Yum! Brands Inc., owner of the KFC and Pizza Hut fast-food chains, won Chinese approval to buy Mongolian hot-pot seller Little Sheep Group Ltd. (968) to extend its lead as the nation’s biggest restaurant operator. Little Sheep’s shares surged to a record high in Hong Kong trading.
Little Sheep jumped 15 percent to HK$6.37 at the close, the highest level since its initial share sale in June 2008. The hot-pot seller’s shares plunged 12 percent on Oct. 26, the most in three years, after Chinese regulators extended the review period of the bid.