CITIC to sell stake in McDonald's China, HK operations for $430m

CITIC to sell stake in McDonald's China, HK operations for $430m

FILE PHOTO: A man walks a dog past a McDonald's restaurant in Beijing, China December 4, 2023. REUTERS/Tingshu Wang/File Photo

China’s state-owned CITIC Ltd has agreed to sell its 19.23% stake in the company that operates fast-food chain McDonald’s across China and Hong Kong for $430.3 million, fully exiting the business.