Less is more, says WH Group CEO

China's top pig farmer admits that the oversized 29-bank syndicate on WH Group's first IPO try sealed the deal's failure.
Large syndicates don't help, says WH chairman Wan Long
Large syndicates don't help, says WH chairman Wan Long

Wan Long, chairman and chief executive of WH Group, knows how his company’s initial public offering went from being this year’s high-profile flop to a success in just four months he fired 27 banks.

At the end of July, the Chinese pork producer managed to raise $2.05 billion from its second attempt at an IPO after slashing the number of syndicate members from a record 29 to two, demonstrating that more banks does not necessarily equal more investors.

“There are many reasons our first attempt failed,” Wan said in an interview with FinanceAsia. “Too many banks participating was a major one.”

The...

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