Baring declined to comment. Hillhouse, KKR and CIC did not respond to requests for comment. Chinese investment firm Prima-vera Capital and Ant Financial Services Group bought a minority stake in Yum China for US$460 million as part of the spinoff deal in September 2016. Both are still shareholders in the company. Fred Hu, chairman of Primavera who is also the independent chairman of the Yum China board, did not immediately respond to a request for comment. Primavera got two Yum China board seats after the spinoff. The Wall Street Journal first reported the rejection, citing an unidentified person familiar with the matter. Shares of Yum China rose as much as 12 per cent on Tuesday before closing 3.86 per cent higher.