Yum China Launches Hong Kong Public Offering

By Chris Wack

Yum China Holdings Inc. said Monday it launched its Hong Kong public offering, which forms part of the global offering of 41.9 million new shares of common stock and the listing of its shares of common stock on the Main Board of The Stock Exchange of Hong Kong Ltd.

The company's shares will continue to be listed and traded on the New York Stock Exchange. Upon the secondary listing in Hong Kong, the Hong Kong-listed shares will be fully fungible with the shares listed on the NYSE.

Yum China said the offering initially comprises 1.7 million new shares of common stock under the Hong Kong public offering and 40.2 million new shares of common stock for the international offering.

The offer price for the Hong Kong public offering will be determined by reference to, among other factors, the closing price of the shares on the NYSE on the last trading day on or before Sept. 4. The Hong Kong public offer price will be not more than HK$468 a share.

The company said it plans to use the net proceeds from the offering to expand and deepen its restaurant network, to invest in digitalization and supply chain, food innovation and value proposition, and high-quality assets, as well as for working capital and general corporate purposes.

The Hong Kong public offering will commence at 9 a.m. on Tuesday, Hong Kong time. Trading of the company's shares on the SEHK is expected to begin Thursday, Sept. 10.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

August 31, 2020 10:09 ET (14:09 GMT)

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