Yum China's new shares were 52 times subscribed by retail investors, a ratio that beat nearly two-thirds of new offerings in the city this year, data compiled by Bloomberg show. Still, Wat struck a note of optimism. The group said last month that it expects an operating loss in the March quarter. drive-thru design, This small business stood for a century, but Covid-19 closed it in months, McDonald's sales plummet in dismal quarter, Cheez-It releases limited-edition box with wine pairing, CEO fears Japan could lose a fifth of its restaurants, How beer delivery saved this Seattle pizza chain, Impossible Foods forces Nestlé to stop selling 'Incredible Burgers' in Europe, Starbucks is adding plant-based meat and oat milk lattes to its menu in China. The losing commencement by Yum China contrasts with what has been a hot market for initial public offerings (IPOs) in Hong Kong. Overall, the tests are fairly limited, running only at a handful of stores from each franchise for a few days. Last month, China’s biggest fast-food chain operator began customizing menus for its corporate clients which allow employees to order food through KFC’s mobile app tailored to their budget. All times are ET. “The traffic is recovering but it still takes some time,” Chief Executive Officer Joey Wat said in an interview Thursday in Shanghai. Sales were expected to remain under pressure this quarter. Hong Kong (CNN Business)Beyond Meat (BYND) is expanding its reach in China, one burger at a time. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Ways to search theedgemarkets.com content, by category: @category "corporate" "hot stock”, Combine search: "high speed rail" @author "Bhattacharjee" @category "From the Edge". New offerings have been particularly popular with Hong Kong retail investors this year, as ample liquidity encouraged banks to lend and more technology firms list in the city, spurred by restrictions imposed on some in the US. The test marks the debut of Beyond Meat's burger in mainland China — a significant step for the California-based company. Goldman Sachs charged in foreign bribery case and agrees to pay over US$2.... EVENING 5: Supermax mulls dual listing on SGX. Delivery is “contactless”: riders drop the food off and stand two meters away to watch people pick up their items. No company selling at least US$1 billion of stock ahead of listing in the city had fallen since Shenwan Hongyuan Group Co dropped 12% in April 2019, according to data compiled by Bloomberg. The tensions are not a big concern for Yum China, chief executive officer Joey Wat told Bloomberg TV today morning. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. HONG KONG (Sept 10): Yum China Holdings Inc recorded the worst stock debut in more than a year among billion-dollar listings in Hong Kong. Also, one-third of Hong Kong's 36 total IPOs since June 1 saw first-day price declines. Food delivery, which contributed about a third of Yum China’s revenue pre-outbreak, has boomed. It previously only offered other alternative meat products in the country. "Hong Kong investors know the business in China a lot better than investors in other places.". Yum China has been working to cash in on the fake meat trend through a series of trials in recent months, including a test of plant-based chicken nuggets at KFC earlier this year and a limited run of plant-based pork tacos at Taco Bell last year. Wat said that the second quarter will still be “challenging”. That chain has more than 600 restaurants. Disclaimer. Pizza Hut will also debut the product, which is the chain's first foray into burgers in China. She added it may not be a bad thing for Yum China that consumer spending slows in the country since people with tighter budgets may opt to go to the likes of KFC. ... whatever and I went to this many interviews and that's how I love because you know I'm the first line. Pizza Hut is now delivering raw steaks -- complete with a recipe that details the exact minutes of frying time -- to home cooks. The losing commencement by Yum China contrasts with what has been a hot market for initial public offerings (IPOs) in Hong Kong. Yum China, which is the local owner of KFC, Pizza Hut and Taco Bell, plans to shake up menus across its franchises for a few days this month as part of a test that could lead to a bigger rollout later on. Most stock quote data provided by BATS. Nurturing a Generation of Future-Ready Leaders at ISKL, US FDA approved HWGB'S JV Partner, EBI to conduct Phase IV clinical trial for prevention of COVID-19, Grab at the forefront of growing Malaysia's digital economy, Allianz Malaysia revamps process of selecting panel of motor repairers, SIRIM ensures public health safety through face mask testing and certification, The state of play in global foreign exchange markets in a digital world, EVENING 5: Felda eyes FGV’s palm oil assets. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. The firm's overall store count hit 10,000 in July, helped by April's acquisition of a controlling interest in Huang Ji Huang. Yum China shares have fallen 15% this year and earlier this month touched their lowest point since last May. The crisis “also gives us opportunities to become more open-minded for innovation,” she said. All rights reserved. Picard, Imperfect Foods' business is booming during the pandemic, See Burger King's new three-lane (yes, 3!) Yum China is also the first US-listed firm to slip on day one since Alibaba Group Holding Ltd started the current run last November of having shares also trade in Hong Kong. Business Insider spoke with Wat at the World Economic Forum in Davos about the brand's plans for growth. Taco Bell's offering will be more subtle, with a new taco that folds in Beyond's burger patty alongside its classic ingredients, such as chipotle and black beans. Joey Wat Matty Murdock. Yum China continues to target opening 800 to 850 new stores this year despite impacts from the coronavirus. The tensions are not a big concern for Yum China, chief executive officer Joey Wat told Bloomberg TV today morning. That's small, considering Yum China has almost 9,300 restaurants across 1,400 cities, including its other brands outside the three fast food chains. "This latest introduction across KFC, Pizza Hut and Taco Bell brands is expected to capture valuable consumer feedback across different regions in China. About 60% of listed restaurant operators in China are at risk of running out of cash within six months, according to data compiled by Bloomberg and company reports. China's retail sales at restaurants and catering businesses fell 11% from a year earlier in July, lagging other consumer segments. Even as China’s domestic infections dwindle to zero after harsh containment measures kept hundreds of millions of consumers at home, people remain fearful to go out as the pandemic widens globally. An earlier version clarified that it was Pizza Hut whose same-store sales missed analyst consensus for the last two quarters, not the company as a whole. © All rights reserved. Have a confidential tip for our reporters? ", Beyond Meat, meanwhile, has recently made inroads in the vast Chinese market. All rights reserved. If all goes well, the company will explore "larger scale rollouts in the future," CEO Joey Wat said in a statement. Pizza Hut’s same-store sales missed analysts’ consensus in the last two quarters prior to the epidemic. If all goes well, the company will explore "larger scale rollouts in the future," CEO Joey Wat said in a statement. NEWS:What does the future hold for newly-listed Econframe? That's good for this company, Uber Eats' new ad pits Luke Skywalker against Capt. Because Yum China directly manages almost all of its outlets -- unlike its former American parent company Yum Brands Inc. which works with franchisees -- it can move more quickly to innovate and tweak its business model. She added the company still aims to open at least 800 stores in China this year. Yum China, which operates 9,200 outlets nationwide according to its latest annual report, has more cash than most to survive even as dine-in demand fell to almost zero and more than 30% of stores were closed during the peak of the epidemic. When reporting second-quarter results, Yum China reported a sputtering recovery from the pandemic, with sales improving in April and May but weakening again in June. 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