SINGAPORE — Shares of Yum China began trading in Hong Kong on Thursday, but lost more than 5% by the close.
Yum China, which operates fast food restaurants KFC, Taco Bell and Pizza Hut in China, raised $2.22 billion by selling 41.9 million shares at 412 Hong Kong dollars ($53.16) apiece in this secondary listing.
The company has been listed in New York since 2016.
Yum China’s Hong Kong debut comes after the secondary listings of gaming giant NetEase and e-commerce firm JD.com, which raised 21.09 billion Hong Kong dollars ($2.7 billion) and 30.05 billion Hong Kong dollars ($3.87 billion), respectively.
Pedestrians walk past Yum! Brands Shanghai, China
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The string of mega…