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Aileen Chuang

Hong Kong’s new share market continues to sizzle, with three companies seeking to raise a combined US$2 billion on Thursday, led by Chinese pig-breeding giant Muyuan Foods, which launched the city’s largest flotation of the year.
The world’s largest hog firm planned to raise HK$10.7 billion (US$1.4 billion) by selling about 274 million new shares at up to HK$39 each, according to its prospectus, hot on the heels of another billion-dollar deal from Chinese drinks giant Eastroc Beverage.
At the maximum price, Shenzhen-listed Muyuan would have a valuation of around US$38 billion, taking into account its onshore and offshore shares. Its shares rose 2.6 per cent to 46.33 yuan on Thursday.
Another Shenzhen-listed company, printed circuit board (PCB) equipment maker Shenzhen Han’s CNC Technology, aims to raise up to HK$4.83 billion from its Hong Kong listing. It was China’s largest specialised PCB equipment manufacturer by revenue in 2024, with a market share of 10 per cent.

Private healthcare services provider Distinct Healthcare Holdings also started taking orders to raise up to HK$316.4 million.
These firms join a wave of Chinese consumer, food and technology companies tapping Hong Kong’s stock market, with the city’s benchmark index hitting a four and a half year high as investors diversify away from US assets. Debutants have also impressed, with shares in Busy Ming Group, China’s largest snack and drinks retailer, jumping 69 per cent on Wednesday.
The Hong Kong stock exchange’s initial public offering pipeline has grown to about 350 companies, putting the market on course to finish January with record fundraising for the month.
Most of Muyuan’s fundraising proceeds would be used for its global expansion and diversification in markets like Vietnam and Thailand, while the rest would be used for research and development, working capital and general corporate purposes, according to its prospectus.
Muyuan said it was eyeing the rapidly expanding global hog industry, which saw pork consumption rise at a 4.9 per cent compound annual rate from 2020 to 2024, according to Frost & Sullivan. China remained the world’s largest market, but its per capita pork intake and share of chilled fresh pork still trailed developed nations, leaving ample room for growth, the firm said.
“We are actively expanding into overseas markets to capitalise on these opportunities,” Muyuan said. “Leveraging our proven technological expertise and innovative solutions, we aim to empower the hog farming industry by establishing an interconnected hog farming ecosystem.”
In 2024, Muyuan formed a partnership with BAF Vietnam Agriculture on hog house design, biosecurity, odour control and smart farming equipment to boost efficiency, support green operations and kick-start its global expansion.
Its share sale attracted 14 cornerstone investors, who agreed to subscribe to US$685 million worth of shares.
Thai conglomerate Charoen Pokphand Group took US$200 million, while the other investors included agribusiness group Wilmar – Singapore’s largest listed company by market capitalisation – Fidelity International, UBS Asset Management, Millennium Capital and Jane Street.


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Muyuan Foods, Shenzhen Han’s and Distinct Healthcare started taking orders for their Hong Kong listings on Thursday


Muyuan Foods, Shenzhen Han’s and Distinct Healthcare started taking orders for their Hong Kong listings on Thursday.


3 mainland Chinese firms add to Hong Kong’s IPO boom with US$2 billion in fundraising

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Muyuan Foods, Shenzhen Han’s and Distinct Healthcare started taking orders for their Hong Kong listings on Thursday

Muyuan Foods, Shenzhen Han’s and Distinct Healthcare started taking orders for their Hong Kong listings on Thursday