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Yum China applies to add primary listing in Hong Kong

Yum China applies to add primary listing in Hong Kong

FILE PHOTO: A woman walks out a KFC restaurant in Beijing February 25, 2013. REUTERS/Kim Kyung-Hoon

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

The move comes on the heels of an audit dispute between China and the United States, which is threatening to kick out hundreds of Chinese companies listed in New York.

E-commerce giant Alibaba Group Holdings had also said last month it would convert its Hong Kong secondary listing into a dual primary listing.

Five U.S.-listed Chinese state-owned firms, including oil giant Sinopec, 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 U.S. auditing standards.

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.

Source: Reuters

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