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DEALBOOK
Chinese Pork Producer Rekindles Hopes For I.P.O.
July 23, 2014
交易錄
萬洲國際下調定價重啟香港IPO
2014年07月23日
HONG KONG — This little piggy is going to the market after all.
香港——小豬最後還是要跑進市場的。
Three months after it scrapped plans for a $5.3 billion share sale in Hong Kong, China’s WH Group, the world’s biggest pork producer, is back with a leaner offering that will seek to raise about $2 billion.
三個月前，世界最大的豬肉生產企業中國萬洲國際(WH Group)推遲了價值53億美元（約合330億元人民幣）的在香港上市的計劃。如今，它再次叩門股市，並將籌資目標降到了20億美元。
WH Group was created last year after Shuanghui International of China paid $4.7 billion in cash for Smithfield Foods, the biggest pork producer in the United States. That deal remains the biggest-ever buyout of an American company by a Chinese one.
去年，中國雙匯國際以47億美元的現金買下了美國最大的豬肉企業史密斯菲爾德食品公司(Smithfield Foods)，萬洲國際由此成立。這項交易仍然是中國企業收購美國企業的案例中規模最大的一次。
Bobby Yip/Reuters
香港舉行的新聞發佈會上展示的史密斯菲爾德公司的部分產品。
The enlarged group announced plans in April to raise as much as $5.3 billion in a Hong Kong initial public offering, a deal that was criticized as being bloated with an unprecedented 29 underwriters. The I.P.O. was later slashed to $1.9 billion before ultimately being canceled because of lackluster demand.
規模擴大後，集團於4月宣布要在香港進行IPO，計劃籌資53億美元。這一目標被批評過於誇大，而且交易中有29家投行為其承銷，數量前所未見。隨後，IPO金額縮減到了19億美元，最後因為需求不足而取消。
Investors were put off by WH’s hefty debt levels, the I.P.O.’s steep asking price and the company’s decision to award its top two executives a combined $600 million bonus for 2013. On top of this, an outbreak of porcine epidemic diarrhea virus in the United States led to sharp increases in hog prices this spring, complicating WH’s plans to export pork from the United States to China.Now WH is trying again, hoping that a more modest fund-raising target, a cheaper valuation and only two underwriters — Morgan Stanley and Bank of China International — will help ensure success.
由於萬洲國際負債纍纍，IPO要價誇張，再加上公司決定在2013年給它的兩位最高管理者提供總計6億美元的獎金，所以令投資者望而卻步。除此以外，美國爆發豬痢疾，導致今年春季豬肉價格上漲，對萬洲國際從美國進口豬肉到中國的計劃造成了影響。如今，萬洲國際再次嘗試進行IPO，希望適度的融資目標、較低的估值，以及較少的承銷商，只有摩根士丹利(Morgan Stanley)和中銀國際兩家——有助於上市成功。
The company plans to raise 15.9 billion Hong Kong dollars by selling 2.567 billion new shares, or an 18 percent stake, in an I.P.O. priced at 6.20 dollars per share, a person with direct knowledge of the deal said Tuesday, declining to be named because the information was not yet public. In April, the company had sought to sell the shares in a price range of 8 dollars to 11.25 dollars apiece.
周二，一名知情人士透露，該公司計劃以每股6.2港元的價格進行IPO，出售25.67億新股——相當於18%的股份，以此籌集159億港元（約合127億元人民幣）。但由於信息尚未披露，這名知情人士要求匿名。今年4月，該公司試圖以每股8至11.25港元的價格上市。
The company’s management will start a roadshow to market the deal to potential investors on Wednesday, the person said, with final pricing scheduled to be set Tuesday and trading in the shares to begin on Aug. 5.
該知情人士表示，萬洲國際的管理層將於周三開始路演，向潛在投資者推銷這筆交易。最終定價將於周二確定，股票交易將於8月5日開始。
About 30 large financial institutions, including sovereign wealth funds and hedge funds, have tentatively given commitments to subscribe to the shares, which are being offered at a valuation that represents 11.5 times the company’s estimated earnings for 2014, the person added. That compares with a price-to-earnings multiple of 15 times at Henan Shuanghui Investment & Development, WH’s domestic unit, which is listed on the Shenzhen stock exchange.
這名知情人士還表示，包括主權財富基金和對沖基金在內的大約30家大型金融機構，表達了認購股票的意向，上市交易對該公司的估值為2014年預期收益的11.5倍。與此相對比，萬洲國際旗下的國內公司——河南雙匯投資發展公司的市盈率為15倍。雙匯在深圳證券交易所上市。
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