News

Yum China launches Hong Kong Stock Exchange public offering

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August 31, 2020

Yum China Holdings Inc. is launching its Hong Kong public offering today, which a news release said forms part of the global offering of 41,910,700 new shares of common stock. The company's shares will continue to be listed and traded on the New York Stock Exchange and the Hong Kong-listed shares will be fully mutually interchangeable with the shares listed on the NYSE.

The offering initially comprised 1,676,500 shares of common stock under the Hong Kong public offering and 40,234,200 shares of common stock for the international offering, representing 4% and 96%, respectively, of the total number of shares.

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 per share or $60.39 in U.S. dollars.

The offer price for the international offering tranche of the Offering may be set at a level higher than the maximum Hong Kong public offer price, depending on the closing trading price of the shares on the NYSE on the last trading day on or before Sept. 4, as well as the level of interest expressed by investors during the book-building process. Shares will be traded in board lots of 50 shares.

The company said it would use the net proceeds from the offering to expand its restaurant network and invest in digitalization and supply chain, as well as food innovation and value proposition high-quality assets.

The Hong Kong public offering will begin Monday at 9 p.m. Eastern U.S. and will close at midnight Eastern U.S. Time on Sept. 3.

Goldman Sachs) L.L.C. is the sponsor, joint global coordinator, joint bookrunner and joint lead manager for the Offering. Citigroup Global Markets Asia Limited, CMB International Capital Corporation Limited and UBS Group AG are acting as joint global coordinators, joint bookrunners and joint lead managers.