Yum China applies for Hong Kong debut amid U.S.-China tensions

Yum China Holdings Inc (YUMC.N) filed an application for a secondary listing in Hong Kong on Friday, a rising trend among some Chinese firms to list closer to home in a bid to mitigate risks from escalating U.S.-China tensions.

The owner of KFC, Taco Bell and Pizza Hut restaurants in China expects the New York Stock Exchange to continue to be its primary listing, it said in a filing

The company could raise about $2 billion in its Hong Kong listing, Bloomberg reported in June.

Its market capitalization stood at nearly $21 billion, according to Refinitiv data based on its last closing share price on Thursday.

The Nasdaq-listed Chinese e-commerce retailer (JD.O) had in June raised $3.87 billion in its Hong Kong secondary listing 9618.HK, the city’s biggest so far this year.