Deal highlights: Hong Kong Listings

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Yum-China,-largest-restaurant-operator,-China,-Hong-Kong

In Hong Kong’s third-largest secondary listing to date this year, Yum China started trading on the Hong Kong Stock Exchange on 10 September. The secondary listing raised the company about HK$17 billion (US$2.2 billion).

Yum China is the largest restaurant operator in China, with brands such as KFC, Pizza Hut and Little Sheep. Jingtian & Gongcheng acted as Chinese legal counsel, and Sidley Austin advised on Hong Kong and American legal matters. Commerce & Finance Law Offices, Freshfields and Simpson Thacher represented the sponsor and underwriters.

Alibaba Group backed ZTO Express completed its US$1.25 billion Hong Kong secondary listing on 18 September. ZTO became the first express delivery company in China listed in both the US and Hong Kong.

Global Law Office and Skadden acted as Chinese and Hong Kong legal advisers to the company. JunHe was the China legal counsel for the sole sponsor and underwriters, while Freshfields acted as the Hong Kong and US legal counsel.