Smithfield parent company pulls IPO due to weak demand: report
China's WH Group Ltd, the world's biggest pork company, postponed its planned Hong Kong initial public offering, Reuters reports. The postponement comes after the company slashed the offer's size and reduced the valuation, people with direct knowledge of the matter said on Tuesday. The company did not set a timetable for a new offer.
WH Group, which acquired Smighfield Foods Inc. last year, offered 1.3 billion new shares in a revised deal valued at up to HK$14.61 billion ($1.9 billion). It had marketed the IPO in an indicative range of HK$8.00 to HK$11.25 per share.