Feb 4 (Reuters) – China’s biggest pig breeder, Muyuan Foods said on Wednesday it has determined to price its Hong Kong listing at its maximum offer price, aiming to raise about HK$10.69 billion ($1.37 billion) from the share sale.
The firm has offered 274 million H shares for the listing, with the offer price at HK$39 apiece, which sets the share sale to be one of Hong Kong’s biggest so far this year.
Muyuan Foods expects to announce the allocation results on February 5. The shares will make their debut on the Hong Kong bourse on February 6, according to a regulatory filing.
The offering comes as China grapples with a pork glut amid weak demand and a slowing economy, which has pushed prices lower and squeezed farmers’ margins.
Proceeds from the share sale will be used to fund research and development in areas such as breeding, smart farming, nutrition management and biosecurity.
($1 = 7.8109 Hong Kong dollars)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Eileen Soreng)
Comments