On May 26, WH Group (00288.HK) fell 3.05% in regular trading, trading at HKD 8.92 per share, with trading volume of HKD 272 million.

The decline was triggered by a public article published by Wan Hongjian, the son of WH Group founder Wan Long, titled My View of My Father and Wan Long, in which he accused the company patriarch of ten major wrongdoings including authoritarian management, problematic personnel decisions, tax avoidance, and interest transfer between entities. This marks the fourth time Wan Hongjian has publicly spoken out, with each instance containing increasingly severe allegations.

The controversy comes amid an otherwise positive fundamental backdrop. Morgan Stanley recently raised its target price to HKD 12.7, citing the U.S. hog upcycle driving upstream turnaround and higher dividends. Citi maintained a Buy rating with a target of HKD 10.9. The company reported Q1 revenue of USD 6.994 billion and net profit of USD 476 million. However, the governance dispute has reignited investor fears over management stability and potential legal exposure related to historical equity restructuring.

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