WH Group Stops Public Share Offering01 May 2014
HONG KONG - The WH Group, the parent company of Smithfield Foods and the Chinese pig meat processor Shuaghui, has stopped the flotation of the company on the Hong Kong Stock Exchange.
The company said it has made the decision not to proceed with the IPO because of deteriorating market conditions and recent excessive market volatility.
The company consulted the Joint Sponsors and decided that the Global Offering should not proceed at this time.
The International Underwriting Agreement relating to the International Offering will not be entered into and the Hong Kong Underwriting Agreement relating to the Hong Kong Public Offering will not become unconditional.
The company said it was grateful to all investors who expressed an interest in the Global Offering as well as their support and positive feedback during the Global Offering.
Money that was paid in advance for the shares will be repaid.
ThePigSite News Desk