Muyuan Foods Co., one of the world’s biggest pig breeders and pork producers, has started taking investor orders for its second listing in Hong Kong that may raise as much as HK$10.7 billion ($1.4 billion), in what is poised to be the biggest maiden share sale in the city so far this year.
The Henan-based company, whose shares are already traded in Shenzhen, is offering about 274 million shares at as much as HK$39 apiece, according to its listing document on Thursday. That reflects a discount of at least 23% to Wednesday’s closing price of 45.14 yuan.
Muyuan said it plans to use proceeds from the offering for global expansion, research and development, and general corporate purposes. It expects to list its shares in Hong Kong on Feb. 6.
Cornerstone investors — which get a guaranteed allocation in a deal in exchange for holding shares for at least six months — include Charoen Pokphand Foods PCL, the meat-producing unit of Thai conglomerate Charoen Pokphand Group, and Asian food group Wilmar International Ltd. Other cornerstone investors include investment firms Fidelity International Ltd. and UBS Asset Management AG, confirming an earlier report by Bloomberg News.
The company’s shares have risen more than 20% in Shenzhen over the past year, giving Muyuan a market capitalization of more than $35 billion.
Muyuan is among a crop of Chinese companies in the consumer sector that is defying China’s sluggish consumer demand to sell shares in Hong Kong. Energy-drink maker Eastroc Beverage Group Co. is close to debuting in the city, while snack retailer Busy Ming Group Co. saw a first-day pop this week.
Hong Kong is also set to close the month with record proceeds raised for any January from share listings. The city currently has more than 350 companies waiting to sell shares, Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Bonnie Chan said in an interview last week.
Muyuan traces its roots to a hog farm established in 1995. It recently reported preliminary net income of 14.7 billion yuan ($2.1 billion) to 15.7 billion yuan for 2025.
Morgan Stanley, Citic Securities Co. and Goldman Sachs Group Inc. are joint sponsors of Muyuan’s listing.
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