On August 12, WH GROUP fell 5.51% in regular trading, trading at HKD 7.74/share, with turnover of HKD 127 million.

On the news front, the company's approximately 86.9%-owned subsidiary Smithfield Foods filed its unaudited interim report for the six months ended June 28. Smithfield recorded sales revenue of USD 7.5 billion, down 0.77% year-over-year, while gross profit declined 1.79% to USD 990 million. Despite net profit rising 17.83% to USD 489 million, the top-line softness weighed on sentiment. Additionally, WH GROUP previously announced that its board meeting originally scheduled for August 11 would be postponed to August 28, citing the need for more time to finalize the interim results announcement, fueling market concerns.

Multiple investment banks had already trimmed earnings forecasts ahead of the results. Morgan Stanley cut its target price to HKD 11.4, Jefferies lowered its target to HKD 11.66, and Goldman Sachs reduced its target to HKD 11.1, all citing weaker-than-expected packaged meat margins and subdued China business performance in the second quarter.

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