Muyuan Foods, one of China’s largest hog breeders and already listed in Shenzhen, raised about HKD 10.7 billion (USD 1.4 billion) in gross proceeds after pricing its Hong Kong share sale at the top of the range, adding to indications that the city’s IPO market is showing signs of recovery.
The company sold 273.95 million H shares at a final offer price of HKD 39 (USD 5) per share, according to its allotment results announcement. Net proceeds totaled about HKD 10.47 billion (USD 1.3 billion) after listing expenses. Shares began trading on the Hong Kong Stock Exchange on February 6.
Demand was firm across both tranches. After the deal launched on January 29, the Hong Kong public offering was subscribed 5.88 times, while the international tranche was covered 8.62 times. Cornerstone investors accounted for roughly half of the offering, led by Thailand’s Charoen Pokphand Foods and Singapore’s Wilmar International, alongside Sinochem Hong Kong, Fidelity-linked FIL Investment Management, and other global institutions.
Muyuan said the proceeds will be used primarily for R&D in breeding, smart farming, nutrition management, and biosecurity, as well as overseas expansion and supply chain upgrades. The listing comes as China’s pork industry continues to face oversupply and subdued consumption, conditions that have pressured hog prices and compressed margins across the sector.
The company said it expects full-year profit in 2025 to decline 12.2–17.8% year on year. Revenue for the nine months ended September rose 15.5% to RMB 111.8 billion (USD 15.7 billion).
The offer also comes amid a broader repositioning of Hong Kong’s capital markets. Over the past year, the exchange has worked to pull itself out of an IPO slowdown by fine-tuning regulations, accelerating approvals, and renewing outreach to mainland Chinese companies, an effort that is beginning to translate into activity.
Muyuan’s debut adds to a recent slate of listings, including smart device maker Longcheer, and bulk snack retailer Busy Ming.