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Freshfields advises on the secondary listing of Yum China in Hong Kong

Freshfields Bruckhaus Deringer (‘Freshfields’) has provided Hong Kong law advice to the sole sponsor, joint global coordinators and joint bookrunners in the secondary listing of Yum China Holdings, Inc. (‘Yum China’) on the Hong Kong Stock Exchange (‘HKSE’). The offering raised proceeds of US$2.2bn. Trading in the shares on the HKSE commenced today (10 September 2020).
With over 10,000 restaurants across China and overseas, Yum China is the country’s largest restaurant company based on 2019 System sales. It operates the flagship KFC and Pizza Hut brands (among others). It was first listed on the New York Stock Exchange in 2016 and, as a result of its secondary listing, becomes the fourth US-listed company to complete a secondary listing in Hong Kong under Chapter 19C of the Hong Kong Listing Rules. It is also the first Delaware-incorporated company to list shares on the HKSE.
The Freshfields team advising on the transaction was led by partner and China Chairman Teresa Ko and partner and head of China ECM Richard Wang.

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About Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on groundbreaking and business-critical mandates. Our more than 2,800 lawyers deliver results from 27 offices worldwide alongside advice from the leading local firms. Our commitment, local and multinational expertise and business know-how mean our clients rely on us when it matters most.
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