<News Alert> Yum China (9987.HK) Application of Primary Conversion of Exchange to HKEX
Yum China (9987.HK) Application of Primary Conversion of Exchange to HKEX
- Yum China has applied for a Primary Conversion from NYSE to HKEX, according to its Company Filings on HKEX yesterday.
- The Company will hold a Special Meeting on or around October 11 2022 to seek Shareholders’ approval in relation to Primary Conversion. In condition upon Shareholders’ approval, and obtaining necessary approvals from the Stock Exchange, Yum China will effectively become dual-primary listed on NYSE and HKEX. The effective date of the Primary Conversion is expected to be on October 24th 2022.
- The Special Meeting would also grant to approve the grant of (i) issuance mandate to the Directors to issue shares or securities convertible into shares not exceeding 20% of issued shares, and (ii) repurchase mandate to Directors not exceeding 10% of total issued number of shares.
- Yum China was previously named by the US Securities and Exchange Commission that it had faced the potential of delisting if they do not comply with the Holding Foreign Companies Accountable Act by 2024.
- This news should come as a positive to Yum China (9987.HK) as it ensures Yum China has taken active steps to safeguard the interests of shareholders. Our last rating was a BUY.