WH Group Chief Executive Officer Wan Long (right) and Smithfield Foods Chief Executive Officer Larry Pope pose with their products before a news conference on WH Group's initial public offering in Hong Kong. The company formerly known as Shuanghui International Holdings Ltd said on Wednesday that it will reduce and postpone its Hong Kong IPO. Bobby Yip / Reuters |
WH Group Ltd, formerly known as Shuanghui International Holdings Ltd, said on Wednesday that it will reduce and postpone its Hong Kong initial public offering.
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"The company may reduce the size of the global offering and accordingly publish a supplemental prospectus, which would result in a short delay in the timetable," said the world's largest meat processer in an announcement to the stock exchange.
Subscriptions for the Hong Kong offering opened on April 15 and were to end a week later. The offer price, however, wasn't announced on Tuesday as expected.
Initially, the allotment results were to be disclosed on April 29 and trading was scheduled to start the following day.
Initially, WH Group aimed to sell 3.65 billion shares worldwide, of which 3.47 billion were to be sold internationally and the rest in Hong Kong.
Existing shareholders would release 731 million old shares in the global offering.
Proceeds from the issue were initially estimated at as much as HK$41.12 billion ($5.3 billion).