Muyuan Foods Co., Ltd. (牧原食品股份有限公司), stock code 2714, has set the final offer price for its Global Offering at HK$39.00 per H share. The company plans to issue 273,951,400 H shares in total, subject to the over-allotment option. Dealings in the shares are expected to begin on February 6, 2026.

Of the total offering, 27,395,200 H shares were made available under the Hong Kong Public Offering and 246,556,200 H shares under the International Offering before any exercise of the over-allotment option. The Hong Kong Public Offering was oversubscribed by around 5.88 times, while the International Offering recorded 8.62 times subscription. Following pricing, the gross proceeds are approximately HK$10,684.1 million, leaving net proceeds of around HK$10,470.4 million after estimated listing expenses.

The initial cornerstone investors collectively took up a notable allocation. According to the announcement, the largest cornerstone investor subscribed for 39,992,200 H shares. Other cornerstone subscribers include entities associated with Wilmar, Sinochem, and various financial asset management firms.

Several lock-up undertakings apply. According to the announcement, certain controlling shareholders have agreed not to dispose of specified shares for at least six months following the listing date; participating cornerstone investors also face a six-month lock-up on allocated shares.

As stated in the offering results, upon completion of the Global Offering and assuming no exercise of the over-allotment option, Muyuan Foods is expected to have issued 5,736,722,666 shares in total (including A shares and treasury shares). The company’s H shares are scheduled to begin trading on the Hong Kong Stock Exchange under the stock code 2714, in board lots of 100 shares each.