Yum China to raise $2.2 billion in Hong Kong secondary listing


Pedestrians walk past a sign depicting Colonel Harland Sanders, the founder of Kentucky Fried Chicken, outside a Yum! Brands Inc. KFC restaurant in Shanghai, China.

Qilai Shen | Bloomberg | Getty Images

Yum China is set to raise $2.22 billion in its secondary Hong Kong listing after indicating that its shares would be priced at HK$412 each, according to two sources with direct knowledge of the matter.

The company had flagged it would sell 41.91 million shares in the deal and the price is a 4.8% discount to the stock’s Thursday closing price of $55.92 in the U.S.

The sources could not be named because the information had not yet been made public.

Yum China, which operates KFC, Taco Bell and Pizza Hut restaurants in China, declined to comment.

Yum China’s Hong Kong deal is the city’s third largest secondary listing in 2020.

Tech giants JD.com raised $4.4 billion, after it exercised its overallotment option, and NetEase raised $3.1 billion during June when they carried out secondary listings in Hong Kong.

The city’s largest IPO remains China Bohai Bank, which raised $2.05 billion in July.

Equity capital market activity in Hong Kong, including both IPO and secondary listings ahead of Yum, was worth $20.34 billion so far in 2020, according to Refinitiv data.

The value of deals in the city year-to-date compares to $10.83 billion for the same period last year, the data showed.



Source link

Discover

Sponsor

spot_imgspot_img

Latest

Joe Biden selects Pete Buttigieg as Transportation secretary

Democratic U.S. 2020 election presidential candidates Mayor Pete Buttigieg, former Vice President Joe Biden pose during the second night of the first Democratic...

Honda reports $2.3 billion profit despite pandemic

TOKYO — Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses...

Space businesses must take these steps to expand hiring, says this CEO

The growth of space businesses makes this "the most exciting time" to be involved in the industry, but one CEO says private and...

How to copy your Apple Photos to Google Photos

Apple quietly rolled out a tool that lets you copy all of the pictures you have stored in Apple Photos over to Google...

May be parts of market where investors should be careful

Outgoing Federal Reserve Chair Janet Yellen holds a news conference after a two-day Federal Open Market Committee (FOMC) meeting in Washington, U.S. December...