China’s WH Group opened 10 percent higher than expected on its first trading day in Hong Kong.
The world’s largest pork producer raised over $2 billion on its second attempt to raise capital in the harbor city.
The world’s biggest pork producer finally listed in Hong Kong after a failed attempt three months ago. The Chinese company that made headlines with its landmark purchase of U.S. based Smithfield Foods last year, came back to the market with a smaller and cheaper offering. It also cut the number of underwriters from over 20 to two.
From the initial $5 billion offering, WH Group settled to raise less than half its original offering at just over $2 billion.