KFC, Pizza Hut owner formally spins off its China business

Yum Brands spins off China business

Yum Brands, the parent company of KFC, Pizza Hut, and Taco Bell, completed the separation of its China business, Yum China, the company said on Tuesday.

Yum China will begin trading on the New York Stock Exchange today under the ticker "YUMC."

"The successful separation of Yum China marks a major milestone in Yum! Brands' history," said Greg Creed, Chief Executive Officer of Yum! Brands, in a release. "We've established two powerful, independent companies that are each well capitalized with long runways for growth and value creation."

As part of the separation, Yum China will be a licensee of Yum Brands on the China mainland.

Yum Brands consists on nearly 43,000 restaurants in 135 countries while Yum China has more than 7,300 locations in more than 1,100 cities.

Correction: This article has been updated to reflect the number of countries Yum Brands has restaurants in.