Core Viewpoint - Muyuan Foods has taken a significant step towards its Hong Kong listing by publishing its H-share prospectus on January 29, marking a move to enhance its global strategy [1]. Group 1: IPO Details - The company plans to globally offer 273.9514 million H-shares, with 27.3952 million shares available for public offering in Hong Kong and 246.5562 million shares for international offering [2][3]. - The maximum offering price is set at HKD 39.00 per share, with additional fees including a 1.0% brokerage commission and various transaction fees [2]. - The subscription period for the shares is from January 29 to February 3, with trading expected to commence on February 6 [3]. Group 2: Fund Utilization - Approximately 60% of the net proceeds from the IPO will be allocated to expanding overseas markets, 30% for research and development to drive technological innovation across the entire industry chain, and 10% for working capital and general corporate purposes [3]. Group 3: Company Background and Market Position - Founded in 1992 by Qin Yinglin and Qian Ying, Muyuan Foods is headquartered in Nanyang, Henan, and was listed on the Shenzhen Stock Exchange in 2014 [4]. - The company operates a vertically integrated business model encompassing feed production, pig breeding, pig farming, and slaughter processing, maintaining the world's largest pig production capacity and output since 2021 [4]. - Muyuan Foods is expanding into Southeast Asia, having established a strategic partnership with BAF Vietnam Agricultural Joint Stock Company to provide technical services, and plans to invest CNY 3.2 billion in a breeding project in Vietnam [4]. Group 4: Financial Performance - Revenue for Muyuan Foods from 2022 to 2024 is projected at CNY 124.8 billion, CNY 110.9 billion, and CNY 137.9 billion, with year-on-year growth rates of 58.23%, -11.19%, and 24.43% respectively [5]. - Net profit attributable to shareholders is expected to be CNY 13.27 billion, -CNY 4.26 billion, and CNY 17.88 billion for the same years, reflecting growth rates of 92.16%, -132.14%, and 519.42% [5]. - For 2025, the company anticipates a net profit of CNY 14.7 billion to CNY 15.7 billion, a decline of 12.20% to 17.79% year-on-year, primarily due to fluctuations in the pig market [5].

Group 1 - The company, Muyuan Foods, is in the process of issuing H-shares and plans to list on the Hong Kong Stock Exchange, with a maximum price of HKD 39 per share [1] - The H-share public offering is set to begin on January 29, 2026, and is expected to conclude by February 3, 2026, with the listing date anticipated for February 6, 2026 [1] - The estimated net proceeds from the global offering, assuming the maximum offer price, will be approximately HKD 10.46 billion, potentially increasing to HKD 12.038 billion if the over-allotment option is fully exercised [1] Group 2 - Approximately 60% of the net proceeds will be allocated to exploring overseas opportunities, enhancing supply chain development, and expanding market presence in Southeast Asia, including Vietnam and Thailand [2] - About 30% of the net proceeds will be invested in research and development to drive technological innovation across the entire industry chain [2] - The remaining 10% of the net proceeds will be used for working capital and general corporate purposes [2] Group 3 - The base number of H-shares for the global offering is set at 273,951,400 shares, with 27,395,200 shares allocated for the Hong Kong public offering, representing approximately 10% of the total [3] - The international offering will consist of 246,556,200 shares, accounting for about 90% of the total offering [3] - An over-allotment option allows for the issuance of up to 41,092,700 additional H-shares, bringing the maximum total to 315,044,100 shares if fully exercised [3]