Pork giant WH Group up 7.4% after IPO debut in Hong Kong
August 6, 2014, 12:00 am TWN
HONG KONG--Chinese pork giant WH Group, which scrapped an initial public offering worth more than US$5 billion earlier this year, saw a strong Hong Kong trading debut Tuesday after its shares closed up more than seven percent.
Shares in the world's biggest pork firm closed at HK$6.66 (US$0.86), 7.42 percent higher than its offering price of HK$6.20 per share, after raising US$2.05 billion.
WH Group had cancelled a planned listing in the city in April blaming “deteriorating” market conditions, but analysts attributed the move to a lack of appetite for the firm.
WH Group had initially said it wanted to raise US$5.3 billion, which would have been the biggest IPO globally for a year and Hong Kong's largest since 2010.
It later slashed the valuation of its listing by two thirds to US$1.88 billion before it was cancelled, blaming concerns about the strength of the city's stock market.