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PE-backed Chinese pork producer WH Group eyes biggest Hong Kong IPO since 2010

26 Mar 2014

news_meat_lrgPrivate equity-backed Chinese pork producer WH Group is reportedly preparing for Hong Kong’s biggest IPO in four years as its buyout stakeholders look to exit their investment.

China’s CDH Investments, which has been eyeing an exit for some time, New Horizons and Goldman Sachs are preparing to sell stakes through the IPO according to IFR, which cited sources familiar with the matter.

It said WH Group had tentatively scheduled to start pre-marketing the deal on March 31, and could hit $6bn through the share sale.

That would be the biggest Hong Kong listing since insurance company AIA Group raised more than $20bn through an IPO in 2010.

BOC International, Citic Securities International, DBS, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS are sponsoring the offer, which has 13 bookrunners led by Bank of America, Barclays and Deutsche Bank among others.

CDH has a 33.7 per cent stake in WH Group, New Horizons 4.2 per cent and Goldman Sachs’ private equity arm 5.2 per cent.

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