Foshan Haitian Acquires Amoy Food from Trustar Capital

Chinese condiment manufacturer Foshan Haitian Flavouring and Food Company has acquired Amoy Food from private-equity group Trustar Capital.

Trustar confirmed it sold its entire equity interest in Hong Kong-based Amoy to Haitian, which holds dual listings in Shanghai and Hong Kong, though financial terms of the deal were not disclosed.

Founded in 1908, Amoy manufactures products including soy sauce, oyster sauce, seasoning sauces and frozen dim sum, distributing across more than 40 countries including the US, the UK, Canada, Australia and Japan.

Export footprints and retail networks

Haitian sells soy sauce, vinegar, oyster sauce, ketchup and cooking seasonings across mainland supermarkets and wholesale food service channels. The purchase gives the Foshan-based group direct access to overseas retail buyers and overseas Chinese diaspora grocers that Amoy has served for decades.

Trustar confirmed the divestment covers its entire equity stake. The two food groups will integrate production networks, warehouse capacity and procurement pipelines to lower freight and ingredient expenses.

Mainland volume and slowing domestic margins

Mainland condiment producers face margin pressures and crowded domestic supermarket shelves. While Haitian generated 16.15 billion yuan ($2.41 billion) in revenue during the first half of the year, growth sat at 5.98 per cent compared with 15.23 billion yuan in the prior-year period.

Operating profit for the six-month period climbed to 4.96 billion yuan from 4.66 billion yuan in the first half of 2025. Net profit attributable to shareholders rose 7.2 per cent to 4.19 billion yuan, supported by factory automation and lower raw soy costs.

Private equity exit after seven years

Trustar purchased Amoy from Japanese packaged food group Ajinomoto in 2019. The private equity firm began exploring sale options in 2023 as global food brand valuations shifted and buyout funds looked to return capital to investors.

Amoy was established in Xiamen in 1908 before shifting its core manufacturing base to Hong Kong. The business built substantial market share in frozen convenience foods and export condiments under previous multinational owners, including French dairy group Danone and Ajinomoto.

Category growth targets through 2030

Data from Frost & Sullivan forecasts China’s domestic condiment market will expand from 511.3 billion yuan in 2025 to 689.7 billion yuan by 2030. That projection represents a compound annual growth rate of 6.2 per cent across all savory sauces and flavorings.

Haitian now faces the operational task of consolidating Amoy’s Hong Kong production schedules and Western export supply chains before reporting full-year earnings in early 2027.