The processor, which comprises the Shuanghui Group and includes the US pig meat processor Smithfield, has cut the number of shares on offer from 3,654,980,000 to 1,299,650,000.

The underwriters said that the number of shares on offer has been cut because of current market conditions.

The offer price remains the same at a maximum of HK$11.25 per share and a minimum of HK$8.

The date the price is to be determined is expected to be around 29 April.

Because of the reduction in the number of shares on offer, and because of the current market conditions and to allow prospective investors more time to make their decision, the timetable of the global offering has been changed.

The announcement of the allocation of shares is now expected on 7 May and the listing will take place on 8 May.

The IPO is expected to raise between $1.299 billion and $1.835 billion, less than half the original amount which was expected to raise up to $4.154 billion.

On the close of the initial application lists on 22 April approximately 32 per cent of the offer shares initially offered under the Hong Kong Public Offering was subscribed.