Yum China Launches Hong Kong Public Offering
August 31 2020 - 10:24AM
Dow Jones News
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 chris.wack@wsj.com
(END) Dow Jones Newswires
August 31, 2020 10:09 ET (14:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Yum China (NYSE:YUMC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Yum China (NYSE:YUMC)
Historical Stock Chart
From Jul 2023 to Jul 2024