Muyuan Foods Co., a leading global pig breeder and pork producer, has begun testing investor appetite for a potential Hong Kong listing. The move could raise as much as $1.5 billion, according to people familiar with the matter. This signals a major capital markets play for the Chinese agricultural giant.

A Hong Kong share sale would provide fresh funding for Muyuan's expansion and debt management. The company operates in a sector heavily influenced by swine fever outbreaks and volatile pork prices. Accessing international capital could strengthen its position against domestic rivals and fund modernization efforts.

Market conditions and regulatory approvals will determine the listing's final size and timing. Investors will watch how the offering is priced amid China's complex agricultural policy environment. A successful deal could pave the way for other Chinese livestock firms seeking global investor capital.