Yum China Shares Slide 4.1% In HK Market Debut

Shares of Yum China Holdings Inc fell by as much as 4.1% 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 each, raising $2.22 billion in the listing.

In early trade, Yum China hit a low of HK$395 ($50.97). The Hang Seng Index traded 0.24% 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% when it began trading on Tuesday and closed the session 54% up on its issue price..

Yum China‘s Hong Kong deal is the city’s third largest secondary listing in 2020.

Reuters