On Sunday, China’s second-largest pork producer, Muyuan Foodstuff Co. reported a net profit of CNY4.1 billion ($578.86 million) for the first quarter of the year at the Shenzhen Stock Exchange.
Muyuan’s shares soared by 5.21% to CNY135.09 ($19.19) per share at 12:57 AM ET (5:57 AM GMT).
The company had previously reported a net loss of CNY 540.9 million ($76.36 million) in late 2019.
The company said it benefited from agreements for hog-breeding projects. The projects had aided in steadying supply during the outbreak of the African Swine fever in August 2019 which led to the loss of nearly 1 million pigs.
The more recent COVID-19 pandemic also brought challenges after wet markets and slaughterhouses closed across the region.