WH Group, the world's largest pork producer, will start trading on the Hong Kong stock exchange on August 5 after dropping its targeted valuation significantly, the FT's Josh Noble writes.
The Sino-US company and owner of North America's biggest meat exporter Smithfield Foods, will now sell shares at $HK6.20, far below its previous target of at least HK$8 per share, according to people familiar with the process.
The new pricing gives the company a valuation of 11.5 times 2014 earnings, down from a minimum of 15 times sought from its previous initial public offering plan.
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