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Hong Kong's WH Group Subsidiary Smithfield Foods Gears Up For $1B IPO In US: Report
The U.S.-based subsidiary of Hong Kong's WH Group Ltd. (OTC:WHGLY), Smithfield Foods Inc., is reportedly gearing up for a U.S. initial public offering (IPO). The company has chosen Bank of America
WH Group Limited Sets Key Board Meeting
WH Group (00288.HK) is scheduled to hold a board of directors meeting on August 13 to approve its mid-term performance.
WH Group (00288.HK) announced on July 12 that the board of directors will hold a meeting on Tuesday, August 13, 2024 to consider and approve the unaudited comprehensive mid-term performance of the company and its subsidiaries for the six months ending June 30, 2024 (including) and to consider the distribution of interim dividends (if any).
WH GROUP: NOTIFICATION OF BOARD MEETING
Smithfield, a subsidiary of WH Group (00288), plans to go public in the United States earlier this year with a target of raising at least $1 billion.
According to sources, Smithfield Foods has selected advisors including Bank of America and Goldman Sachs, and may conduct its first public offering (IPO) in the US as early as this year, with plans to raise at least $1 billion. The US company is a subsidiary of WH Group, the world's largest pork producer. Insiders said discussions were still ongoing and Smithfield Foods may decide not to go public. It is understood that in September 2013, Smithfield Foods announced that Shuanghui International
HK stocks fluctuate | WH Group (00288) currently up more than 4%, pig prices have started a high slope increase, and the company's profitability has been significantly enhanced.
According to the news from the Wisdom Financial APP, WH Group (00288) is up more than 4% and as of press time, it has risen 4.22% to HKD 5.19, with a turnover of HKD 0.115 billion. In the first half of this year, with the recovery of the hog cycle, hog prices have also begun to trend upward and exceeded the highest level of the past three years in June. According to the performance forecast for the first half of the year disclosed by hog farming companies in recent days, the profitability of farming companies has significantly increased year-on-year. Among them, Muyuan Foods, a hog farming company, is expected to achieve a net income of CNY 0.7 billion to 0.9 billion for the first half of the year, a growth of 125.19% to 132.38% YoY. Guang
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