PE-backed Shuanghui eyes $6b HK IPO - report
Shuanghui International Holdings, the PE-backed Chinese meat processing company which recently acquired US pork producer Smithfield Foods, has reportedly hired six banks as sponsors for its intended $6 billion Hong Kong IPO next year.
According to Reuters, Shuanghui chose BOC international, CItic Securities international, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS to lead the offering.
CDH Investments owns 33.7% of Shuanghui International, while Goldman Sachs, New Horizon and Temasek have 5.18%, 4.15% and 2.76%, respectively. Entities controlled by Shuanghui International own 73.16% of Shenzhen-listed Henan Shuanghui.
Shanghui's recent $4.7 billion takeover of Smithfield was the largest ever by a Chinese company in the United States. The deal allows Shuanghui to directly sell Smithfield pork products across China.
CDH and Goldman first invested $250 million in Shuanghui in 2006 which gave them an approximate 35% indirect interest in Henan Shuanghui. The following year CDH and Goldman restructured their holding - reducing their interest in Henan Shuanghui to 15% - and investors including Temasek Holdings and New Horizon came in. Goldman was said to have divested part of its interest to CDH in 2009.
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