Yum China Holdings Inc (NYSE: YUMC) raised $2.2 billion in its secondary listing in Hong Kong at $53.16 (HKD 412) per share, Bloomberg reported Thursday.

What Happened: The operator of fast food brands such as KFC and Pizza Hut in China sold 41.91 million shares in its Hong Kong offering, people familiar with the matter told Bloomberg.

The price per share represents a 4.9% discount  over the closing price of $55.92 in New York on Thursday.

Why It Matters: Yum China is the latest company listed in the United States to offer stock on Hong Kong amid the backdrop of worsening U.S.-China relationship, Bloomberg noted.

Chinese billionaire’s Ant Group, the fintech arm of Alibaba Group Holding Ltd (NYSE: BABA) is planning a dual listing in Hong Kong and Shanghai targeting a valuation of $225 billion, according to Bloomberg.

Chinese online retailer JD.com Inc’s (NASDAQ: JD) Hong Kong IPO raised nearly $3.9 billion in June. 

Secondary listings in Hong Kong are emerging as a trend as Chinese companies hedge risk of delisting in the U.S. due to increasing tensions between the two countries.

Price Action: Yum China shares closed nearly 3.5% lower at $55.92 on Thursday and declined 1.65% in the after-hours session to $55.

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