Muyuan Foods captures 14 cornerstone investors, raises $5.35b in HK listing

Its Hong Kong debut underscores company’s expanding market dominance.

Muyuan Foods Co., Ltd. officially listed on the Main Board of The Stock Exchange of Hong Kong Limited on 6 February 2026, with its initial public offering raising $5.35b (US$685m) from 14 cornerstone investors.

The investor group includes Charoen Pokphand Foods, Wilmar International Limited, Sinochem Hong Kong, Hong Kong Henan Agri International, FIL Investment, RBC Global Asset Management (Asia) Limited, and Ping An Life Insurance Company of China.

Data from Frost & Sullivan identified Muyuan Foods as the largest hog farming enterprise by production capacity and sales volume.

The company’s market share grew from 2.6% in 2021 to 5.6% in 2024 — exceeding the combined market share of the second-, third-, and fourth-largest industry participants — the report said.

The company reported revenue of $155.88b (RMB137.95b) in 2024, up from $141.06b (RMB124.83b) in 2022. Net profit for 2024 reached $21.39b (RMB18.93b), compared with $16.87b (RMB14.93b) in 2022.

In the first nine months of 2025, revenue reached $126.32b (RMB111.79b) and net profit totalled $17.07b (RMB15.11b), representing year-on-year increases of 15.5% and 34.4%, respectively.

(RMB1= HK$1.13)

(US$1 = HK$7.81)