China’s Muyuan Foods Co. has selected China International Capital Corp. and JPMorgan Chase & Co. to arrange its planned global depository receipts sale in Switzerland, according to people with knowledge of the matter.
(Bloomberg) — China’s Muyuan Foods Co. has selected China International Capital Corp. and JPMorgan Chase & Co. to arrange its planned global depository receipts sale in Switzerland, according to people with knowledge of the matter.
The Shenzhen-listed hog breeder is looking to raise about $1.5 billion through the GDR sale in Zurich, said the people, who asked not to be identified as the information is private. An offering could happen as early as March, one of the people said.
Deliberations are ongoing and details of the share sale including size and timing may change, according to the people. Representatives for CICC and JPMorgan declined to comment, while a representative for Muyuan didn’t immediately respond to requests for comment.
Muyuan said last month that it’s planning a GDR offering in Switzerland without giving any details, joining a wave of Chinese firms in tapping the European markets. Zhejiang Huayou Cobalt Co. has picked Citic Securities Co. for a GDR listing in Switzerland, Bloomberg News reported earlier this month.
Established in 1992, Muyuan’s businesses include breeding, farming, slaughter and hog feed processing, according to its website. The company operates in 25 provinces in China and produced a total of 61.2 million pigs in 2022.
–With assistance from Hallie Gu.
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