Muyuan Foods (2714.HK) successfully listed on the Hong Kong Exchange, with Futu assisting in the A+H dual listing

February 6th,$MUYUAN (02714.HK)$successfully listed on the Main Board of the Hong Kong Exchange, completing its A+H dual listing strategy. As the 'Global Pig King' with over 30 years of experience in the hog farming industry, the company is taking this opportunity to embark on a new journey of global expansion and debt reduction.

In this IPO, Futu leveraged its professional investment banking expertise and full-channel resource integration advantages to act as joint bookrunners (JBR) and joint lead managers (JLM), deeply participating in the entire project process. Meanwhile, Futu relied on its comprehensive corporate service ecosystem to build an efficient communication bridge between Muyuan Foods and the Hong Kong capital market, helping it accurately convey its core value.

As a technology-driven leader in the pork industry, Muyuan Foods has built an integrated industrial chain system from feed production to slaughter processing using a vertically integrated business model. According to Frost & Sullivan statistics, since 2021, Muyuan Foods has been the world's largest hog farming enterprise in terms of hog production capacity and output, ranking first globally for four consecutive years. In terms of hog output, Muyuan Foods' global market share increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market shares of the second to fourth largest participants by 2024.

Notably, this offering has attracted several renowned institutions as cornerstone investors, including Charoen Pokphand Group, Wilmar, Sinochem Hong Kong, Hong Kong Yunnan International, Fidelity Funds, RBC, Gaorong, Ping An Life Insurance, Dajia Life Insurance, and UBS AM, with total subscription amounting to approximately HKD 5.342 billion, demonstrating strong market recognition of its long-term value. The prospectus shows that the company’s revenue for 2022, 2023, 2024, and the first nine months of 2025 was RMB 124.826 billion, RMB 110.861 billion, RMB 137.947 billion, and RMB 111.79 billion respectively, with corresponding net profits of RMB 14.933 billion, -RMB 4.168 billion, RMB 18.925 billion, and RMB 15.112 billion.

The net proceeds from Muyuan Foods’ IPO will focus precisely on advancing its globalization strategy and enhancing core competitiveness. The prospectus indicates that approximately 60% of the funds raised will be allocated for overseas expansion. The company plans to invest around HKD 6.276 billion to expand its international business footprint, including strengthening market development in Southeast Asian countries such as Vietnam, improving its global supply chain system, and facilitating overseas acquisitions, strategic alliances, and other capital operations.

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As a leading digital fintech company, Futu, with an investor ecosystem of over 27 million and a comprehensive enterprise service system, is capable of providing companies with end-to-end services throughout the pre-, mid-, and post-IPO process, including one-stop ESOP stock option management solutions, Hong Kong and US IPO distribution*, investor relations (IR) and PR, financial public relations services, international placement*, secondary trading services*, and other core services.

As of Q3 2025, six out of the top ten companies in terms of Hong Kong IPO fundraising have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q3 involved cooperation with Futu. In Q3, on the Futubull platform, 12 new stocks had subscription amounts exceeding 100 billion Hong Kong dollars. Futu’s capability in US IPOs has been highly regarded, with popular new stocks like Bullish, Figure, and Gemini achieving full allocation for all subscribing US clients.

As of Q3 2025, Futu's corporate service clientele reached 1,112 companies, providing IPO distribution and IR services to 561 enterprises. It has successfully assisted 358 companies such as Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili in going public in Hong Kong and the US. A total of 804 ESOP clients have signed up cumulatively, and 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q3 2025 earnings report.

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