Topic
WH Group is the world's largest pork producer, with operations in packaged meats, fresh pork and pig farming. The company is a leading supplier of pork in China, the United States and in some markets in Europe. It owns US pork giant Smithfield Foods, which it acquired in 2013.
- Sale to France-based Solina is to maximise returns and unlock value from US assets held under Smithfield Foods
- WH Group expects to book a US$467 million gain from the sale, while maintaining ties with a major supplier of ingredients to the group’s operations
Premier Li added to recent calls for more stimulus to shore up China’s economy amid July setbacks. Meituan rebounded from a sell-off while HKEX slipped after a poor report card.
Trading in pork stocks started to unravel after the National Development and Reform Commission said it would crack down on misconduct and ‘vile speculation’ it blames for stoking runaway hog prices.
Stocks trimmed losses in April on optimism China will put under control Covid-19 outbreaks in major mainland cities. Premier Li called for measures to reduce supply-chain disruptions.
Stocks in Hong Kong struggled to break out from a four-week low as record Covid-19 cases in Shanghai dimmed hopes for a quick exit from lockdown.
WH Group warned that the Ukraine-Russia war will push costs up and affect profitability, after reporting a 7.2 per cent jump in annual profit on higher sales.
Media reports citing former director Wan Hongjian said the company founder and former CFO took decisions that led to financial losses. The world’s biggest pork producer denied the allegations.
Wan Long, the founder of WH Group, has stepped down as chief executive, leaving his empire in the hands of non-family members after his son was fired two months ago for ‘aggressive behaviour’.
Wan Hongjian, 52, was stripped of his roles as executive director, deputy chairman and vice-president of WH Group because of his recent misconduct and aggressive behaviour, company says in exchange filing.
Wan Long, the 81-year-old chairman and CEO, says the offer will allow investors to either cash in their investment or enjoy higher a return. The stock has underperformed the Hang Seng Index this year and in 2020.
Smithfield Foods, a US unit of China’s biggest pork company, has reopened its processing facility despite a coronavirus outbreak in meat plants across America.
“The virus spread seems under control in Hong Kong and China,” said Alan Li, portfolio manager at Atta Capital. That boosted sentiment for stock buying.
Meituan Dianping jumps on Q3 revenue beat; Kasen International soars nearly 500 per cent after rebuttal to short seller attack.
Donald Trump reportedly will sign legislation supporting Hong Kong protesters. That could upend progress on phase one US-China trade deal.
Shanghai snaps two-day winning streak, ending day down by 0.9 per cent
City's benchmark has struggled for direction all day even, weighed down by China Mobile and HKEX
The African swine fever that spread to China just over a year ago has led to the mass culling of pigs, slashing the number of China’s breeding sows by 26.7 per cent at the end of June from a year earlier.
Sustained high prices is music to the ears of the WH Group, the world’s largest producer of the meat and owner of Smithfield Foods of Virginia.
WH Group, owner of Smithfield Foods, said falling prices and higher mainland tariffs on US shipments led to a profit result of US$1.05 billion for 2018.
The company says its US unit will increase exports to countries like Japan and South Korea as the trade war continues
MSCI, one of the world's largest providers of financial market indices, has added Sino-US pork supplier WH Group to its MSCI Hong Kong index. No constituent stock was removed.
