HK Stock Market Move | WH GROUP(00288) is currently up more than 4%. Its subsidiary, Smithfield, has submitted its IPO prospectus, potentially unlocking the value of its business in the United States and Mexico.

WH GROUP (00288) is now up more than 4%, as of the time of writing, it is up 3.39%, trading at 6.41 Hong Kong dollars with a turnover of 1.45 billion Hong Kong dollars. On the news front, on January 8th, WH GROUP's board of directors announced that its subsidiary, Smithfield, had submitted a registration statement to the U.S. Securities and Exchange Commission on January 6th to apply for its common stock to be listed on the Nasdaq Global Select Market under the stock code "SFD". The number and amount of Smithfield's shares to be issued have not yet been determined, and the company will make further announcements in due course. It is reported that in the second half of 2024, WH GROUP announced a proposal to spin off its Smithfield operations in the United States and Mexico, allowing Smithfield to be listed in the United States once again. Macquarie commented that after the spin-off, the Smithfield group would primarily operate in the United States and Mexico, while WH Group would focus on domestic and European markets, believing that this spin-off would effectively unlock the value of the U.S. and Mexico operations and increase shareholder returns. WH Group is also expected to use the proceeds from this transaction to further enhance returns to existing shareholders.