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· Shuanghui Int'l to List in HK with New Name WH Group
· Name change heralds internationalization of Shuanghui
Shuanghui Int'l to List in HK with New Name WH Group
MENAFN/SinoCast Daily Business Beat
HONGKONG, Jan 22, 2014 (Menafn - SinoCast Daily Business Beat via COMTEX) --Shuanghui International changed its name to WH Group on its official website and was said to list in Hong Kong with the new name.
WH Group, the largest meat product processing enterprise in Mainland China, is the controlling shareholder of Henan Shuanghui Investment & Development Co., Ltd. (szse:000895) and acquired the world's largest pork producer and processor Smithfield Foods.
Earlier, sources said Shuanghui International will change its name to WH Group and plans to raise USD 4 billion to USD 6 billion or about HKD 31.2 billion to HKD 46.8 billion via a Hong Kong listing to become Asia's largest IPO in recent years. The arrangement banks include BoC International, CITIC Securities, Morgan Stanley, Goldman Sachs, UBS, Standard Chartered and DBS.
Name change heralds internationalization of Shuanghui
Wan Long - WantChinaTimes.com
Shuanghui International, the holdings firm of Henan Shuanghui Investment & Development, announced they were changing their name to Wanzhou International on Jan. 21, stressing that the company will step up its cooperation with Smithfield Foods, the world's largest pork supplier, in a bid to supply more pork and pork products to China. Following the name change, Wanzhou International is preparing to list shares in Hong Kong, according to the Shanghai-based China Business News.
Wan Long, chairman and CEO of Wanzhou International, said, "The name change underscores our determination to internationalize our operations in terms of product quality, nutritional value and safety."
The name change marks a milestone in the development of the company, following its acquisition of Smithfield Food for US$4.7 billion in September last year. Wanzhou International has unveiled its business development strategy, including an increase of US pork exports to Asia, the setup of a new international-trade operating platform, and joint development with Smithfield of high-end products for the Chinese market.
The intensified cooperation will help Smithfield make inroads into the Chinese market and help it turn around its operations, as the pork supplier incurred net losses of US$16.6 million during Sept. 27 through Oct. 27, 2013, due to sluggish exports to Russia, China, and Japan.
The newspaper cited Bob Manly, executive vice president of Smithfield, as saying that the company will partner up with Wanzhou International in setting up a global trade system, which will facilitate pork exports to China and other markets, utilizing Shuanghui's refrigeration system in shipping refrigerated fresh pork and parts, rather than frozen products, to Chinese customers, and developing high-end meat products for the Chinese market, including products with retraceable supply sources for materials. The goal is to boost pork exports to China by several hundreds of thousands of tonnes a year, according to Bob Manly…