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An equity research analyst is preparing to attend a road show presentation by WH Group Limited, the world's largest pork company headquartered in Hong Kong, concerning its upcoming initial public offering. She is reviewing the preliminary prospectus as well as other publicly available background information on the company and its two core subsidiaries, Shuanghui International Holdings Inc and Smithfield Foods Inc, whose recent acquisition was the largest by a Chinese company of a US firm. She wants to assess the prospects for the company as a whole and arrive at her own independent valuation to support a buy or no buy recommendation for her fund. Her analysis includes assessments of economic conditions and the pork industry in the United States and China and the perceived strengths and weaknesses of WH Group, including the issue of large bonuses to corporate executives and the benefits or risks of the recent acquisition.