On June 4, Muyuan Foods (02714.HK) declined 3.11% in regular trading, trading at HKD 33.6 per share, with trading volume of approximately HKD 32.9 million.

On the news front, the company recently announced that founder Qin Yinglin has resigned as chairman upon reaching retirement age. Cao Zhinian, formerly vice chairman and executive vice president, has taken over as the new chairman. Additionally, Qin Yinglin's son Qin Muyuan, born in 1995, and executive Gao Tong, born in 1994, are set to join the board as non-independent directors, subject to shareholder approval. The market has expressed concerns over what investors perceive as a heavily clan-oriented new management structure.

Meanwhile, the company reported a Q1 net loss attributable to shareholders of RMB 1.215 billion, compared with a profit of RMB 4.491 billion in the same period last year. Hog prices have remained depressed at approximately RMB 9.45/kg in April, down 35.54% year-over-year, with the industry still deep in a cyclical trough and no clear inflection point for profit recovery in sight.

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