Primavera Capital sells $1.1b Yum China stake

Fred Hu Zuliu's Primavera Capital cashed in HK$1.1 billion by offloading 3.2 million shares of Yum China (9987) last Thursday, data from the stock exchange showed.

It sold 3.19 million shares at an average price of US$45.125 (HK$351.975) on November 3 and collected US$144 million from the sale. Its stake in the firm, which runs KFC and Pizza Hut restaurants in China, as a result, dropped from 3.92 percent to 3.16 percent.

The filing showed that the sale was at the request of an ultimate withdrawing limited partner of Primavera and some of the proceeds were distributed to it.

Hu, the former Greater China chairman at Goldman Sachs, founded Primavera Capital in 2010.

Shares of Yum China slid 2.1 percent to HK$391.2 yesterday. The company's net profit nearly doubled to US$206 million in the third quarter from last year.