* Q1 net profit tripled to $407 mln, margins improve
* Names BOC International and Morgan Stanley as IPO sponsors (Adds information on cornerstone process, context)
HONG KONG, July 10 (Reuters) - Chinese pork producer WH Group Ltd has updated the prospectus of an earlier up to $5.3 billion Hong Kong initial public offering it had scrapped earlier this year, a sign the company may be looking to relaunch the offer soon.
The revised prospectus does not specify the size of the IPO or the timing, but a person familiar with the matter told Reuters the company is seeking cornerstone investors ahead of a possible launch of the offer.
WH Group, whose products include Smithfield ham and Farmland bacon in the United States, has named BOC International and Morgan Stanley as the two IPO sponsors, down from an initial list of seven. The company had previously named five other sponsors, including Citic Securities International, DBS Group, Goldman Sachs, Standard Chartered and UBS.
The revised prospectus shows a strong quarterly performance, which could attract investors to the offer.
The first quarter profit after tax more than tripled to $407 million for the three months ended March 31 2014 from $125 million in the same period a year earlier.
Turnover during the period more than tripled to $5.05 billion, while the company earned 7 percent net profit margin compared with negative 2.3 percent margin for the year ended Dec. 31, 2013.
The company, backed by China private equity firms CDH Investments, New Horizon, Goldman Sachs and Singapore state investor Temasek Holdings, initially hired a record 29 banks for the planned IPO, which was eventually pulled in April due to lack of demand.
Investors baulked at the offer due to its high valuation, as well as negative publicity over some sky-high executive compensation.
(Reporting by Denny Thomas and Daniel Stanton; Editing by Miral Fahmy)