Fast food group Yum China’s stock fell on its Hong Kong debut, as the latest so-called “homecoming” listing of a Chinese company struggled to get investors’ pulses racing.
Shares in Yum China, which operates KFC and Pizza Hut restaurants in the world’s second-biggest economy, slipped as much as 4.1 per cent in early morning trading on Thursday after the group raised about $2.2bn earlier this month. Hong Kong’s broader Hang Seng index gained 0.5 per cent.
Yum China’s shares were sold to investors at HK$412 ($53.16) on September 3, then about 5 per cent below the price of the company’s US-listed stock. Their fall on Thursday puts Yum China’s Hong Kong-traded shares below the closing price for the company’s New York-listed American depositary receipts on Wednesday.