Muyuan Foods (SZ:002714) Huan Qiu Wang·2026-02-06 07:12Core Viewpoint - Muyuan Foods has officially listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve dual listing in both A-share and H-share markets [1][3]. Group 1: Listing Details - The global offering of H-shares consisted of a base issuance of 274 million shares, with a final issuance price set at HKD 39.0 per share, matching the highest price [3]. - The net fundraising amount is approximately HKD 10.46 billion, which could increase to about HKD 12.038 billion if the overallotment option is fully exercised [3]. Group 2: Fund Utilization - 60% of the raised funds, approximately HKD 62.76 billion, will be allocated for overseas expansion, particularly in Southeast Asia, including Vietnam [3][4]. - About HKD 31.38 billion will focus on technological advancements in breeding, smart farming, nutritional management, and biosecurity to strengthen the company's technological leadership [4]. - Approximately HKD 10.46 billion will support daily operations and strategic initiatives, ensuring stability and continuity in business development [4]. Group 3: Future Projections - By 2025, Muyuan Foods aims to sell 77.981 million pigs and process over 28 million pigs, projecting a net profit of between RMB 14.7 billion and RMB 15.7 billion, maintaining a stable profitability level [4]. - The successful listing on the Hong Kong Stock Exchange marks the beginning of a new chapter in the company's international development, leveraging Hong Kong's financial platform for global expansion [5].