Sidley Austin has advised Yum China Holdings on its HK$17.3 billion ($2.2 billion) secondary listing on the mainboard of the Stock Exchange of Hong Kong, with Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett counselling the sole sponsor, underwriters, joint global coordinators and bookrunners.

Based on 2019 sales, Yum China, a licensee of Yum! Brands, is Mainland China’s leading quick service restaurant. Yum! Brands operates brands like KFC, Taco Bell and Pizza Hut.

Yum China was listed on the NYSE for the first time in 2016, and became the fourth U.S.-listed company to complete its secondary listing in Hong Kong under Chapter 19C of the listing rules of the HKEX.

The Freshfields team was led by partners Teresa Ko and Richard Wang, while partners Constance Choy, Paul L. Choi, Mengyu Lu and Meng Ding led the Sidley Austin team. Meanwhile, partner Daniel Fertig led the Simpson Thacher & Bartlett team.


To contact the editorial team, please email