China's top pig breeder Muyuan Foods seeks Hong Kong listing

China's biggest pig breeder Muyuan Foods said it is pursuing a second listing on the Hong Kong Stock Exchange, an exchange filing showed on Tuesday.

The company, already listed on China's Shenzhen bourse, said the Hong Kong listing is aimed at deepening the company's globalization strategy, adding that the plan is pending regulatory approval.

Bloomberg News reported last month that the firm could raise at least US$1 billion (HK$7.8 billion) from the share sale. 

China, the world's biggest pork consumer, has been battling a pork glut as production surged post-swine fever, but demand has slowed amid a slowing economy, pushing prices down and straining pig farmers’ margins.

Muyuan Foods, one of the world’s biggest pig breeders and pork producers, returned to a net profit of 17.9 billion yuan (HK$19 billion) in 2024 from a net loss of 4.3 billion yuan in 2023. It is expected to release its first quarter earnings in late April.

REUTERS AND STAFF REPORTER