Muyuan Foods (SZ:002714) Sou Hu Cai Jing·2026-02-06 03:35Core Viewpoint - Muyuan Foods Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve a dual listing in both A-share and H-share markets, reflecting strong global capital market recognition of leading Chinese pig farming enterprises [1] Group 1: Listing and Market Response - The IPO could raise up to HKD 120.38 billion if the over-allotment option is fully exercised, marking it as the largest agricultural IPO globally in 2026 and one of the largest in recent years in the Hong Kong agricultural sector [1] - The listing ceremony highlighted the company's commitment to internationalization and innovation, aiming to enhance the pork industry and contribute to a better quality of life for the public [4] - The H-share issuance received strong interest from global investors, with both public and international offerings being oversubscribed, indicating confidence in the company's ability to navigate industry cycles and its long-term growth potential [4][5] Group 2: Investor Base and Financial Structure - A robust cornerstone investor group subscribed for approximately HKD 53.42 billion, accounting for 50% of the global offering, which will stabilize the company's post-listing equity structure [5] - Key cornerstone investors include major international industry leaders and top asset management firms, with Charoen Pokphand Group leading with a subscription of USD 200 million, enhancing Muyuan's overseas market expansion efforts [5] Group 3: Fund Utilization and Strategic Focus - The global offering involved a base issuance of 274 million shares at an issue price of HKD 39.0 per share, reflecting the market's recognition of the company's value [6] - 60% of the raised funds, approximately HKD 62.76 billion, will be allocated to expanding overseas operations, particularly in Southeast Asia, to enhance the global supply chain and pursue acquisitions [7] - 30% of the funds, around HKD 31.38 billion, will focus on technological research and development across the entire industry chain, reinforcing the company's technological leadership [7] - 10% of the funds, about HKD 10.46 billion, will support operational liquidity for daily business activities [7] Group 4: Financial Performance and Cost Management - In 2025, Muyuan is projected to sell 77.98 million pigs and achieve a net profit of between RMB 14.7 billion and RMB 15.7 billion, demonstrating strong profitability despite market fluctuations [8] - The company has optimized its cost structure, with the total cost of pig farming around RMB 12 per kilogram, dropping to approximately RMB 11.6 per kilogram in December, showcasing industry-leading cost control capabilities [8] - As of the end of Q3 2025, Muyuan's total assets reached RMB 180.756 billion, with shareholder equity of RMB 80.44 billion, indicating a solid financial structure and strong risk resilience [8] Group 5: Future Outlook - The successful listing on the Hong Kong Stock Exchange marks a new chapter in Muyuan's international development, leveraging Hong Kong's financial platform to support global expansion [9] - The company aims to drive production through technological innovation, enhancing profitability and international brand influence, contributing to China's transition from a major pig farming country to a strong one [9]