Yum China Holdings Inc has raised HK$17.3 billion (US$2.2 billion) in its Hong Kong listing, joining the growing ranks of US-listed Chinese mainland firms selling shares in the financial hub.

The New York-listed company, which operates KFC and Pizza Hut in the world’s most populous country, priced 41.91 million shares at the offering at HK$412 each, according to a statement on Friday. The offer price represents a 4.9 percent discount to its closing price of US$55.92 on Thursday.

The offer price of HK$412 represents a 4.9 percent discount to its closing price of US$55.92 on Thursday

Yum China, the largest restaurant operator in the country, is joining a growing slate of US-listed Chinese mainland companies aiming for a trading foothold the Hong Kong Special Administrative Region as relations between the US and China come under significant strain. US regulators are threatening to restrict Chinese mainland firms’ access to American capital markets if they do not allow authorities to review their audits.

READ MORE: Yum China 'wins approval' for mega Hong Kong 2nd listing

The trend is a boon to Hong Kong, which is riding a wave of investor enthusiasm for initial public offerings in the city. In addition to second listings such as Yum China’s, the city is set to get a big boost from the mega IPO of Jack Ma’s Ant Group, which could raise about US$30 billion through a dual listing in Hong Kong and Shanghai, Bloomberg News has reported.

Other US-listed Chinese mainland firms to have done share sales in the HKSAR include JD.com Inc and NetEase Inc which raised US$7.6 billion between them in June. A number of other firms are also planning second listings in the city, from data center operator GDS Holdings Ltd to e-commerce service provider Baozun Inc.

ALSO READ: Yum China seeks up to US$2.5b from Hong Kong share sale

Yum China operates 10,000 restaurants in over 1,400 cities across China, according to its website. The company reported a sputtering recovery from the effects of the coronavirus pandemic, with sales improving in April and May but weakening again in June, according to its latest earnings. It said comparable sales in the second quarter fell 11 percent from the previous year, and it expects them to remain under pressure in the third quarter.