02714 牧原股份
MUYUAN
MUYUAN
| Register Close | 2026/02/03 IPO Closing in 5 Days |
| Listing Date | 2026/02/06 |
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IPO Detail
COMPANY PROFILE
Muyuan Foods Co. is a technology-driven leading pork company, pioneering smart hog farming. The Group 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.
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According to the report, since 2021, the Group has ranked first globally in the hog farming industry in terms of production capacity and sales volume of hogs for four consecutive years. The Group’s global market share, measured by sales volume of hogs, increased from 2.6% in 2021 to 5.6% in 2024. It ranked fifth globally and first in China in the hog slaughtering and processing industry in terms of slaughter volume in 2024.
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The Group operates through two main business segments, namely: hog business, where it farms and sells finished hogs, piglets and breeding hogs; and slaughtering and meat product business, which includes hog slaughtering and the sale of carcasses, pork cuts and by-products. Its major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.
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As of September 30, 2025, the Group operated over 1,000 hog farms across 23 provinces in China and had established ten slaughtering plants across seven provinces in China.
BASIC INFORMATION
| Market | Hong Kong (Main Board) |
| Business Nature | Agricultural Products |
| Major Business Area | China |
| Board Lot | 100 |
GLOBAL OFFERING
| No. of Offer Shares | 273.95M H shares |
| No. of International Offer Shares | 246.56M H shares |
| No. of HK Offer Shares | 27.40M H shares |
| Offer Price | $39.00 |
| Stock Code | 2714 |
| Sponsor(s) | Morgan Stanley Asia Limited, CITIC Securities (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C. |
| Underwriter(s) | Morgan Stanley Asia Limited, CLSA Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Merrill Lynch (Asia Pacific) Limited, CMB International Capital Limited, China Merchants Securities (HK) Co., Limited, ABCI Securities Company Limited, BOCI Asia Limited, BOCOM International Securities Limited, CCB International Capital Limited, China Galaxy International Securities (Hong Kong) Co., Limited, China Everbright Securities (HK) Limited, Futu Securities International (Hong Kong) Limited |
TIME TABLE
| Application Period | Jan 29 (Thu) - noon, Feb 03 (Tue) |
| Price Determination Date | Feb 04 (Wed) |
| Result Announcement Date | On or before Feb 05 (Thu) |
| Result Announcement Date | On or before Feb 05 (Thu) |
| Result Announcement Date | On or before Feb 06 (Fri) |
| Dealings in Shares commence on | Feb 06, 2026. (Fri) |
Reallocation of Shares Offered
Sales Statistics (HKD)
| Offer Price | $39.00 |
| Capitalization (H Shares) | 10.68B |
| NAV / share ($) | $16.73 (Unaudited pro forma adj NAV / share) |
Use Of Proceeds
| Assuming the offer price being at HKD 39.0, the net proceeds raised would be HKD 10.46B, of which |
| 60% : Strategic global expansion and market diversification |
| 30% : Pioneering technological innovation across the value chain via R&D investments |
| 10% : Working capital |
Related Document
| Prospectus |  Chinese Version | English Version |
| Remark： | The above information is referenced from the prospectus. |
| All data is calculated from the non- exercise rights(if applicable). |
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*Admission fees include brokerage of 1%, SFC transaction levy of 0.0027%, Stock Exchange trading fee of 0.005% and FRC transaction levy of 0.00015% (i.e. 1.0077% in total).