Muyuan targets $1.4 bln in Hong Kong’s biggest IPO of 2026
Listing adds to HK deal surge despite China pork glut
29 January 2026
2 minute read
By: China's biggest pig breeder, Muyuan Foods, said on Thursday it was aiming to raise $1.4 billion in a Hong Kong share sale that is set to be the city's largest so far this year, reported Reuters.
It was one of two sizeable launches on Thursday, underscoring growing deal momentum for Hong Kong, which topped global rankings for equity capital market proceeds in 2025. Shenzhen Han's CNC Technology 301200.SZ, a printed circuit board equipment maker, also launched a share sale, hoping to raise some $620 million.
Shenzhen-listed Muyuan is seeking to raise as much as HK$10.7 billion by offering 274 million shares at an offer price capped at HK$39 per share, according to an exchange filing.
Cornerstone investors led by Thailand's Charoen Pokphand Foods and Singapore's Wilmar International will buy about $685 million worth of shares, accounting for nearly half of the transaction.
Proceeds will be used to invest in research and development in areas such as breeding, smart farming, nutrition management and biosecurity.
The offering comes as China continues to grapple with a pork glut amid weak demand and a slowing economy, which dragged prices lower and squeezed farmers' margins.
Final pricing is slated for February 5, with shares due to debut the following day.
Its revenue for the nine months ended September rose 15.5% to 111.8 billion yuan ($16 billion). But the company said this month that it expects its 2025 full-year profit to decline between 12.2% and 17.8% from a year earlier as falls in hog prices hit margins.
Hong Kong has raised about $4.2 billion from 12 IPOs and secondary listings so far in 2026, including about $2.8 billion from nine IPOs, marking the strongest start for a year since 2021, LSEG data show.
As of the end 2025, the city had 316 listing applications undergoing processing.
Han's CNC benefitting from AI boom
Shenzhen-listed Han's CNC wants to raise up to HK$4.8 billion ($615 million) and is marketing 50.5 million shares at a maximum price of HK$95.80 each, its filing showed.
The deal has secured about $310 million from 10 cornerstone investors, including Singapore's GIC, Schroders and Victory Giant Technology.
Founded in Shenzhen in 2002, Han's CNC makes specialised equipment for manufacturing printed circuit boards and says that it has seen earnings surge on demand related to artificial intelligence infrastructure, automotive electronics and next-generation data storage.
Revenue for the 10 months ended October jumped 64.4% to 4.31 billion yuan, while net profit more than doubled to 518.9 million yuan.
It plans to use the proceeds to strengthen R&D, improve operational efficiency and expand manufacturing capacity in China.
Final pricing is set for February 4 while its shares will also first trade on February 6.
Other chip-related companies lining up for Hong Kong share sales include Montage Technology and Axera Semiconductor.
($1 = 7.8019 Hong Kong dollars)
($1 = 6.9462 Chinese yuan)
