WH Group, listed on the Hong Kong exchange, is a holding company and the world's largest vertically integrated producer of pork and related packaged meat products. Its revenue is mainly derived from activities undertaken by its China and U.S. operations, which are respectively via 73% owned Henan Shuanghui Investment & Development Co., or Shanghui, and wholly owned Smithfield Foods Inc. In the U.S. its key packaged meats brands, in which it has a 19% market share, include Nathan's hotdogs, Armour, John Morrell and Curly's, while in China, products are mainly under the Shuanghui brand, where it also has a 19% market share. We expect the company's operating profit to be split almost equally between the U.S. and China going forward with a small contribution from Europe.