We are pleased to announce that on 6th February 2026, China Merchants Securities (HK) Co., Limited (“CMS (HK)”, a subsidiary of China Merchants Securities International Company Limited), acting as one of the Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers of Muyuan Foods Co., Ltd. (“the Company”, stock code: 2714.HK), successfully assisted the Company to commence trading of its shares on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEx”). A total of approximately 274 million H shares are issued and offered under the Global Offering, at an offer price of HK$39.00 per share, raising a total of approximately HK$10.68 billion.
As one of the Joint Global Coordinators, CMS (HK) provided all-round support for the successful issuance of the project. Leveraging its precise assessment of the market window and profound understanding of the Company’s investment narrative, CMS (HK) conducted thorough early-stage investor outreach and systematic marketing initiatives, effectively attracting strong participation from leading international long-only funds, large public funds, private equity funds and multi-strategy funds. This laid a solid foundation for the Company’s robust bookbuilding momentum and successful offering, ensuring a complete execution of the transaction.
The Company was well received by the capital markets, securing 14 cornerstone investors who subscribed to approximately US$685 million. The cornerstone investor cohort comprised a number of top-tier domestic and international institutions, including Fidelity, Perseverance AM, UBS, Millennium, Jane Street and other renowned investors, demonstrating strong recognition and confidence from global professional institutional investors. The international offering was ultimately covered approximately 8.6 times, while the Hong Kong public offering was subscribed approximately 5.9 times.
About Muyuan Foods Co., Ltd.
Muyuan is a technology-driven leading pork company, pioneering smart hog farming. With over 30 years of deep-rooted expertise, the Company has become a leader in the hog farming industry adopting a vertically-integrated business model that spans the entire hog value chain, which includes hog breeding, hog farming, feed production, slaughtering and meat production. According to Frost & Sullivan, since 2021, the Company has ranked first globally in the hog farming industry in terms of production capacity and sales volume of hogs for four consecutive years. The Company's global market share, measured by sales volume of hogs, increased from 2.6% in 2021 to 5.6% in 2024, exceeding the total of the players ranked second to fourth in 2024. While continuing to solidify its leadership in the hog farming industry, since 2019, the Company has strategically entered the hog slaughtering and processing industry to enhance its integrated business model. According to Frost & Sullivan, the Company ranked fifth globally and first in China in the hog slaughtering and processing industry in terms of slaughter volume in 2024, and the Company's slaughtering and meat product business reported the highest revenue CAGR from 2021 to 2024 among large-scale hog slaughtering and processing companies in China.