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Pulled pork: WH Group cancels Hong Kong float plans

hogs Image copyright Getty Images
Image caption WH Group had planned to source US hogs to feed growing pork demand

Chinese pork firm WH Group has cancelled plans to float in Hong Kong, blaming "deteriorating market conditions" and "excessive market volatility".

The firm had planned to raise up to $5bn (£3bn), helping to reduce the debt it took on when it bought US firm Smithfield Foods last year.

The purchase helped it to become the world's biggest pork company.

"The offering will not proceed at this time," it said in a statement.

In the prospectus it issued to investors ahead of the planned float, WH Group said it planned to source cheap, high quality hogs from the US to feed growing demand for pork in China.

At the start of this year, WH Group changed its name from Shuanghui International Holdings.

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