MUYUAN Foods Co., Ltd. (02714.HK) has launched its Hong Kong IPO, with the subscription period running from January 29 to February 3, 2026. The company plans to offer 273,951,400 shares globally, with a 15% over-allotment option. The maximum offer price is HKD 39.00 per share, with a minimum lot size of 100 shares. The entrance fee, based on the maximum offering price, is approximately HKD 3,939.34. The shares are expected to begin trading on the Hong Kong Stock Exchange’s main board on February 6, 2026. Morgan Stanley, CITIC Securities, and Goldman Sachs are joint sponsors.

MUYUAN Foods: The World’s Leading Hog Farming Giant

Offer Ratio: Approximately 10% for Hong Kong public offering (27,395,200 shares, subject to reallocation), and 90% for international placement (246,556,200 shares, subject to reallocation).

Issue Price: Maximum of HKD 39.00 per share; 100 shares per lot; the entrance fee is approximately HKD 3,939.34 based on the maximum offering price.

Issue Period: January 29 to February 3, 2026 (pricing expected on February 4, 2026).

Listing Date: February 6, 2026.

IPO Sponsors: Morgan Stanley, CITIC Securities, Goldman Sachs.

Company Overview

MUYUAN Foods is a technology-driven leader in the pork industry, covering the full supply chain from hog breeding and farming to feed production and meat processing. According to Frost & Sullivan, as of 2021, MUYUAN Foods is the largest hog farming company globally in terms of production capacity and hog slaughter volume, maintaining the world’s highest hog output for four consecutive years. In 2024, the company’s meat processing business ranked fifth globally and first in China by slaughter volume. MUYUAN is committed to technological innovation in areas such as biosecurity, environmental odor control, and smart farming.

Financial Information

According to the prospectus, MUYUAN Foods reported revenues of approximately RMB 124.83 billion, RMB 110.86 billion, and RMB 137.95 billion for the years 2022, 2023, and 2024, respectively. During the same period, the company recorded net profits of RMB 14.93 billion, a net loss of RMB 4.17 billion, and a net profit of RMB 18.93 billion, respectively. For the first nine months of 2025, the company achieved revenue of approximately RMB 111.79 billion and net profit of RMB 15.11 billion. At the maximum offer price of HKD 39.00 per share, assuming no exercise of the over-allotment option, the company expects to raise a net amount of approximately HKD 10.46 billion. The proceeds will be used to explore international opportunities and expand its business footprint (approximately 60%), advance technology research and development across the entire industry chain (approximately 30%), and replenish working capital and general corporate purposes (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for MUYUAN via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select MUYUAN, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)