HONG KONG – What would have been the second-largest ever initial public offering apparently has evaporated, according to a Reuters report. WH Group Ltd. slashed its IPO to less than $2 billion from nearly $5.3 billion.

The company set pricing for the IPO for April 22, and the shares were supposed to debut on the Hong Kong stock exchange on April 30. The company delayed pricing after downsizing the IPO. Reuters said the deal failed to attract cornerstone investors. Additionally, a payout of $600 million to WH Group executives raised concerns about corporate governance.