Pork chopped: dismay as WH Group IPO scrapped
WH Group's ill-starred attempt at an IPO finally came to a crunching halt on Tuesday night, as the issuer pulled the plug on its HK$14.6bn ($1.9bn) deal, blaming market conditions. Despite the high profile of the deal, bankers are confident that the pipeline can withstand the failure. But that did not stop a furious debate as to why the deal had collapsed.
The pork processor had been having daily meetings with its joint sponsors — Bank of China International, Citic Securities, DBS, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS — ever since the IPO was restructured last Wednesday after it became clear that investors were struggling with the company's desired