Primavera-Backed Yum China Completes US Stock Debut, Aims To Triple Restaurant Count

Yum China Holdings, Inc., backed by private equity firm Primavera Capital Group and Ant Financial Services Group, has completed its separation from parent Yum Brands and a U.S. trading debut at an opening price of US$24.51 apiece.

The stock gained 8.04% during the first day to close at US$26.19 on the New York Stock Exchange.

In September, Primavera and Ant Financial agreed to invest a total of US$460 million in Yum China, concurrent to the unit's spinoff from parent. The transactions were completed on October 31.

After the stock debut, which unlikely a traditional IPO essentially constitutes a direct distribution to shareholders, Yum China became a licensee of Yum! Brands in mainland China with exclusive rights to KFC, Pizza Hut, and Taco Bell.

Yum China also owns the Chinese hotpot restaurant chain Little Sheep and Chinese...

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