Yum China applies for primary listing in Hong Kong to circumvent delisting risk in US
STOCKS
Yum China applies for primary listing in Hong Kong to circumvent delisting risk in US
STOCKS

Yum China applies for primary listing in Hong Kong to circumvent delisting risk in US

 

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Yum China said it has applied for a primary listing in Hong Kong to circumvent a risk of delisting from the New York Stock Exchange amid tight regulatory scrutiny on Chinese companies.

Yum China, which runs the KFC and Taco Bell chains in China, said the conversion from its current secondary listing status to primary listing is expected to be completed in October, subject to shareholder approval. The company will become dual primary listed on the NYSE and the Hong Kong Stock Exchange, it added.

Alibaba Group had said last month it would convert its Hong Kong secondary listing into a dual primary listing. Five US-listed Chinese state-owned firms last week said they would voluntarily delist from the NYSE, after the Securities and Exchange Commission flagged more than 270 companies, including Yum China, for failing to meet US auditing standards.