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Report: WH Group Slashes IPO, Delays Pricing

WH Group Ltd, the world's biggest pork company, is slashing its proposed Hong Kong IPO and delaying the pricing to next week, sources said, as market volatility and rich valuations turned investors off the deal.Its initial plan had called for an offering of up to $5.3 billion, in what would have been the island city's biggest listing in four years. But Reuters calculations based on information from a source familiar with the revised plan show the deal is now expected to garner less than $2 billion.The downsizing caps a string of difficulties for the deal and is an embarrassing setback for the Chinese company that bounded onto the international stage last year with its $4.9 billion purchase of U.S.-based Smithfield Foods Inc. It plans to use much of the funds raised in the IPO to pay back debt incurred in that acquisition.Shareholders in WH Group who had hoped to partly cash out of their investments, such as China private equity firm CDH Group, Singapore sovereign wealth fund Temasek Ho...

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