Yum China seeks primary listing in HKEX
It will be dual primary listed as it is also part of the NYSE.
Yum China Holdings, Inc applied to convert its secondary listing status on the main board of the Hong Kong Stock Exchange to a primary listing which is expected to take effect on 24 October.
In a statement, Yum China said it will become dual primary listed on New York Stock Exchange (NYSE) and the HKEX once the proposed conversion is approved by the stock exchange and the stockholders.
"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.
"Dual primary listing would bring us even closer to our employees, customers and other stakeholders. This strategic move would further broaden our shareholder universe, increase liquidity and mitigate the risk of delisting from the NYSE. Looking ahead, we are excited about our long-term prospects in China and remain deeply committed to building a stronger, more resilient and innovative company," Wat added.
Yum China’s common stock on the two exchanges will remain fully fungible and investors can choose to trade their shares on either exchange.