Core Viewpoint - Muyuan Foods (02714) has successfully listed its shares at a price of HKD 39 each, raising approximately HKD 10.4704 billion through the issuance of 274 million shares, with no price fluctuation reported at the time of writing [1] Group 1: Company Overview - Muyuan Foods is a leader in the pig farming industry, employing a vertically integrated business model that encompasses the entire supply chain from pig breeding, farming, feed production, to slaughtering and meat processing [1] - According to Frost & Sullivan, since 2021, Muyuan Foods has been the largest pig farming enterprise globally in terms of production capacity and output, maintaining the highest pig output for four consecutive years [1] - The company's global market share in pig output has increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [1] Group 2: Business Expansion - Since 2019, Muyuan Foods has expanded into the pig slaughtering and meat processing business to enhance its operational advantages across the entire supply chain [1] - In terms of slaughtering volume, Muyuan Foods is projected to rank fifth globally and first in China by 2024 [1] - The revenue compound annual growth rate (CAGR) for the slaughtering and meat processing business from 2021 to 2024 is expected to be the highest among large competitors in the same industry in China [1]