Muyuan Foods (SZ:002714) Sou Hu Cai Jing·2026-01-29 07:17Core Viewpoint - Muyuan Foods Co., Ltd. is set to launch its H-share IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 106.8 billion, with a share price not exceeding HKD 39.00 per share [3]. Group 1: IPO Details - The IPO will take place from January 29 to February 3, 2026, with shares expected to be listed on February 6, 2026 [1]. - Muyuan Foods plans to issue 274 million shares globally, with a net fundraising amount of approximately HKD 104.6 billion if the over-allotment option is not exercised [3]. - The company has secured 14 cornerstone investors who collectively subscribed for USD 685 million (approximately HKD 53.42 billion) in shares [3]. Group 2: Company Overview - Muyuan Foods is recognized as a technology-driven leader in the pork industry and has been the world's largest pig farming enterprise since 2021, based on production capacity and output [4]. - The company was established in July 2000 and is headquartered in Nanyang, Henan Province, with a registered capital of approximately CNY 5.46 billion [5]. - The major shareholders include Qin Yinglin and Muyuan Industrial, with the company having a market capitalization of around CNY 246.6 billion as of January 28, 2026 [1][5]. Group 3: Financial Performance - The revenue figures for Muyuan Foods over the past years are as follows: CNY 124.83 billion in 2022, CNY 110.86 billion in 2023, CNY 137.95 billion in 2024, and CNY 111.79 billion for the first nine months of 2025 [7]. - The net profit for the same periods was CNY 14.93 billion in 2022, a loss of CNY 4.17 billion in 2023, CNY 18.93 billion in 2024, and CNY 15.11 billion for the first nine months of 2025 [7]. - The company forecasts a net profit of CNY 14.7 billion to CNY 15.7 billion for the full year of 2025, with a basic earnings per share of CNY 2.73 to CNY 2.93 [7]. Group 4: Market Potential - The consumption of chilled pork in China remains relatively low compared to developed countries, indicating significant market potential for growth [6]. - Muyuan Foods is exploring overseas markets and aims to enhance the pig farming industry through technology and equipment exports, establishing a pig farming ecosystem [6]. - A strategic partnership with BAF Vietnam Agricultural Co., Ltd. has been formed to provide services such as pig house design and biosecurity management, marking the company's first step in global expansion [7].