China’s pork major WH Group abandons HK IPO
plan
30/04/2014 18:08
China’s pork giant WH Group has pulled out of a planned Hong Kong initial public offering (IPO) citing a downturn in equity markets. The world’s biggest pork company has decided to cancel its Hong Kong IPO amid excessive market volatility. Earlier, the company had to cut down the size of its planned offering by two-thirds. An IPO in Hong Kong would have helped to slash the company’s ballooning debt, and the cancellation of it is a setback for the company, analysts say. "In light of deteriorating market conditions and recent excessive market volatility, the company, having consulted the joint sponsors, has decided that the global offering will not proceed at this time," WH Group said in a securities filing late on Tuesday.
30/04/2014 18:08
China’s pork giant WH Group has pulled out of a planned Hong Kong initial public offering (IPO) citing a downturn in equity markets. The world’s biggest pork company has decided to cancel its Hong Kong IPO amid excessive market volatility. Earlier, the company had to cut down the size of its planned offering by two-thirds. An IPO in Hong Kong would have helped to slash the company’s ballooning debt, and the cancellation of it is a setback for the company, analysts say. "In light of deteriorating market conditions and recent excessive market volatility, the company, having consulted the joint sponsors, has decided that the global offering will not proceed at this time," WH Group said in a securities filing late on Tuesday.
