While Alibaba's planned stock market flotation was making headlines last week, the cancellation of another IPO, that of WH Group, the world's largest pork producer, was somewhat overshadowed. WH Group was previously known as Shuanghui International and it was best known for buying the US pork producer Smithfield Foods for $7.1 billion (€5 billion, including debt.

With an original target value as high as €3.8 billion, making it Hong Kong’s biggest IPO in more than three years, the value of the floatation fell to €1.37 billion before the company decided to call it off.

The group said the IPO was cancelled because of “deteriorating market conditions and excessive market volatility”, although investors and bankers say it was because the prices were too high and there were too many underwriters – a record 29 banks were involved in the deal – overselling and confusing the deal.

The stock was also expensive, with US pork retailing at new highs after a porcine virus that has wiped out more than 10 per cent of hog stocks.

It's another set back for Hong Kong's equity capital markets, after Alibaba decided to go to New York for its listing, as did Hutchison's retail arm, AS Watson.