WH Group, the world's largest pork producer, will start trading on the Hong Kong stock exchange on August 5 after dropping its targeted valuation significantly, the FT's Josh Noble writes.

8月5日，全球最大的猪肉生产商万洲国际(WH Group)将在大幅降低其市值目标后在香港交易所上市。

The Sino-US company and owner of North America's biggest meat exporter Smithfield Foods, will now sell shares at $HK6.20, far below its previous target of at least HK$8 per share, according to people familiar with the process.

知情人士表示，这家旗下拥有史密斯菲尔德食品公司(Smithfield Foods)、业务涵盖中美两国的企业如今将以每股6.2港币的价格发售股票，这一发行价大大低于此前至少每股8港币的目标。目前，史密斯菲尔德食品公司是北美最大的肉类出口商。

The new pricing gives the company a valuation of 11.5 times 2014 earnings, down from a minimum of 15 times sought from its previous initial public offering plan.

这一新的发行价令该公司市值达到2014年盈利的11.5倍，低于此前首次公开招股(IPO)计划试图达到的最少15倍。

Assuming that the "greenshoe option" is exercised, WH Group will raise $2.3bn from the rebooted Hong Kong float. An earlier attempt to list was pulled in April, despite a drastic cut to the size of the deal.

若假定此次IPO中将行使“绿鞋期权(greenshoe option)”，万洲国际将通过这次在香港重启上市筹集23亿美元。在此前的4月，尽管该集团大幅降低了交易规模，当时的上市努力还是被撤回了。

In the months since then, the share price of Henan Shuanghui – the Chinese part of the global business – has fallen more than 15 per cent.

自那以来的几个月里，这家全球集团的中国分部双汇发展(Henan Shuanghui)的股价下跌了15%以上。

The company came under fire for hiring 29 banks the first time around. The new deal is being managed by just two - Morgan Stanley and Bank of China International.

该公司曾因在第一轮上市中聘用了29家银行而饱受批评。而出面管理这次新上市的则只有两家银行——摩根士丹利(Morgan Stanley)和中银国际(Bank of China International)。