牧原股份：H股发行价最高不超过每股39港元，募资额超百亿港元

Group 1 - The company, Muyuan Foods, is in the process of issuing H-shares and plans to list on the Hong Kong Stock Exchange, with a maximum price of HKD 39 per share [1] - The H-share public offering is set to begin on January 29, 2026, and is expected to conclude by February 3, 2026, with the listing date anticipated for February 6, 2026 [1] - The estimated net proceeds from the global offering, assuming the maximum offer price, will be approximately HKD 10.46 billion, potentially increasing to HKD 12.038 billion if the over-allotment option is fully exercised [1] Group 2 - Approximately 60% of the net proceeds will be allocated to exploring overseas opportunities, enhancing supply chain development, and expanding market presence in Southeast Asia, including Vietnam and Thailand [2] - About 30% of the net proceeds will be invested in research and development to drive technological innovation across the entire industry chain [2] - The remaining 10% of the net proceeds will be used for working capital and general corporate purposes [2] Group 3 - The base number of H-shares for the global offering is set at 273,951,400 shares, with 27,395,200 shares allocated for the Hong Kong public offering, representing approximately 10% of the total [3] - The international offering will consist of 246,556,200 shares, accounting for about 90% of the total offering [3] - An over-allotment option allows for the issuance of up to 41,092,700 additional H-shares, bringing the maximum total to 315,044,100 shares if fully exercised [3]