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-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, a leader in the hog farming industry, raised around US$1.6bn 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 trading dynamics.</li>
</ul>



Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn 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 trading dynamics.


Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

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-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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at HK$39 per share. </li>
<li>Our base case valuation of Muyuan Foods is based on P/E of 12.9x our estimated net profit of RMB25.3 billion in 2027. </li>
<li>Our target P/E multiple of 12.9x is 20% higher than the comps' average P/E multiple in 2027.</li>
</ul>


Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at HK$39 per share. 
Our base case valuation of Muyuan Foods is based on P/E of 12.9x our estimated net profit of RMB25.3 billion in 2027. 
Our target P/E multiple of 12.9x is 20% higher than the comps' average P/E multiple in 2027.


Muyuan Foods Hong Kong IPO Valuation Analysis

<ul>
<li>Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H shares. </li>
<li>The offer price is capped at HK$39 per share. The offering involves raising approximately HK$10.7 billion ($1.4 billion USD).</li>
<li>Muyuan Foods is the largest company globally in the hog farming industry by both production capacity and hog sales volume.</li>
</ul>


Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H shares. 
The offer price is capped at HK$39 per share. The offering involves raising approximately HK$10.7 billion ($1.4 billion USD).
Muyuan Foods is the largest company globally in the hog farming industry by both production capacity and hog sales volume.


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The H-share IPO of <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> should draw good interest given its position as the world's largest hog farming company by capacity. </li>
<li>Its IPO price of HK$39 equals 8.8x FY26F PER, which is 10% below <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>. It is relatively cheap vs. the global peers' average of 11.3x.</li>
<li>Based on 10% discount to its A-share, the IPO's fair value is assessed at HK$46.90, 20.2% upside; and the floor is HK$41.70, being 20% discount.</li>
</ul>


The H-share IPO of Muyuan Foods Co (2714 HK) should draw good interest given its position as the world's largest hog farming company by capacity. 
Its IPO price of HK$39 equals 8.8x FY26F PER, which is 10% below WH Group (288 HK). It is relatively cheap vs. the global peers' average of 11.3x.
Based on 10% discount to its A-share, the IPO's fair value is assessed at HK$46.90, 20.2% upside; and the floor is HK$41.70, being 20% discount.


Muyuan Foods (2714 HK) IPO: Inexpensively Priced

China

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.

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Muyuan Foods Co (2714 HK)

Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

Muyuan Foods Hong Kong IPO Valuation Analysis

Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at...

Douglas Kim

Muyuan Foods Hong Kong IPO Preview

Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H...

Douglas Kim

Muyuan Foods (2714 HK) IPO: Inexpensively Priced

Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

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 Hong Kong IPO Valuation Analysis

Our base case valuation of Muyuan Foods Co (2714 HK) is implied market cap of HK$368 billion post IPO which is 24% higher than HK$297 billion at...

Douglas Kim

Muyuan Foods Hong Kong IPO Preview

Muyuan Foods Co (2714 HK) is getting ready to complete its Hong Kong IPO on 6 February 2026. This listing involves an offering of 273.95 million H...

Douglas Kim

Muyuan Foods (2714 HK) IPO: Inexpensively Priced

​Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Osbert Tang, CFA

Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...