鼎暉投資減持萬洲國際股份
Chinese private equity group CDH Investments is to raise $1.2bn by selling down one-third of its holding in WH Group, the Sino-US pork producer whose struggles to list in 2014 were an embarrassment for Hong Kong’s investment banking community.
中國的私人股本集團鼎暉投資(CDH Investments)擬將所持萬洲國際(WH Group)股份減持三分之一，以便籌集12億美元。萬洲國際是一家擁有中美業務的豬肉生產商，其在2014年的艱難上市令香港投資銀行界頗感難堪。
Private equity backers of the company were unable to cash out as planned in the float, which eventually raised one-third of the initial $6bn touted by bankers.
萬洲國際的私人股本支持者無法按計劃在其上市時套現投資；銀行家們曾吹噓該公司能夠籌資60億美元，最終僅籌到三分之一。
Owners at that point also included Goldman Sachs’ private equity arm as well as Temasek, the Singaporean state investment group.
當時的東家還包括高盛(Goldman Sachs)旗下私募股權機構，以及新加坡國有投資集團淡馬錫(Temasek)。
The float attracted headlines after WH Group’s first attempt failed in spite of enlisting a record 29 banks — and after halving the planned size of the deal.
萬州國際的上市吸引了媒體關注，儘管該公司請來了創紀錄的29家銀行，且將原計劃的交易規模減半，但首次上市嘗試以失敗告終。
The company eventually went public three months later.
該公司最終在3個月後上市。
Reasons for the deal’s failure, in addition to its unwieldy collection of advisers.
除了顧問團大得失控以外，萬洲國際交易失敗的原因還包括，人們懷疑這家成立不久的集團會否成功。
Included doubts over the success of its recent formation from the $7bn takeover in 2013 of US producer Smithfield Foods by China’s Shuanghui International — still the largest takeover of a US company by a Chinese one.
萬洲國際誕生於2013年中國雙匯國際(Shuanghui International)以70億美元併購美國史密斯菲爾德食品公司(Smithfield Foods)；這樁交易仍是中國企業對美國企業做出的最大併購。
Shuanghui’s private equity backers, including CDH, were instrumental in that merger, arguing a global pork producer could command higher valuations.
雙匯的私募股權支持者（包括鼎暉）在上述併購中發揮了重要作用，他們辯稱，一家全球豬肉生產商可以贏得更高估值。
CDH is one of the longer-running Chinese private equity funds, formed in 2002 with a history of exiting its investments via public floats.
成立於2002年的鼎暉是中國運營時間較長的私募股權基金之一，該公司具有通過首次公開發行(IPO)退出投資的記錄。
Earlier this year it cashed out its final stake in Luye Pharma, another 2014 Hong Kong initial public offering also trading below its issue price.
今年早些時候，鼎暉將其在綠葉製藥(Luye Pharma)最後的股份套現——綠葉製藥的股價也低於其2014年在香港上市時的發行價。
CDH’s sale of WH Group shares at HK$5.95 each this week hands the PE group a loss of $50m on the shares’ price at IPO.
鼎暉本週以每股5.95港元出售萬洲國際股票，將使這傢俬募股權集團損失5000萬美元——以該股的IPO價格計算。
WH Group floated at HK$6.20 a share, representing at the time a discount to other listed meat producers.
萬洲國際的發行價是每股6.20港元，當時相對其他上市肉類生產商存在一個折扣。
Last week WH Group reported better than expected first-half profits, helped by the rise in prices in China, the world’s biggest pork consumer.
上週，萬洲國際發佈的上半年利潤好於預期——得益於全球最大豬肉消費國中國豬肉價格的上漲。
Demand from the mainland also lifted pork prices in the US, WH Group’s second-biggest market, from which exports to China jumped 140 per cent.
中國大陸對豬肉的需求還提升了美國（萬洲國際的第二大市場）的豬肉價格，因爲美國對中國的豬肉出口激增140%。
The company warned, however, that it expected pork prices to decline gradually as supply grew to meet demand.
然而，該公司警告稱，隨着供應逐漸能夠滿足需求，預計豬肉價格將逐漸回落。
