Page 34 - Fortune-November 01, 2018

SECRET SAUCE
Foshan Haitian
dominates the Chinese
market for condiments
like soy sauce, oyster
sauce, and vinegar. THE FUTURE 50

$695

BILLION

Projected
value of travel
booked online
worldwide in
2018, according
to eMarketer—a
43 10.4% increase
from 2017
FOSHAN HAITIAN
FLAVOURING & FOOD
CHINA [$11]

2.5
1.4 1.1
44 45 46
SO LONG AS there’s Chinese INTUIT HONG KONG BOOKING
food, it seems, there will be EXCHANGES AND HOLDINGS
soy sauce. That explains the U.S. [INTU, $204]
CLEARING CHINA [$26] U.S. [BKNG, $1,789]
growth trajectory of Fos-
han Haitian, which makes and
sells a smorgasbord of con- 2.5 2.4 2.4
diments vital to Chinese cui- 1.9 0.6 1.4 1.0 1.4 1.0
sine—including oyster sauce
and vinegar as well as soy
sauce. It’s the leading brand FEW COMPANIES have reinvented A SLEW OF Chinese IPOs has BOOKING HOLDINGS, previously
in the market, and sales to the themselves as successfully, or been good news for the opera- known as the Priceline Group,
catering industry contribute as often. Intuit, the maker of tor of Hong Kong’s bourse. The is the second-largest online
the majority of FH’s revenues. tax and small-business soft- exchange revamped its reg- travel agency in the world, and
As China’s growing middle ware, has adapted and im- ulations this year to attract its execution and advantages
class opts to eat out more of- proved its product line to tran- more companies from main- in scale and efficiency make
ten, the shift away from home sition from the DOS epoch of land China. Companies can now it a formidable challenger and
cooking should have a positive the 1980s, through the Win- register dual-class shares in a Wall Street favorite. Book-
impact on FH’s income. Soy- dows decades, and again for to- Hong Kong, allowing executives ing has steadily gained interna-
beans were one of the earli- day’s open-platform mobile era. to raise money without diluting tional market share, with 8% to
est victims of the China-U.S. Its secret, revealed by Fortune ownership—incentives that en- 11% growth projected annually,
trade war, and FH’s costs may in the 2017 Future 50 issue, is a ticed big names such as Xiaomi and its share price has nearly
swell in the short term. Rev- “change before it’s needed” cul- and Meituan. Hong Kong’s doubled in the past five years.
enue for the second quarter, ture of continuous innovation. “stock connect” arrangements, The next challenge for the
meanwhile, were down 14% A pending turnover of the CEO which open mainland China’s owner of brands like Kayak and
from the previous quarter. But role, from 11-year veteran Brad markets to foreign investors, OpenTable: balancing growth
analysts project future annual Smith to Sasan Goodarzi, hasn’t are also driving growth. Reve- goals and profit margins, which
growth of up to 17% for the fazed investors: Intuit shares nue hit a record $1 billion in the have been squeezed by high
soy sauce giant. are up 28% for the year. six months through June. advertising costs.
Market value: $29.5 billion Market value: $52.9 billion Market value: $33.2 billion Market value: $84.9 billion IM AGINECHIN A

COMPANY CAPACITY SCORE MARKET POTENTIAL SCORE
84 X.X OVERALL SCORE
FO R T U N E. CO M // N O V. 1 . 1 8 X.X X.X