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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