China's Condiment Giant Haitian Acquires Hong Kong Heritage Brand Amoy from Trustar Capital
HK01 · 1 SOURCES1 day ago2 MIN
Summary
China's largest condiment manufacturer Haitian Flavor Industry (Haitian Weiye) has finalized its acquisition of Amoy Food (Taoda Shipin), the iconic Hong Kong-based food brand established in 1908, from private equity firm Trustar Capital (Xinchen Ziben). The transaction brings together two major forces in the Asian condiments market, with Haitian dominating mainland China while Amoy maintains a strong international presence built on its "Made in Hong Kong" heritage. Trustar Capital first acquired control of Amoy's global operations in 2019 from Japanese food giant Ajinomoto, which had purchased the brand from French multinational Danone in 2006 for approximately HK$1.8 billion. Citi Group served as financial advisor to Trustar Capital in this latest deal .
Key Points
- Haitian Flavor Industry reported first-half 2026 revenue of 161.46 billion yuan, representing a 6.01% year-on-year increase, with attributable net profit of 41.90 billion yuan, up 7.13%
- Amoy was founded in 1908 on Gulangyu Island in Xiamen, expanding to Hong Kong production approximately 20 years later, with headquarters relocated to Hong Kong where it developed products including soy sauce, oyster sauce, and frozen dim sum
- Bloomberg reported in 2023 that Trustar Capital was exploring a sale of Amoy Food seeking a valuation of approximately US$300 million
- In 1954, Amoy established its "Taoda Industrial Village" factory complex in Jordan Valley, Kowloon, featuring not only manufacturing facilities but also a nursery and employee dormitories
- The Jordan Valley factory site was later redeveloped into the Amoy Gardens residential complex and the Grand Austin property launched in late 2021
Why It Matters
The acquisition signals intensifying consolidation in Asia's condiment industry as mainland giants expand overseas through heritage brands with established supply chains and distribution networks. For Hong Kong consumers, the takeover may influence product positioning and pricing of a beloved local brand that has anchored its identity on traditional Hong Kong manufacturing for nearly a century .
The acquisition signals intensifying consolidation in Asia's condiment industry as mainland giants expand overseas through heritage brands with established supply chains and distribution networks. For Hong Kong consumers, the takeover may influence product positioning and pricing of a beloved local brand that has anchored its identity on traditional Hong Kong manufacturing for nearly a century .