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Company News

Yum China applies for Hong Kong debut amid U.S.-China tensions

FILE PHOTO: A KFC restaurant is seen in Shanghai, China March 12, 2019. REUTERS/Aly Song

(Reuters) - Yum China Holdings Inc YUMC.N filed an application for a secondary listing in Hong Kong on Friday, a rising trend among some Chinese firms to list closer to home in a bid to mitigate risks from escalating U.S.-China tensions.

The owner of KFC, Taco Bell and Pizza Hut restaurants in China expects the New York Stock Exchange to continue to be its primary listing, it said in a filing bit.ly/3gEyh3f.

The company could raise about $2 billion in its Hong Kong listing, Bloomberg reported in June.

Its market capitalization stood at nearly $21 billion, according to Refinitiv data based on its last closing share price on Thursday.

The Nasdaq-listed Chinese e-commerce retailer JD.com JD.O had in June raised $3.87 billion in its Hong Kong secondary listing 9618.HK, the city's biggest so far this year.

Reporting by Akanksha Rana in Bengaluru; Editing by Arun Koyyur

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