Chinese Pork Giant Plans IPO to Raise Up to $5.3 Billion

HONG KONG (AP) -- A Chinese company that is the world's biggest pork producer says it plans to raise up to $5.3 billion in an initial public offering on the Hong Kong stock exchange.

WH Group said late Monday that it is selling 3.65 million shares priced at between 8 and 11.25 Hong Kong dollars ($1.03-$1.45).

That would raise between $4.1 billion and $5.3 billion for WH Group, formerly known as Shuanghui International Holdings.

The company is a pork behemoth after buying the largest U.S. pork company, Smithfield Foods, less than a year ago for $4.7 billion in cash.

Most of the proceeds from the IPO will be used to pay off the loan that the company took out to buy Smithfield Foods.

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