Muyuan Foods Gains in Hong Kong Trading Debut as Pig Giant Eyes Overseas Expansion

By Jason Chau

Shares of China's largest hog breeder Muyuan Foods rose in their Hong Kong trading debut, after it raised $1.4 billion in the city's biggest listing so far this year.

Muyuan's stock in early trade Friday rose 4.7% from its offering price of 39.00 Hong Kong dollars, which was at the top end of its indicated range.

The company's Shenzhen-listed A shares edged 0.1% lower.

Muyuan's secondary listing was highly anticipated, having attracted backing from a roster of high-profile investors including UBS, insurance heavyweight Ping An, private equity firm Jane Street and state-owned chemicals conglomerate Sinochem, according to its exchange filing.

Based in Henan province, Muyuan is one of the world's leading pork companies in terms of production capacity and sales volumes, with operations spanning hog breeding and farming to slaughtering and meat production. It is also considered a pioneer in smart hog farming given its significant investment in agricultural technologies.

The pork giant is pursuing proactive global expansion as an oversupply of hogs in its domestic market has weakened prices. Geopolitical tensions, most notably between the U.S. and China, have also heightened volatility in agricultural trade in recent months.

Muyuan said it plans to use net proceeds from the HK$10.68 billion, equivalent to US$1.4 billion, raised to enhance its supply chain capabilities internationally, strengthen biosecurity, fund potential mergers and acquisitions and joint ventures, and strengthen its international presence.

The firm is particularly focused on Southeast Asian markets including Vietnam, the Philippines and Thailand, where per capita pork consumption has risen steadily alongside economic development and household income growth, its filing said. Muyuan entered a production partnership with a Vietnamese agricultural company in 2024, marking its first overseas venture.

The remaining funds will be spent on research and development to pioneer technologies, its filing added.

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

(END) Dow Jones Newswires

February 06, 2026 00:05 ET (05:05 GMT)