Muyuan Foodstuff Co., Ltd. (02714) is conducting its share offering from January 29 to February 3. The company plans to issue 270 million H shares, with 10% offered to the Hong Kong public, setting a maximum offer price of HK$39 per share to raise up to HK$10.68 billion. For the public offering portion, as of around 7:00 PM on February 2, Muyuan had recorded HK$1.84 billion in margin financing; based on the public fundraising amount of HK$1.068 billion, the offering is oversubscribed by 0.7 times. Muyuan's board lot size is set at 100 shares, with an entry fee of HK$3,939.3 per lot. The company is expected to commence trading on the Hong Kong Stock Exchange on February 6, with Morgan Stanley, CITIC Securities, and Goldman Sachs acting as joint sponsors. According to the prospectus, Muyuan is a leader in the hog farming industry, operating a vertically integrated business model that covers the entire industrial chain from hog breeding and farming to feed production, slaughtering, and meat processing. Data from Frost & Sullivan shows that since 2021, the company has been the world's largest hog farming enterprise by both production capacity and slaughter volume, maintaining the top global position for four consecutive years. Based on hog slaughter volume, Muyuan's global market share increased from 2.6% in 2021 to 5.6% in 2024, already surpassing the combined market share of the second to fourth largest market participants in 2024. While continuing to solidify its leading position in hog farming, Muyuan expanded into the hog slaughtering and meat business in 2019 to enhance its advantages in full industrial chain operations. According to Frost & Sullivan statistics, measured by the number of hogs slaughtered, the company's slaughtering and meat business ranked fifth globally and first in China in 2024. In terms of revenue, from 2021 to 2024, the compound annual growth rate of Muyuan's slaughtering and meat business revenue was the highest among major peers in China. The company has entered into cornerstone investment agreements with Charoen Pokphand Foods, Wilmar, Sinochem Hong Kong, Hong Kong Yunong International, Fidelity Funds, RBC Global Asset Management (Asia) Limited, Perseverance Asset Management, Shanghai Gaoyi and Huatai Capital Investment (related to Gaoyi's OTC swap), Ping An Life Insurance, Dajia Life Insurance, UBS AM Singapore, Midea Development Holding BVI, Millennium, and Jane Street; these cornerstone investors have agreed, subject to certain conditions, to subscribe for shares amounting to approximately HK$5.342 billion at the offer price (adjusted downward to the nearest full board lot of 100 H shares).