Company: Muyuan Foods Co., Ltd.

Date of Prospectus: January 29, 2026

Muyuan Foods 2026 Hong Kong IPO: Key Insights, Financial Analysis, and Investor Outlook

Muyuan Foods Co., Ltd. is set to launch one of the most closely watched IPOs on the Hong Kong Stock Exchange in 2026. As a leading integrated agriculture and food enterprise from China, Muyuan Foods’ public offering offers global investors a unique exposure to the world’s largest pork producer. This article delivers an in-depth, investor-grade analysis across IPO mechanics, financials, risks, growth strategy, and listing outlook — essential reading for institutional and retail investors tracking Asia’s agri-food sector.

IPO Snapshot: Offering Structure, Pricing, and Key Dates

Muyuan Foods Co., Ltd. (IPO Symbol: Not Disclosed; A Share Symbol: Listed Shenzhen) is offering its H Shares on the Main Board of the Hong Kong Stock Exchange with the following key characteristics:

• Offer Price (Maximum): HK\$39.00 per H Share
• Total Offer Size: 273,951,400 H Shares (assuming full subscription, not including the over-allotment option)
• Post-IPO Outstanding Shares: 5,736,722,666 Shares
• Expected Market Capitalization (H Shares): HK\$10,684 million
• Expected Market Capitalization (A Shares): HK\$286,002 million
• IPO Application Period: January 29, 2026 (9:00 a.m.) to February 3, 2026 (12:00 noon)
• Listing Date: Expected on or about February 6, 2026
• Over-allotment (Greenshoe): Up to 41,092,700 additional H Shares (approx. 15% of the Offer, if exercised)

The IPO features both a Hong Kong Public Offering (27,395,200 H Shares, ~10% of total, subject to reallocation) and an International Offering (246,556,200 H Shares, ~90%), with a potential over-allotment option of up to 15%.

Use of Proceeds: Growth-Driven Capital Deployment

Muyuan Foods plans to raise approximately HK\$10.46 billion in net proceeds (at maximum offer price, no greenshoe), with a clear emphasis on global expansion and technology innovation:

• 60% (HK\$6,275.8 million): Strategic global expansion and market diversification — including enhancement of supply chain capabilities for global markets.
• 30% (HK\$3,137.9 million): Pioneering technology innovation through R&D across the value chain.
• 10% (HK\$1,046.0 million): Working capital and general corporate purposes.

This strongly signals a growth-driven, expansion-focused listing, prioritizing international reach and technology leadership over deleveraging or dividend payouts.

Placement Structure: Cornerstone Investors, Public, and Institutional Allocation

Cornerstone and anchor investors play a pivotal role in this offering:

• Cornerstone Investors: 136,972,800 H Shares (50% of the IPO) allocated to major names including Charoen Pokphand Foods, Hillhouse, Temasek, BlackRock, GIC, Canada Pension Plan, and others. Six-month lock-up applies to cornerstone shares.
• Public Offering: 27,395,200 H Shares (~10% of the offer, subject to reallocation).
• International Placement: 246,556,200 H Shares (excluding reallocation and greenshoe) to institutional and professional investors globally.
• No pre-listing disposals by major shareholders are disclosed.

Book quality is inferred to be strong, as 50% of the IPO is locked in by high-caliber cornerstone investors, suggesting robust demand and a likely firm first-day performance.

Deal Parties & Structure

The transaction brings together a syndicate of globally recognized investment banks and advisors:

• Joint Sponsors: Morgan Stanley Asia Limited, CITIC Securities (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C., CLSA Limited
• Global Coordinators/Bookrunners/Lead Managers: The above, plus other leading institutions as named in the prospectus
• Hong Kong Underwriters: Named per the Hong Kong Underwriting Agreement
• International Underwriters: To be finalized on or about February 4, 2026
• Stabilization/Greenshoe: Over-allotment option for up to 41,092,700 additional H Shares (15% of the offering)

The caliber and syndication of deal parties, combined with the stabilization mechanism, is positioned to support the listing and post-listing price stability.

Company Overview: Business Model, Products, and Market Position

Muyuan Foods is a vertically integrated agricultural and food company, recognized as China’s leading pork producer.

• Business Model: End-to-end integration covering breeding, farming, slaughtering, and processed pork products
• Revenue Streams: Sales of live hogs, pork products, and byproducts
• Key Geographies: Mainland China (core), with expansion plans targeting global markets
• Customer Segments: Food processors, wholesalers, retailers, and increasingly international clients
• Competitive Advantages: Scale, advanced technology adoption, vertically integrated supply chain, brand strength, cost efficiency
• Industry Size & Position: China is the world’s largest pork market; Muyuan is among the top producers by volume and revenue

Financial Health: Multi-Period Performance Overview

Key Financial Metrics (as per latest audited and unaudited figures):

Note: The prospectus confirms there has been no material adverse change in financial or trading position since September 30, 2025.

