The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Yum IPO hits the spot as Chinese firms target Hong Kong listings

As the US turns its back on China, US-listed mainland firms are rushing to complete secondary share sales. For all the challenges facing Hong Kong, this week’s market debut by JD.com and Yum China’s $2 billion beauty parade, are signs of a market in rude health.

HK stock exchange 780
A flag bearing the logo of the Hong Kong Exchanges and Clearing Limited flies in Hong Kong, China January 24, 2018. REUTERS/Bobby Yip - RC148B01CC40
Bobby Yip/REUTERS

For investment bankers in Hong Kong, June 19 will be just another in a long line of very big days. On Friday morning, they will be ushered in, bank by bank, to meet in person – no Zoom meetings here – the senior management of Yum China.

At stake in the city’s latest big-ticket beauty parade is one of a handful of global coordinator spots on Yum’s secondary listing. Bankers tip the Hong Kong sale to raise north of $2 billion, generating millions of dollars in fees.

A spokesman for Goldman Sachs, which is sponsoring the stock sale, declined to comment.

Beijing-based CICC is likely to be named a joint global coordinator, leaving one and possibly two roles on the IPO syndicate up for grabs.

Taken in isolation, the stock offering could be seen as just another sign of the return to form of Hong Kong’s capital markets, as the initial wave of the Covid pandemic ebbs.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree