IPO Timeline
Broker Deadline
2026-02-03
Morning deadline
HKEX Deadline
2026-02-03
Noon deadline
Broker Results (T-2)
2026-02-04
Some brokers release in afternoon
Grey Market (T-1)
2026-02-05
Afternoon
HKEX Allotment (T-1)
2026-02-05
Evening
Registrar Allotment (T-1)
2026-02-05
Evening
Listing Day (T)
2026-02-06
First day of trading
Cross-Market Price Comparison
| Other Listed Market | Shenzhen (SZSE) — 牧原股份 |
|---|---|
| Other Market Stock Code | 002714 |
| H-Share Offer Price | HK$ 39.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | 牧原股份 |
|---|---|
| Stock Code | 02714 |
| Company Full Name | 牧原股份 |
| Industry | New Energy |
| Principal Activities | technology-driven leading pork company, pioneering smart hog farming |
| Listing Date | 2026-02-06 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Shuitian Village, Guanzhang Town Neixiang County, Nanyang Henan Province PRC Principal Place of Business in the PRC Longsheng Industrial Park Wolong District, Nanyang Henan Province PRC |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1920室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | muyuanfoods.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | Yes (A股) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 39.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 3,900 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-01-29 to 2026-02-03 |
| Global Offering Shares | 273,951,400 shares |
| HK Public Offer Shares (Initial) | 27,395,200 shares (10.0%) |
| Public Offer Lots (Initial) | 273,952lots (136,976lots, 136,976lots) |
| International Placing Shares (Initial) | 246,556,200 shares (90.0%) |
| Offer Ratio | ~4.78% |
| Total Shares Post-IPO | 5,736,722,666 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 54.4% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 10,684,104,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 3,900 |
| 2 lots | 200 | HK$ 7,800 |
| 3 lots | 300 | HK$ 11,700 |
| 4 lots | 400 | HK$ 15,600 |
| 5 lots | 500 | HK$ 19,500 |
| 6 lots | 600 | HK$ 23,400 |
| 7 lots | 700 | HK$ 27,300 |
| 8 lots | 800 | HK$ 31,200 |
| 9 lots | 900 | HK$ 35,100 |
| 10 lots | 1,000 | HK$ 39,000 |
| 15 lots | 1,500 | HK$ 58,500 |
| 20 lots | 2,000 | HK$ 78,000 |
| 25 lots | 2,500 | HK$ 97,500 |
| 30 lots | 3,000 | HK$ 117,000 |
| 35 lots | 3,500 | HK$ 136,500 |
| 40 lots | 4,000 | HK$ 156,000 |
| 45 lots | 4,500 | HK$ 175,500 |
| 50 lots | 5,000 | HK$ 195,000 |
| 60 lots | 6,000 | HK$ 234,000 |
| 70 lots | 7,000 | HK$ 273,000 |
| 80 lots | 8,000 | HK$ 312,000 |
| 90 lots | 9,000 | HK$ 351,000 |
| 100 lots | 10,000 | HK$ 390,000 |
| 200 lots | 20,000 | HK$ 780,000 |
| 300 lots | 30,000 | HK$ 1,170,000 |
| 400 lots | 40,000 | HK$ 1,560,000 |
| 500 lots | 50,000 | HK$ 1,950,000 |
| 600 lots | 60,000 | HK$ 2,340,000 |
| 700 lots | 70,000 | HK$ 2,730,000 |
| 800 lots | 80,000 | HK$ 3,120,000 |
| 900 lots | 90,000 | HK$ 3,510,000 |
| 1,000 lots | 100,000 | HK$ 3,900,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 7,800,000 |
| 3,000 lots | 300,000 | HK$ 11,700,000 |
| 4,000 lots | 400,000 | HK$ 15,600,000 |
| 5,000 lots | 500,000 | HK$ 19,500,000 |
