Yum China shares slide as much as 4.1% in Hong Kong market debut
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[HONG KONG] Shares of Yum China Holdings fell by as much as 4.1 per cent from their offering price in Hong Kong on Thursday as they made their debut in a secondary listing.
The operator of KFC, Taco Bell and Pizza Hut restaurants in China had sold 41.91 million shares at HK$412 (S$72.75) each, raising US$2.22 billion in the listing.
In early trade, Yum China hit a low of HK$395. The Hang Seng Index traded 0.24 per cent higher.
The weaker opening reverses a recent trend of initial public offerings and secondary listings performing strongly in their Hong Kong debut.
Nongfu Spring jumped 85 per cent when it began trading on Tuesday and closed the session 54 per cent up on its issue price.
Yum China's Hong Kong deal is the city's third largest secondary listing in 2020.
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REUTERS
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