(Yicai Global) Aug. 31 -- Yum China Holdings, which runs KFC and Pizza Hut in the country, plans to raise about USD2.5 billion from a secondary listing in Hong Kong.

China’s biggest catering company will issue about 41.91 million ordinary shares at up to HKD468 (USD60.39) each, according to the Shanghai-based firm’s prospectus. Split from Yum! Brands, it listed on the New York Stock Exchange in November 2016.

The company’s net profit fell 51.5 percent to USD194 million in the six months ended June 30, it said in an earnings report published last month. Operating revenue slid 17.4 percent to USD3.7 billion. Last year, annual profit was USD713 million on revenue of USD8.8 billion.

While Yum China closed about 35 percent of its eateries in February at the peak of the coronavirus in China, 99 percent had resumed business as of last month and sales are recovering, the prospectus said. KFC and Pizza Hut are its major revenue contributors.

KFC had USD2.6 billion first-half operating revenue in the first half, making up 70.5 percent of Yum China’s total. Pizza Hut reported USD748 million, a 20.5 percent input, while its other brands contributed USD78 million, or 2.1 percent.

Yum China, which also operates Taco Bell, Little Sheep and Huangjihuang, had more than 9,900 outlets in China as of June 30.

Yum China joins a growing list of Chinese companies that went public in the US that are also intent on so-called homecoming listings in Hong Kong or the Chinese mainland. Recent high-profile listings in Hong Kong include internet technology company NetEase and e-commerce firm JD.Com.

Invesco is Yum China’s largest shareholder with a 10.8 percent stake, followed by BlackRock with 7.2 percent and Primavera Capital with 6.3 percent. Primavera and Ant Group became shareholders for USD410 million and USD50 million in September 2016. Primavera founder and Chairman Hu Zuliu is also chairman of Yum China.

Editor: Peter Thomas