WH Group slashes IPO, delays pricing

China's WH Group, the world's biggest pork company, is slashing its proposed Hong Kong IPO and delaying pricing of the deal to next week due to lack of demand, Reuters reported on Tuesday, citing sources close to the company.

The company will now sell fewer primary shares than initially planned, and no stock from existing shareholders. WH Group and shareholders, including Goldman Sachs, Singapore state investor Temasek Holdings and CDH Investments, offered a combined 3.65 billion shares, valuing the total deal at up to HK$41.06 billion ($5.3 billion).

Pricing had been slated for April 22, and the company had been due to debut on the Hong Kong stock exchange on April 30.