Three Chinese Firms Look to Raise Over US$2 Billion in Hong Kong Offerings

By Jason Chau

Three Chinese companies are lining up to raise over US$2 billion in Hong Kong as the city's capital markets continue to be a hotbed of activity.

Pork giant Muyuan Foods aims to raise up to US$1.37 billion via a secondary offering, while industrial machinery producer Shenzhen Han's CNC Technology is targeting up to US$619.5 million.

Both companies already trade on the Shenzhen stock exchange, and their foray into Hong Kong continues the trend of Chinese firms looking offshore for new sources of funding and to broaden their investor base.

Private-healthcare provider Distinct Healthcare is tapping the city's markets too, and has started taking orders for its initial public offering.

The trio of offerings suggest that Chinese companies' appetite for listings remains strong, setting Hong Kong up for another banner year after it took the throne as the world's top IPO market in 2025 in terms of funds raised.

Analysts expect momentum to continue this year, with 350 listings already in the pipeline, including a US$1.3 billion offering from beverage giant EastRoc. Artificial-intelligence darling MiniMax and snack retailer Busy Ming's listings drew strong demand this month.

While technology companies drove last year's IPO frenzy, firms from a widening variety of sectors are joining the fundraising boom.

Muyuan, one of the world's biggest hog farming businesses, has secured a list of high-profile investors for its offering, including UBS, private equity giant Jane Street and state-owned chemicals conglomerate Sinochem, its filing showed.

It plans to issue 274 million shares at a maximum price of HK$39.00 each. Cornerstone investors have subscribed close to 50% of the shares on offering, a sign of strong appetite for the listing.

Han's CNC, which makes printed circuit board production equipment, has backing from Singapore's GIC, asset managers Schroders and Hillhouse Investment, and Morgan Stanley.

It plans to issue 50.5 million shares at a maximum price of HK$95.80 each. A major player in China's electronics industry, the Shenzhen-based firm said it will primarily use the funds on research & development and production capacity.

Distinct Healthcare, backed by the founder of Chinese auto major XPeng, plans to raise US$40.2 million from issuing 4.75 million shares at as much as HK$66.00 each to fund AI deployment.

Shares of all three companies are expected to start trading on Feb. 6.

Write to Jason Chau at jason.chau@wsj.com

(END) Dow Jones Newswires

January 29, 2026 01:45 ET (06:45 GMT)