Yum China Holdings, Inc. Cross-Border Listing Case Study

This case study details the cross-border secondary listing of Yum China Holdings, Inc. on the Hong Kong Stock Exchange (HKEX) and the collaboration with Computershare to achieve this goal. The project involved the establishment of a new Computershare entity in Hong Kong and the development of compliance protocols to meet regulations in both the U.S. and Hong Kong. The initiative required the coordination of 70 subject matter experts across 16 teams globally, addressing complex operational and technology challenges. The project was accelerated to deliver results in just over six months, leading to a successful listing on September 10, 2020, and raising $2.2 billion USD in new capital. The case study highlights the innovative solutions implemented to ensure smooth migration of shareholder records and the establishment of fungible shares that can be traded on both the NYSE and HKEX. Additionally, it discusses the potential for participation in Southbound Stock Connect, linking Hong Kong and Shanghai exchanges.