"New Stocks" MUYUAN re-submits listing application, rumored to raise 1 billion USD

China's leading pork producer MUYUAN (002714.SZ) has re-submitted its listing application to the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs serving as joint sponsors. Recent data from the China Securities Regulatory Commission indicates that MUYUAN's overseas listing has been filed, and it is expected to issue up to 5.46 million overseas listed ordinary shares. Earlier this year, foreign media reported that MUYUAN plans to raise at least $1 billion through its Hong Kong listing, equivalent to approximately HKD 7.8 billion.

According to preliminary prospectus information, MUYUAN is the world's largest pig farming enterprise based on hog production capacity and output. Under non-Chinese accounting standards, the compound annual growth rate of EBITDA from 2014 to 2024 is projected to reach 60.2%, with an average EBITDA profit margin of 30.8%. As of the end of June this year, the company recorded revenue of approximately RMB 76.463 billion, a year-on-year increase of 34.5%, while net profit during the period surged nearly 9.53 times compared to the same period last year, reaching RMB 10.79 billion.

MUYUAN expects that the funds raised will be used to expand its overseas business footprint and promote technological innovation across the entire industry chain, including the procurement of international feed raw materials and the acquisition of meat processing equipment to enhance overall production efficiency. The company also plans to strengthen its presence and coverage in Southeast Asian markets such as Vietnam and Thailand, establish overseas industrial centers, and may pursue mergers and acquisitions, strategic alliances, joint ventures, or minority equity investments