The owner of KFC and Taco Bell completed the spinoff of its China division, which will begin trading on the New York Stock Exchange at some point after the opening bell.
The new company, Yum China Holdings Inc., will run the KFC and Pizza Hut chains in mainland China. It also plans to open the first Taco Bell there before the end of this year. In all, Yum China has 7,300 restaurants in China.
Yum China Holdings Inc., which is based in Shanghai, will begin trading on the New York Stock Exchange today under the ticker symbol "YUMC."
Shareholders of the parent company, Yum Brands Inc., based in Louisville, Kentucky, get one share of Yum China for each share of Yum Brands they own.
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