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Wh Group (00288) rose more than 3% in Hong Kong stocks. It plans to spin off Smithfield for independent listing in the United States.
Zhongtong Finance APP learned that WH Group (00288) rose by more than 3%, as of press time, up 3.06%, at HKD 5.39 with a turnover of HKD 94.5076 million. In terms of news, WH Group recently announced that it proposed to split its Smithfield food business operated in the United States and Mexico and spin it off as an independent listing on the New York Stock Exchange or NASDAQ Stock Market. It is currently expected that after the completion of the spin-off, Smithfield USA and Mexico will still be subsidiaries of the company. CICC believes that if the subsidiary is listed separately, it is expected to increase dividends to the parent company and further increase WH Group's dividends.
Brokerage focuses on building bank international, raises target price of wh group (00288) by 8.3%, indicating that the timing of the spin-off of Smithfield has matured.
Jinwu Finance News | CICC has released a research report stating that WH Group (00288) is planning to spin off Smithfield for independent listing in the USA. After the spin-off, Smithfield will continue to operate as a subsidiary of WH Group, and the specific terms and timetable for the spin-off have not yet been determined. The bank believes that this announcement is in line with market expectations, and the restructuring may release the intrinsic value of Smithfield, which may trigger a revaluation of WH Group's valuation. Given that Smithfield has streamlined its operations by reducing upstream pig farming capacity, the bank believes that the timing of the spin-off in the 2024 fiscal year is ripe. The company is in the USA and Europe.
Soochow Securities: The food and beverage sector is in a stage of low-to-medium-speed transformation, and the rebound of the sector is waiting for the clearance of the business performance risk of listed companies or the reversal of demand expectations.
The current valuation of the food and beverage sector is relatively low, primarily due to concerns about future cash flow and profit downgrades. Short-term market pessimism has had an impact on the sector, and the sector's rebound is awaiting clarification of listed company performance risks, or a reversal of demand expectations, the latter depending on proactive fiscal and monetary policies at the macro level or verification of seasonal sales at the middle level.
WH Group Seeks US-Listing of Smithfield Foods Unit
WH Group (HKG:0288) submitted a proposed spin-off application to the Hong Kong Stock Exchange for the proposed spin-off of its subsidiary Smithfield Foods' businesses operated in the USA and Mexico.
WH Group Plans IPO for Smithfield US and Mexico Businesses
Hong Kong stock market fluctuations | WH Group (00288) opened over 3% higher and plans to spin-off Smithfield Foods for listing on NYSE or NASDAQ.
Wh Group (00288) opened more than 3% higher. As of the time of publication, it had risen by 3.44%, to HKD 5.42, with a turnover of HKD 8.4435 million.
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