Muyuan Foods (SZ:002714) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-30 14:01Group 1 - The core point of the article is that Muyuan Foods Co., Ltd. has launched its H-share IPO, aiming to raise funds amid a challenging market environment for the pig farming industry [1] - Muyuan Foods plans to issue a total of 274 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The IPO price is set at a maximum of 39 HKD per share, which represents a discount of approximately 25% compared to its A-share price of 46 RMB (about 51.67 HKD) [1] Group 2 - Muyuan Foods is the largest pig farming company globally, with an expected breeding capacity of 81 million pigs per year by the end of 2024 [1] - The company forecasts a net profit of 14.7 billion to 15.7 billion RMB for 2025, reflecting a decline of 12.20% to 17.79% year-on-year due to fluctuations in the pig market [4][6] - The average selling price of commercial pigs is expected to be around 13.5 RMB per kilogram in 2025, down approximately 17.3% compared to the previous year [4][6] Group 3 - The domestic supply of breeding sows remains high, coupled with improved industry biosecurity and production efficiency, leading to increased pig supply [7] - Despite a slight increase in pig prices in January 2026, the overall market remains under pressure, with expectations of price declines post-holiday [7] - Muyuan Foods aims to use approximately 10% of the net proceeds from the IPO, around 1.046 billion HKD, for working capital and general corporate purposes [7]