Yum China goes ahead with Hong Kong secondary listing: report
The operator has been working on listing plans since the start of the year.
Yum China Holdings is proceeding with its plans for a potential US$2 billion stock offering in Hong Kong, seeking to be the latest U.S.-listed Chinese firm to pursue a secondary listing in the city.
Citing people familiar with the matter, South China Morning Post reports the operator of KFC, Pizza Hut and Taco Bell in the mainland has been working with investment banks Goldman Sachs and China International Capital Corporation on its Hong Kong listing plans since the beginning of the year.
It is now adding additional brokers and support staff as the deal nears.
The firm is hosting auditions for roles on the bumper offering, with management also seeing the listing to mitigate political risks as relations fray between the U.S. and China.
Yum China said its revenue declined 24% US$1.75 billion in the first quarter whilst profit fell 72% US$62 million.
Read the full report here.