| 6,000 lots | 600,000 | HK$ 23,400,000 |
| 7,000 lots | 700,000 | HK$ 27,300,000 |
| 8,000 lots | 800,000 | HK$ 31,200,000 |
| 10,000 lots | 1,000,000 | HK$ 39,000,000 |
| 20,000 lots | 2,000,000 | HK$ 78,000,000 |
| 30,000 lots | 3,000,000 | HK$ 117,000,000 |
| 136,976 lots | 13,697,600 | HK$ 534,206,400 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 223,732,183,974 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | Net loss (see financial statements) |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~2.1% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 40.52 |
|---|---|
| First Day Open | HK$ 39.0 |
| First Day Change | 3.90% |
| First Day Volume | 40589200.0 |
| First Day Turnover | 1630590000.0 |
Use of Proceeds
| Use of Proceeds | 1、募集資金凈額60.0%，或約6,275.8百萬港元，將用于挖掘海外機遇擴大商業版圖； 2、募集資金凈額約30.0%，或約3,137.9百萬港元，將用于在未來三年通過研發投入推動全產業鏈技術創新； 3、募集資金凈額約10.0%，或約1,046.0百萬港元，將用作營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (3)
摩根士丹利亚洲有限公司 CE AAD291
中信证券（香港）有限公司 CE AAK249
高盛（亚洲）有限责任公司 CE ACC536
Overall Coordinators (3)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
高盛（亚洲）有限责任公司 CE ACC536
Joint Global Coordinators (11)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
高盛（亚洲）有限责任公司 CE ACC536
中国国际金融香港证券有限公司 CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
招银国际融资有限公司 CE AVM940
招商证券（香港）有限公司 CE AAI650
农银国际融资有限公司 CE AWL249
中银国际亚洲有限公司 CE AET863
交银国际证券有限公司 CE APJ121
建银国际金融有限公司 CE AJO225
Joint Bookrunners (15)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
高盛（亚洲）有限责任公司 CE ACC536
中国国际金融香港证券有限公司 CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
招银国际融资有限公司 CE AVM940
招商证券（香港）有限公司 CE AAI650
农银国际融资有限公司 CE AWL249
中银国际亚洲有限公司 CE AET863
交银国际证券有限公司 CE APJ121
建银国际金融有限公司 CE AJO225
长江证券经纪（香港）有限公司 CE AXY608
中国银河国际证券（香港）有限公司 CE AXM459
中国光大证券（香港）有限公司 CE AAW536
富途证券国际（香港）有限公司 CE AZT137
Joint Lead Managers (15)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
高盛（亚洲）有限责任公司 CE ACC536
中国国际金融香港证券有限公司 CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
招银国际融资有限公司 CE AVM940
招商证券（香港）有限公司 CE AAI650
农银国际证券有限公司 CE ACX411
中银国际亚洲有限公司 CE AET863
交银国际证券有限公司 CE APJ121
建银国际金融有限公司 CE AJO225
长江证券经纪（香港）有限公司 CE AXY608
中国银河国际证券（香港）有限公司 CE AXM459
中国光大证券（香港）有限公司 CE AAW536
富途证券国际（香港）有限公司 CE AZT137
Capital Market Intermediaries (16)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
高盛（亚洲）有限责任公司 CE ACC536
中国国际金融香港证券有限公司 CE AEN894
Merrill Lynch (Asia Pacific) Limited CE AAC198
招银国际融资有限公司 CE AVM940
招商证券（香港）有限公司 CE AAI650
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
中银国际亚洲有限公司 CE AET863
交银国际证券有限公司 CE APJ121
建银国际金融有限公司 CE AJO225
长江证券经纪（香港）有限公司 CE AXY608
中国银河国际证券（香港）有限公司 CE AXM459
中国光大证券（香港）有限公司 CE AAW536
富途证券国际（香港）有限公司 CE AZT137
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
高伟绅律师行 方达律师事务所 |
| Legal Advisor to Sponsors/Underwriters |
凯易律师事务所 金杜律师事务所 |
| Auditor and Reporting Accountant | 毕马威华振会计师事务所（特殊普通合伙） |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Compliance Advisor | 新百利融资有限公司 CE BAU754 |
| Receiving Banks |
中国农业银行股份有限公司香港分行 中国银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Charoen Pokphand Foods | 200,000,000 USD | 39,992,200 | 14.60% | 0.70% | 6 months | 2026-08-06 |
