China's WH jumps on plan to spin-off Smithfield businesses

WH

15/07/2024 03:06

** Shares of pork group WH Group  0288.HK  jump 6.9% to
HK$5.60, their highest since May 29, and on track for third
straight session of gain
    ** Stock on course for best one-day pct gain since November
2022; top pct gainer on Hang Seng Index  .HSI  and Hang Seng
Commerce & Industry Index  .HSNC  which are both down 0.5%
    ** WH said it has submitted a proposed spin-off application
for its wholly-owned Smithfield Foods in the U.S. and Mexico for
separate listing on either the New York Stock Exchange or Nasdaq
    ** "It is currently expected that Smithfield U.S. and
Mexico, after the completion of the proposed spin-off, will
remain as a subsidiary of the company" - WH
    ** The proposal is subject to the approval from the Hong
Kong Stock Exchange, the final decision of the board and review
by the U.S. Securities and Exchange Commission - WH
    ** Stock up 7.1% YTD

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))