Shuanghui International hires banks for Hong Kong IPO


hong kong 10_sqPrivate equity-backed company Shuanghui International has reportedly hired six banks for its upcoming IPO in Hong Kong, which could raise as much as $6bn.

The Chinese group, which owns food, logistics and flavouring products businesses, has hired BOC International, Citic, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS to lead the IPO, said Reuters.

Shuanghui is backed by Goldman Sachs, Singapore’s sovereign wealth fund Temasek and private equity firms New Horizons and CDG Singapore.

The IPO would provide an exit route for the company’s private equity investors, the report said. Shuanghui could use the IPO proceeds to reduce its debts, according to the sources.

In May this year Shuanghui bought Smithfield Foods, the world’s largest pork processor, $7.1bn, including debt.

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