Yum China applies for Hong Kong debut amid U.S.-China tensions
August 28, 2020
(Reuters) – Yum China Holdings Inc <YUMC.N> filed an application for a secondary listing in Hong Kong on Friday, a rising trend among some Chinese firms to list closer to home in a bid to mitigate risks from escalating U.S.-China tensions.
The owner of KFC, Taco Bell and Pizza Hut restaurants in China expects the New York Stock Exchange to continue to be its primary listing, it said in a filing https://bit.ly/3gEyh3f.
The company could raise about $2 billion in its Hong Kong listing, Bloomberg reported in June.
Its market capitalization stood at nearly $21 billion, according to Refinitiv data based on its last closing share price on Thursday.
The Nasdaq-listed Chinese e-commerce retailer JD.com <JD.O> had in June raised $3.87 billion in its Hong Kong secondary listing <9618.HK>, the city’s biggest so far this year.
(Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur)