Hong Kong stocks' break-even stock Muyuan Foods drops 6% to a new low, IPO raises HKD 10.684 billion

China Economic Net, Beijing, March 30 - Muyuan Foods Co. (02714.HK) closed at HK$38.88 on the Hong Kong stock market today, down 6.042%. The intraday low today was HK$38.18, the lowest since listing. The stock has already fallen below the Hong Kong offering price and is in a trading-below-offering-price (underwater) state.

Muyuan Foods Co. was listed on the Hong Kong Stock Exchange on February 6, 2026. The announcement on the allocation results shows that the number of H shares under the global offering of Muyuan Foods Co. was 273,951,400 H shares (subject to whether the over-allotment option is exercised or not). Of these, the number of H shares under the Hong Kong offering was 27,395,200 H shares, and the number of H shares under the international offering was 246,556,200 H shares (subject to whether the over-allotment option is exercised or not).

The joint sponsors, the overall coordinator, the joint global coordinators, the joint bookrunners and the joint lead managers for Muyuan Foods Co. are Morgan Stanley Asia Limited, CITIC Securities (Hong Kong) Company Limited, CITIC CLSA Securities Limited, and Goldman Sachs (Asia) L.L.C. The joint global coordinators, the joint bookrunners and the joint lead managers are China International Capital Corporation Hong Kong Securities Limited, Merrill Lynch (Asia Pacific) Limited, CMB International Capital Corporation Limited, China Merchants Securities (Hong Kong) Company Limited, ABC International Capital Corporation Limited, Bank of China International (Asia) Limited, J.P. Morgan? (No, text says 交银国际证券有限公司—keep exact): Jiao? (No Chinese allowed) - Interpreting: translate “交银国际证券有限公司” into English: Bank of Communications International Securities Limited, Jian? (No) - Translate “建银国际金融有限公司” as CCB International Finance Limited. The joint bookrunners and the joint lead managers are Yangtze Securities Brokerage (Hong Kong) Company Limited, China Galaxy International Securities (Hong Kong) Co., Limited, Everbright Securities (Hong Kong) Company Limited, Futu Securities International (Hong Kong) Limited.

The final offer price of Muyuan Foods Co. was HK$39.00. The gross proceeds amounted to HK$10,684.1 million. After deducting the estimated listing expenses payable of HK$213.7 million based on the final offer price, the net proceeds were HK$10,470.4 million.

Muyuan Foods Co. plans to use the proceeds from the global offering for the following purposes: to seize overseas opportunities and expand its business footprint; to drive technological innovation across the entire industrial chain through R&D investment over the next three years, in order to strengthen its competitiveness in breeding, intelligent farming, nutrition management and biosecurity; and to use as working capital and for general corporate purposes.

The cornerstone investors of Muyuan Foods Co. are Charoen Pokphand Foods, Flour Mills, Sinochem Hong Kong, Hong Kong Yu Nong International, Fidelity Funds, Q&A? (Text says 加皇环球资产管理（亚洲）有限公司) - translate as Ka Huang Global Asset Management (Asia) Company Limited, Perseverance Asset Management, Shanghai Gaoyi and Huatai Capital Investment Company Limited (related to Gaoyi OTC swaps), Ping An Life Insurance, Dah Sing Life, UBS AM Singapore, Meiyoung? (Text says 美的发展控股BVI) - translate as Midea Development Holdings BVI, Millennium, Jane Street.

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