Foshan Haitian Flavouring & Food Co began taking investor orders for a Hong Kong listing that could raise as much as HK$9.56 billion ($1.2 billion), the latest deal of its kind powering the city’s share-sale recovery this year.

The Chinese maker of soy sauce and other condiments is offering 263 million shares at HK$35 to HK$36.30 each, according to a listing document on Wednesday.

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The company said it would use proceeds from the deal to develop new products, expand its production capacity and enhance its overseas supply chain. Haitian expects to list its shares in the special administrative region on June 19.

The company’s origins stem from a merger of 25 soy-sauce factories in 1955. Haitian’s revenue rose 9.5 percent to 26.9 billion yuan in 2024 and profits climbed 13 percent. The company’s Shanghai-traded stock has fallen 9.1 percent this year.

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Hong Kong’s equity capital markets are seeing the most action in years, with multibillion-dollar deals lifting the mood. Second floats of Chinese mainland-listed firms like those of Haitian and battery maker Contemporary Amperex Technology Co Ltd — which raised more than $5 billion — are filling a chunk of the listings pipeline this year.

China International Capital Corp, Goldman Sachs Group Inc and Morgan Stanley are joint sponsors of Haitian’s listing.