HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Betta Pharmaceuticals / Equity Capital Markets

<ul>
<li>Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.</li>
<li>The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.</li>
<li>Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  </li>
</ul>


Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.
The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.
Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  


Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a> priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-2714-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219264" rel="noopener">Muyuan Foods H Share Listing (2714 HK): Valuation Insights</a>. </li>
<li>Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Muyuan Foods Co (2714 HK) priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case and Muyuan Foods H Share Listing (2714 HK): Valuation Insights. 
Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.


Muyuan Foods H Share Listing (2714 HK): Trading Debut

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Muyuan Foods (2714 HK) launched its Hongkong IPO aiming to raise up to HK$ 10.7B. The company plans to sell 273.9M shares at HK$39 per share.</li>
<li>Muyuan Foods is a technology-driven leading pork company. Their major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.</li>
<li>We would recommend the investors to subscribe to the issue backed by strong integrated business model, cost competitiveness and innovation capabilities across the value chain.</li>
</ul>


Muyuan Foods (2714 HK) launched its Hongkong IPO aiming to raise up to HK$ 10.7B. The company plans to sell 273.9M shares at HK$39 per share.
Muyuan Foods is a technology-driven leading pork company. Their major products include hogs, namely finished hogs, piglets and breeding hogs, as well as fresh and frozen meat products.
We would recommend the investors to subscribe to the issue backed by strong integrated business model, cost competitiveness and innovation capabilities across the value chain.


Muyuan Foods A/H Listing: Meaty Enough for Investors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Muyuan Foods Co (2714 HK), the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case. 
The proposed AH discount of 23.1% (based on the 28 January A Share price) is attractive. Overall, I would participate in the listing.


Muyuan Foods H Share Listing (2714 HK): Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a> , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Eyes on US-listed Chinese companies HKEX listings

China ADR Dual Listings
Eyes on US-listed Chinese companies HKEX listings

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

Muyuan Foods A/H Listing: Meaty Enough for Investors

Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...

Tina Banerjee

Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing. In this note,...

Sumeet Singh

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

​Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

Muyuan Foods H Share Listing (2714 HK): Trading Debut

Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.

Arun George

Muyuan Foods A/H Listing: Meaty Enough for Investors

​Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...

Tina Banerjee

Muyuan Foods H Share Listing (2714 HK): Valuation Insights

Muyuan Foods, the world’s largest pork company, has launched an H Share listing to raise US$1.4 billion. The proposed AH discount of 23.1% is...

Arun George

Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing. In this note,...

Sumeet Singh

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Muyuan Foods launches HK IPO to raise up to HK$10.7B, offering shares at HK$39 each. Investors encouraged to subscribe due to strong business...