Yum China to work with CICC, Goldman on Hong Kong listing

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Yum China Holdings Inc. is working with China International Capital Corp. and Goldman Sachs Group Inc. on the preparations of its proposed second listing in Hong Kong, according to people familiar with the matter.

The operator of Pizza Hut and KFC restaurants in China is working with the banks on the share sale, which could take place as soon as this year, said the people, who asked not to be identified as the information is private.

Details of the proposed offering could still change as deliberations are at an early stage, the people said. A representative for Goldman Sachs declined to comment, while representatives for Yum China and CICC didn’t immediately respond to requests for comment.

The New York-listed Yum China could follow the footsteps of e-commerce giant Alibaba Group Holding Ltd., which raised about $13 billion in a Hong Kong share sale in November, setting the stage for overseas-listed Chinese companies to seek a second listing closer to home.

Hong Kong Exchanges & Clearing Ltd. is discussing with Chinese technology firms including Trip.com Group Ltd. and NetEase Inc. for possible share sales in the city, people with knowledge of the matter told Bloomberg News earlier this month.

IFR reported last week that Yum China is considering a listing in Hong Kong which could raise as much as $2 billion, citing unidentified people.

Yum China was spun off from Louisville, Kentucky-based Yum! Brands Inc. in 2016. The unit, which also operates Mongolian hotpot chain Little Sheep as well as Taco Bell in China, had more than 8,900 restaurants across the world’s second largest economy as of the end of September. It hired about 450,000 people in the country, according to its latest presentation.

The company in August agreed to buy a controlling stake in Huang Ji Huang Group, a Chinese-style simmer pot restaurant operator. Yum China rejected a buyout offer from an investor group led by Hillhouse Capital Corp. in 2018, Bloomberg News reported at that time.

Bloomberg 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.