| 2 | 丰益 | 70,000,000 USD | 13,997,200 | 5.11% | 0.24% | 6 months | 2026-08-06 |
| 3 | – Wii Pte. Ltd | 50,000,000 USD | 9,998,000 | 3.65% | 0.17% | 6 months | 2026-08-06 |
| 4 | – HPRY | 20,000,000 USD | 3,999,200 | 1.46% | 0.07% | 6 months | 2026-08-06 |
| 5 | 中化香港 | 65,000,000 USD | 12,997,400 | 4.74% | 0.23% | 6 months | 2026-08-06 |
| 6 | 香港豫农国际 | 50,000,000 USD | 9,998,000 | 3.65% | 0.17% | 6 months | 2026-08-06 |
| 7 | 富达基金 | 80,000,000 USD | 15,996,800 | 5.84% | 0.28% | 6 months | 2026-08-06 |
| 8 | 加皇环球资产管理（亚洲）有限公司 | 30,000,000 USD | 5,998,800 | 2.19% | 0.10% | 6 months | 2026-08-06 |
| 9 | Perseverance Asset Management | 32,600,000 USD | 6,518,700 | 2.38% | 0.11% | 6 months | 2026-08-06 |
| 10 | 上海高毅及华泰资本投资（与高毅场外掉期有关） | 27,400,000 USD | 5,478,900 | 2.00% | 0.10% | 6 months | 2026-08-06 |
| 11 | 平安人寿保险 | 30,000,000 USD | 5,998,800 | 2.19% | 0.10% | 6 months | 2026-08-06 |
| 12 | 大家人寿 | 30,000,000 USD | 5,998,800 | 2.19% | 0.10% | 6 months | 2026-08-06 |
| 13 | UBS AM Singapore | 20,000,000 USD | 3,999,200 | 1.46% | 0.07% | 6 months | 2026-08-06 |
| 14 | 美的发展控股BVI | 30,000,000 USD | 5,998,800 | 2.19% | 0.10% | 6 months | 2026-08-06 |
| 15 | Millennium | 10,000,000 USD | 1,999,600 | 0.73% | 0.03% | 6 months | 2026-08-06 |
Directors & Management
| Chairman | 秦英林 |
|---|---|
| Company Secretary | 秦軍 |
執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 秦英林 | — | 執行董事 |
| 2 | 曹治年 | — | 執行董事 |
| 3 | 杨瑞华 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 钱瑛 | — | 非執行董事 |
| 2 | 苏党林 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 周明笙 | — | 獨立非執行董事 |
| 2 | 阎磊 | — | 獨立非執行董事 |
| 3 | 冯根福 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, as of the Latest Practicable Date and immediately following the completion of the Global Offering, assuming the Over-allotment Option is not exercised, each of the following persons will have an interest or short p |
|---|
AI
AI Analysis
Market Sentiment
The IPO of Muyuan Foods saw moderate demand with an oversubscription ratio of 5.88x, resulting in a rare 100% hit rate where all 21,268 valid applications received allocations. This unusually high success rate reflects tepid retail enthusiasm compared to typical hot HK IPOs, though the HK$39 final pricing suggests stable institutional support. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
Despite the blanket 100% hit rate, allocation outcomes show stark tier inefficiency: applications at the A-tail (HK$100,000) expected just 0.33 lots, while the B-head (HK$200,000) secured a full 1.0 lot, offering 50% higher share-per-dollar. This gap highlights the hurdle small investors face in obtaining meaningful positions, making the jump to the B-tier disproportionately beneficial. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated, accounting for 73.7% of the 20,304 successful applicants, underscoring strong cross-border appetite for the consumption retail sector. The group skewed male at 62.1% with an average age of 40.6, suggesting seasoned, gender-typical investing patterns. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
