Hillhouse Capital in talks to buy Yum China: The Information

China’s Hillhouse Capital Group is in talks to buy Yum China Holdings Inc (YUMC.N), which operates KFC restaurants in the country, the Information news website reported on Thursday.

Hillhouse is planning to form a consortium with other investors for the deal, the report said, citing three people briefed on the matter.

The talks are at an early stage and the transaction’s value is still being discussed, the Information reported, adding talks could still fall apart.

Yum China has a market capitalization of $12.74 billion. Its shares rose 15 percent on the New York Stock Exchange and were on track for their best one-day performance since the company was spun off in 2016 from Yum Brands (YUM.N).

Hillhouse, an investment firm founded in 2005, has investments in a host of Chinese companies including Baidu Inc (BIDU.O) and JD.com Inc (JD.O), as well as U.S. short-term home rental service Airbnb, according to its website.

Neither Hillhouse nor Yum China were immediately available for comment outside regular business hours.