More Chinese firms look for secondary HK listing - report

Tuesday, 23. June 2020 16:43

Yum China Holdings Inc., a fast-food restaurant company incorporated in the United States, but headquartered in Shanghai, confidentially filed for a secondary $2 billion listing on the Hong Kong Stock Exchange, while tech giant Baidu Inc. and logistic services firm ZTO Express Co. Ltd. are considering similar action, the Nikkei Asian Review reported on Tuesday citing sources with knowledge of the plans.

The rising hostilities between China and the United States on multiple fronts were the main motivation behind the moves, the insiders said. In May, US Senate unanimously passed a bill that could force the delisting of Chinese companies from stock exchanges located in America in case of their failure to comply with rules in the US.

Alibaba Group Holding Limited, NetEase Inc. and JD.com Inc. already completed a secondary listing process on the Hong Kong Stock Exchange.

Related Links: Baidu Inc.
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Breaking the News / MS