Shares of leading pork producer Muyuan Foods Co. Ltd. (2714.HK; 002714.SZ) opened flat at HK$39 on Friday in their Hong Kong trading debut, and edged up during the morning to closing up 4.7% at the midday break
The company sold about 274 million shares, raising about HK$10.5 billion ($1.34 billion). The public offering for local Hong Kong investors was oversubscribed by 4.9 times, while the international placement was oversubscribed by 7.6 times.
Muyuan sold about 7 million commercial hogs in January, up 2.73% year-over-year. Its revenue for the month fell 11.9% year-on-year to 10.57 billion yuan, while its average selling price per kilogram for commercial hogs fell 16.9% to 12.57 yuan ($1.81).
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