Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 468.00 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Yum China |
|---|---|
| Stock Code | 09987 |
| Company Full Name | To be extracted |
| Industry | Consumer Staples |
| Principal Activities | 百勝中國是中國最大的餐飲企業，主要經營肯德基及必勝客等旗艦品牌，並擁有小肥羊、黃記煌、COFFii & JOY、東方既白等新興品牌，在中國大陸地區擁有獨家經營和授權經營權。 |
| Listing Date | 2020-09-10 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國上海市 天鑰橋路20號 百勝中國大廈6樓至16樓 |
| Business Address (Hong Kong) | 香港 九龍 觀塘道418號 創紀之城5期2806號單位 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.yumchina.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | Yes (NYSE) |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 468.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 23,400 |
| Par Value | To be extracted |
| Offer Period | 2020-09-01 to 2020-09-04 |
| Global Offering Shares | 41,910,700 shares |
| HK Public Offer Shares (Initial) | 1,676,500 shares (4.0%) |
| Public Offer Lots (Initial) | 33,530lots (Pool A16,765lots，Pool B16,765lots) |
| International Placing Shares (Initial) | 40,234,200 shares (96.0%) |
| Offer Ratio | ~4.0% |
| Total Shares Post-IPO | 419,106,379 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | No cornerstone investors |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 19,614,207,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 23,400 |
| 2 lots | 100 | HK$ 46,800 |
| 3 lots | 150 | HK$ 70,200 |
| 4 lots | 200 | HK$ 93,600 |
| 5 lots | 250 | HK$ 117,000 |
| 6 lots | 300 | HK$ 140,400 |
| 7 lots | 350 | HK$ 163,800 |
| 8 lots | 400 | HK$ 187,200 |
| 9 lots | 450 | HK$ 210,600 |
| 10 lots | 500 | HK$ 234,000 |
| 12 lots | 600 | HK$ 280,800 |
| 14 lots | 700 | HK$ 327,600 |
| 16 lots | 800 | HK$ 374,400 |
| 18 lots | 900 | HK$ 421,200 |
| 20 lots | 1,000 | HK$ 468,000 |
| 30 lots | 1,500 | HK$ 702,000 |
| 40 lots | 2,000 | HK$ 936,000 |
| 50 lots | 2,500 | HK$ 1,170,000 |
| 60 lots | 3,000 | HK$ 1,404,000 |
| 70 lots | 3,500 | HK$ 1,638,000 |
| 80 lots | 4,000 | HK$ 1,872,000 |
| 90 lots | 4,500 | HK$ 2,106,000 |
| 100 lots | 5,000 | HK$ 2,340,000 |
| 120 lots | 6,000 | HK$ 2,808,000 |
| 140 lots | 7,000 | HK$ 3,276,000 |
| 160 lots | 8,000 | HK$ 3,744,000 |
| 180 lots | 9,000 | HK$ 4,212,000 |
| 200 lots | 10,000 | HK$ 4,680,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 400 lots | 20,000 | HK$ 9,360,000 |
| 800 lots | 40,000 | HK$ 18,720,000 |
| 1,200 lots | 60,000 | HK$ 28,080,000 |
| 1,600 lots | 80,000 | HK$ 37,440,000 |
| 2,000 lots | 100,000 | HK$ 46,800,000 |
| 4,000 lots | 200,000 | HK$ 93,600,000 |
| 6,000 lots | 300,000 | HK$ 140,400,000 |
| 10,000 lots | 500,000 | HK$ 234,000,000 |
| 12,000 lots | 600,000 | HK$ 280,800,000 |
| 14,000 lots | 700,000 | HK$ 327,600,000 |
| 16,765 lots | 838,250 | HK$ 392,301,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 125.12B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 196,141,785,372 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約713百萬美元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
million
USD
Income Statement
| Item | 2017 | 2018 | 2019 |
|---|---|---|---|
| Profit for the year | 424 | 736 | 743 |
Balance Sheet
| Item | 2017 | 2018 | 2019 |
|---|---|---|---|
| Cash and cash equivalents | 1,059 | 1,266 | 1,046 |
| Trade and bills receivables | 79 | 80 | 88 |
| Inventories | 297 | 307 | 380 |
| Total current assets | 1,802 | 1,952 | 2,259 |
| Total assets | 4,287 | 4,610 | 6,950 |
| Total current liabilities | 1,024 | 1,253 | 1,736 |
| Total liabilities | 1,440 | 1,633 | 3,775 |
| Total equity | 2,842 | 2,976 | 3,175 |
| Equity attributable to owners | 2,765 | 2,873 | 3,077 |
Cash Flow Statement
| Item | 2017 | 2018 | 2019 | 2020-06 |
|---|---|---|---|---|
| Net cash from operating activities | 884 | 1,333 | 1,185 | |
| Net cash from investing activities | -557 | -552 | -910 | |
| Net cash from financing activities | -185 | -518 | -480 | |
| Net increase in cash | 174 | 207 | -211 | |
| Purchase of PP&E | -415 | -470 | -435 | -185 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 390.2 |
|---|---|
| First Day Open | HK$ 410.0 |
| First Day Change | -5.29% |
| First Day Volume | 7743600.0 |
| First Day Turnover | 3083210000.0 |
| Use of Proceeds | 1、約45%或7,651百萬港元，將用于擴大及深化我們的餐廳網絡；
2、約45%或7,651百萬港元，將用于投資于(i)數字化及供應鏈；(ii)食品創新及價值定 位；及(iii)優質資產；
3、約10%或1,700百萬港元，將用于我們的運營資金及一般公司用途。 |
Underwriting Syndicate
Sole Sponsor (1)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Overall Coordinators (4)
Joint Bookrunners (11)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Citigroup Global Markets Asia Limited CE AAA137
CMB International Capital Limited CE AVM940
UBS Securities Hong Kong Limited CE BIN466
ABCI Securities Company Limited CE ACX411
oOo Securities (HK) Group Limited CE AJH488
BOCI ASIA LIMITED CE AET863
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA LIMITED CE AAB893
香港上海汇丰银行有限公司 CE AAA523
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Joint Lead Managers (11)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Citigroup Global Markets Asia Limited CE AAA137
CMB International Capital Limited CE AVM940
UBS Securities Hong Kong Limited CE BIN466
ABCI Securities Company Limited CE ACX411
oOo Securities (HK) Group Limited CE AJH488
BOCI ASIA LIMITED CE AET863
China International Capital Corporation Hong Kong Securities Limited CE AEN894
CLSA LIMITED CE AAB893
香港上海汇丰银行有限公司 CE AAA523
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
Cornerstone Investors
This stock has no cornerstone investors.
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 胡祖六 | — |
| Company Secretary | 張玲;黃暉 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 主要股東包括Invesco Ltd.(10.8%)、BlackRock, Inc.(7.2%)及Primavera Capital Management Ltd(6.3%)。 |
|---|
