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Josh Noble

Josh Noble is Asia markets reporter, based in Hong Kong. He was previously Asia editor of beyondbrics, and joined the FT in 2008 as video producer, having previously been a producer at CNBC. Josh's career in journalism began working with CNN and Sky News in Beijing, after graduating with a degree in Chinese Studies.

Shuanghui sausages on display at a Beijing supermarket

First Alibaba, then Watson, now WH Group. The decision from the world’s top pork producer – with dominant businesses in China, the US and much of Europe – to ditch its initial public offering in Hong Kong is not just a blow to the company, which must now fork out millions in extra debt service costs, but also to the city itself. Having started the year with four possible blockbuster deals, Hong Kong will be lucky now to get even one.

The first blow came in January, when Hong Kong Electric – a spin-off by Li Ka-shing’s Cheung Kong – chose to slash the size of its deal on tepid demand. Even the smaller deal was tough – getting it over the line was a ‘near-death experience’ according to those familiar with the sale. Investors just weren’t convinced.

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