Singapore-listed meat processor People's Food Holdings expects to list on Hong Kong's main board before the end of next month in a bid to extract better value for its shares and boost trading volume. In a statement to the Singapore Exchange, the Shandong province-based company said its application for a secondary listing in Hong Kong was heard by the listing committee of Hong Kong Exchanges and Clearing (HKEx) on September 19. The listing is subject to final approval from the committee and shareholders. The company, which listed on Singapore's main board in March last year, did not plan to raise funds by offering new shares via the Hong Kong listing, a source close to the company said. 'The main reason for the secondary listing is to increase international exposure and, hopefully, to raise valuation of its shares,' the source said. Studies conducted by the firm showed the average Hong Kong-listed mainland food and beverage company had a higher market valuation than People's Food in Singapore, the source said. Singapore Exchange has been encouraging mainland companies to list on the island-state's exchange as part of efforts to bolster its financial services sector. Eighteen companies had done so by the end of July. Established in 1994, People's Food is one of the largest producers of fresh, frozen and processed pork in the mainland. Pork production in the mainland is a highly fragmented industry made up of more than 2,000 operators, with the top 10 players supplying only 15 per cent of the market, according to a Vickers Ballas research report. Acquisitions and technology upgrades are key to growth. People's Food boosted annual capacity by 65 per cent to about 558,000 tonnes last year and further increased it 20 per cent to about 678,000 tonnes this year. Net profit rose 26.2 per cent year on year to 392.56 million yuan (about HK$367.9 million) in the first half this year as turnover grew 14.2 per cent to 2.4 billion yuan. Meanwhile, a spokesman at Singapore-listed meat producer United Food Holdings confirmed the company was also interested in a Hong Kong listing. But he said it would proceed only if People's Food proved able to enhance trading activity and market valuation by its Hong Kong listing. United Food Holdings is a vertically integrated meat provider, with processed meat accounting for 49 per cent of last year's revenues - 40 per cent from frozen pork, 8 per cent from feed production and the remainder from hog-raising. The spokesman said the company had no plans to raise funds in the near future.