Settling for US$3 billion less, WH Group surges %10 in its HK debut.
Despite failing to raise the intended $5bn in April, the world’s largest pork producer, WH Group—which also bought out U.S. popular meat company Smithfield last year—settled for just over $2bn to cut into its gristly debt as it takes flight entering the Hong Kong Stock Exchange.
As the BBC video news reports:
“Shares in Chinese pork firm WH Group have surged 10% on their debut on the Hong Kong Stock Exchange. Its shares rose to as high as HK$6.86 in early trading on Tuesday, up from the list price of HK$6.20. WH Group, the world’s largest pork firm, raised nearly HK$16bn (US$2.1bn; £1.2bn) via a share sale to help reduce its debt. The listing marks the second attempt by the firm to sell its shares. It cancelled its initial plan to raise up to $5bn in April this year.”