Market Position and Competitive Advantages

Muyuan Foods is one of China’s largest and most technologically advanced pork producers, benefitting from:

• Full vertical integration (breeding to distribution)
• Scale efficiencies and cost controls
• Robust brand recognition in the Chinese market
• Leadership in technology-driven farming and sustainability practices

Market share data and peer ranking are affirmed in the prospectus as among the national leaders in China’s pork sector.

Management and Governance

The leadership team includes:

• Qin Yinglin – Chairman (promoter, extensive industry experience)
• Other directors and key executives as named in the detailed prospectus (full team and bios provided in “Directors and Senior Management” section)

The board and management bring sectoral, technical, and operational expertise critical for international expansion.

Trends, Timing & Market Environment

Industry and macro trends favoring the IPO:

• Growing protein demand in China and globally
• Increasing consumer preference for branded, safe, traceable pork products
• Government support for domestic food security and modernization
• IPO timing: Offering period January 29 – February 3, 2026; listing expected February 6, 2026

Recent developments: No material adverse change since September 30, 2025. The company has executed significant investments in supply chain and R&D ahead of the listing, positioning for rapid post-IPO deployment of capital.

Market conditions are described as stable, with strong cornerstone support and no sectoral headwinds noted within the document.

Risk Factors

Key risk exposures outlined include:

• Commodity price volatility, especially feed and pork prices
• Disease outbreaks (e.g., African swine fever) impacting livestock
• Regulatory risks associated with food safety, environmental, and overseas listings
• Customer and supplier concentration risk
• Foreign exchange and cross-border operational risks
• Dependence on government policy and export/import regulations
• Related-party transactions and connected party risk

Mitigants: The company’s integrated model, scale, and R&D investment aim to reduce operational volatility and regulatory exposure. No single risk is quantified as existential in scale within the document.

Growth Strategy

Muyuan Foods’ growth agenda is explicitly focused on:

• Global expansion and market diversification, including supply chain enhancements for international markets
• Technology leadership via R&D in breeding, health, feed efficiency, and sustainable farming
• Ongoing capacity expansion to solidify its leadership in China and targeted overseas markets
• Potential M&A and strategic partnerships to accelerate internationalization

Timelines: 60% of IPO proceeds (over HK\$6.2 billion) to be invested by 2028, with front-loaded capital deployment in 2026–2027.

Ownership & Lock-Up Structure

Pre- and post-IPO shareholding structure:

• Promoters and controlling shareholders: Maintain significant holdings post-IPO; core team includes founder Qin Yinglin and affiliated entities
• Cornerstone investors: 50% of IPO, subject to 6-month lock-up
• Employee Stock Ownership Plans (ESOP): Multiple employee plans in place; no new grants under these plans ahead of listing
• Free float: Satisfies HKEX requirements with >5% of H shares and >HK\$600 million free float

Valuation and Peer Comparison

Valuation multiples such as P/E, P/B, EV/EBITDA, ROE, and peer comparisons are not specifically disclosed in the prospectus. No direct peer metrics or sector performance tables are provided.

Dividend Policy

No explicit dividend policy, payout ratio, or timetable is committed in the prospectus. The use of proceeds is targeted entirely at growth and expansion.

Research & Opinions

No analyst reports, price targets, or external research opinions are provided in the prospectus.

IPO Allotment Result

Final subscription outcomes by tranche are not disclosed in the prospectus.

Listing Outlook

Based on anchor participation, robust syndicate support, and absence of negative sectoral events, Muyuan Foods’ IPO appears well-subscribed and positioned for a strong debut. The large cornerstone allocation and lack of material adverse events suggest the shares may trade at or above the offer price on listing day. First-day performance is likely to be solid, with book quality and institutional demand providing support.

Prospectus Access

The prospectus and official announcements can be accessed at:

• www.hkexnews.hk
• www.muyuanfoods.com

How to Apply

Application channels:

• HK eIPO White Form service: www.hkeipo.hk
• Through HKSCC EIPO channel via brokers/custodians who are HKSCC Participants, using the FINI system

Application window: January 29, 2026 (9:00 a.m.) to February 3, 2026 (12:00 noon). Only electronic applications are accepted; no printed forms or in-person applications.

Eligibility: Applicants must be at least 18 years old, have a Hong Kong address (for HK eIPO White Form), and must not be existing shareholders or their close associates, nor directors/supervisors or their close associates.

For further details and step-by-step instructions, visit the application service websites above.