, Sichuan Teway Food Group Co.,Ltd. stated that it aims to further advance the company's internationalization strategy and overseas business layout planning, enhance brand international recognition and influence, while better utilizing international capital market platforms to optimize capital structure and support the company's long-term development.
Financial reports show that from 2022 to 2024, Sichuan Teway Food Group Co.,Ltd.'s revenue and net profit grew year over year, with revenues of 2.691 billion yuan, 3.149 billion yuan, and 3.476 billion yuan respectively, and net profits attributable to shareholders of 342 million yuan, 457 million yuan, and 625 million yuan respectively. However, revenue growth has been slowing, with growth rates of 32.84%, 17.02%, and 10.41% respectively.
In the first quarter of this year, Sichuan Teway Food Group Co.,Ltd. achieved revenue of 642 million yuan, down 24.8% year-over-year, with net profit attributable to shareholders of 74.733 million yuan, down 57.53% year-over-year. The company attributed the performance decline primarily to decreased sales.
In its 2024 annual report, Sichuan Teway Food Group Co.,Ltd. revealed that to seek new growth points, many seasoning companies have begun exploring overseas expansion and actively developing international markets. The intense competition in the domestic catering market contrasts with the broad potential of overseas markets, and the maturity of Chinese food ingredients and seasoning supply chains has paved the way for enterprise internationalization.
Against this backdrop, as domestic market growth slows and competition intensifies, Sichuan Teway Food Group Co.,Ltd. is also actively expanding overseas markets. Its products are now sold in over 50 countries and regions including the United States, Australia, Spain, Japan, Singapore, and Peru, with the company committed to building a globally preferred dining flavor brand.
According to the company's official social media, in June this year, Sichuan Teway Food Group Co.,Ltd. appeared at both the 2025 Thailand Asia International Food Exhibition and the New York Summer Fancy Food Show in the United States.
In the secondary market, as of the noon close on August 21, Sichuan Teway Food Group Co.,Ltd. closed at 12.17 yuan per share, with a total market capitalization of 12.961 billion yuan.
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