Yum China has raised more than $2 billion from a secondary share sale in Hong Kong, marking the latest “homecoming” listing by a major US-listed Chinese company, reported the Financial Times.
On Friday the fast food-chain operator sold almost 42 million shares at HK$412 ($53.16), according to the company, which represented a discount of almost 5% to the closing level of its New York-listed stock a day earlier.
Total proceeds of HK$17.3 billion ($2.2 billion) would be spent on expanding the company’s restaurant network and investing in “digitalization,” it said.
Yum China, which operates KFC, Pizza Hut and Taco Bell restaurants in the country, is the latest big-ticket Chinese company with a listing in the US to sell shares in Hong Kong as relations between Beijing and Washington reach their worst state in decades.