Yum China Seeks Primary Listing In Hong Kong

Yum China Holdings Inc YUMC has applied for a primary listing in Hong Kong to avoid the risk of delisting from the New York Stock Exchange.
The company has received acknowledgment today from the Hong Kong Stock Exchange (HKEX) regarding the application for the Proposed Primary Conversion.
The move comes amidst the tight regulatory scrutiny on Chinese companies.
Yum China Holdings, Inc. is a licensee of Yum! Brands, Inc. YUM in mainland China. It has exclusive rights in mainland China to KFC, Pizza Hut, and Taco Bell.
The company will become dual primary listed on the NYSE and HKEX, subject to approvals.
"Since our secondary listing in Hong Kong in 2020, we have enhanced access to our shareholders in Asia. We have diversified our investor base and tapped into additional capital pools," said Yum China CEO Joey Wat.
Yum China expects the proposed primary conversion to happen on October 24, 2022.
Price Action: YUMC shares are trading higher by 0.60% at $48.35 on the last check Monday.