Chinese pork producer WH Group has pulled its planned IPO after failing to pique the interest of investors in Hong Kong, South China Morning Post reported. The pork producer said on Tuesday it would postpone its US$1.9 billion share sale, which had been cut from an original US$5 billion a week ago in a move to tempt potential investors. But poor earnings growth and confusion over details of the IPO had put off buyers from the company’s hefty valuation. WH Group planned to use the proceeds to pay down the US$4 billion it borrowed to acquire US-based Smithfield Foods.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved