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.

Equity Capital Markets

<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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<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> could raise up to HK$12.3bn (US$1.575bn) in its <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> listing if the Overallotment Option is exercised.</li>
<li>Exactly half the base offering is allocated to cornerstone investors; those shares are locked up for 6 months. That eliminates the already small possibility of early inclusion to global indexes.</li>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> should be added to Southbound Stock Connect from the open of trading on 6 March following the end of the Price Stabilisation period.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH) could raise up to HK$12.3bn (US$1.575bn) in its Muyuan Foods (MUYUAN HK) listing if the Overallotment Option is exercised.
Exactly half the base offering is allocated to cornerstone investors; those shares are locked up for 6 months. That eliminates the already small possibility of early inclusion to global indexes.

Muyuan Foods (MUYUAN HK) should be added to Southbound Stock Connect from the open of trading on 6 March following the end of the Price Stabilisation period.


Muyuan Foods (2714 HK): US$1.6bn Offering at a Big Discount to A-Shares

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</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>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
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.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

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.

<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>, the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion.    </li>
<li>The IPO proceeds will mainly be used to reduce exposure to China’s volatile hog market by expanding abroad and to strengthen its downstream businesses.</li>
<li>While the short-term outlook is challenging due to weak hog prices, Muyuan is well positioned for a recovery, thanks to its scale, industry-leading margins, and low leverage. </li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH), the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion.    
The IPO proceeds will mainly be used to reduce exposure to China’s volatile hog market by expanding abroad and to strengthen its downstream businesses.
While the short-term outlook is challenging due to weak hog prices, Muyuan is well positioned for a recovery, thanks to its scale, industry-leading margins, and low leverage. 


Muyuan Foods H Share Listing: The Investment Case

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>25Q3 performance was disappointing. Compared with 2024 and 25H1, MUYUAN's growth momentum was slowing down, which was mainly due to the decrease in the market selling prices of finished hogs.</li>
<li>Strong cost control is the key factor to achieve higher profitability/margins than peers, which will partially mitigate the impact of price fluctuations, but cannot offset sharp decline in hog prices.</li>
<li>We think valuation of MUYUAN could be higher than <a href="https://www.smartkarma.com/entities/wens-foodstuff-group-co-ltd" target="_blank" data-smartkarma-citation="entities:22859:1" rel="noopener">Wens Foodstuff</a>. P/E of 12-15x is a comfortable range. Based on 2025 net profit forecast, market value is RMB216-270 billion.</li>
</ul>


25Q3 performance was disappointing. Compared with 2024 and 25H1, MUYUAN's growth momentum was slowing down, which was mainly due to the decrease in the market selling prices of finished hogs.
Strong cost control is the key factor to achieve higher profitability/margins than peers, which will partially mitigate the impact of price fluctuations, but cannot offset sharp decline in hog prices.
We think valuation of MUYUAN could be higher than Wens Foodstuff. P/E of 12-15x is a comfortable range. Based on 2025 net profit forecast, market value is RMB216-270 billion.


Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

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Muyuan Foods (MUYUAN HK)

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

Muyuan Foods (2714 HK): US$1.6bn Offering at a Big Discount to A-Shares

Muyuan Foods could raise US$1.575bn in its H-share offering at a 23.1% discount to the A-shares. Stock Connect inclusion in March, HSCI inclusion...

Brian Freitas

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

MUYUAN's weak 25Q3 performance attributed to slowing growth due to lower hog prices. Strong cost control is the key for profitability.There's...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Muyuan Foods (2714 HK): US$1.6bn Offering at a Big Discount to A-Shares

Muyuan Foods could raise US$1.575bn in its H-share offering at a 23.1% discount to the A-shares. Stock Connect inclusion in March, HSCI inclusion...

Brian Freitas

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Muyuan Foods H Share Listing: The Investment Case

Muyuan Foods, the world’s largest pork company, is pre-marketing an H-Share listing to raise around US$1.5 billion. In this note, I discuss the...

Arun George

Pre-IPO Muyuan Foods (A/H Listing) PHIP Updates - Some Points Worth the Attention

​MUYUAN's weak 25Q3 performance attributed to slowing growth due to lower hog prices. Strong cost control is the key for profitability.There's...

Xinyao (Criss) Wang

MUYUAN's weak 25Q3 performance attributed to slowing growth due to lower hog prices. Strong cost control is the key for profitability.There's...