百勝中國業務將分拆上市

　　Yum Brands is to spin off and list its Chinese operations in the biggest shake-up the company behind Kentucky Fried Chicken has seen in almost 20 years, a move that comes just days after it appointed activist investor Keith Meisterto its board.

　　Newly formed company Yum China will become the sole franchisee for Yum Brands in the world’s second-largest economy, with exclusive rights to KFC and its other two fast-food chains Pizza Hut and Taco Bell, with the latter yet to enter the country. Yum shares rose 3.8 per cent to $74.41 in midday trading.

　　Investors had been expecting radical change at Yum, whose Chinese business accounts for about half of group operating profit. Mr Meister’s fund had built up a near-5 per cent stake in the company and earlier this year called for it to split off its Chinese business.

　　It has been a tough year for Yum in China. While its KFC brand was beginning to show signs of recovery after food scandals last year, it was not at the pace that the company had been anticipating, dragged down in part by the country’s economic slowdown.

　　“I am tempted to say that KFC’s best days in China are probably behind them. They are dealing with a lot of tough trends,” said James Roy, analyst at China Market Research in Shanghai. These challenges include rising labour costs and rents, labour shortages, changing consumer tastes and increasing competition.

　　Yum, however, believes that growth in the middle class has a long way to run and that its restaurants in the country could increase in number to 20,000, from 7,000 now.

　　百勝品牌(Yum Brands)將剝離並上市中國營業，這是該公司近20年來最大的範圍重組，幾天前，百勝方才錄用維權投資者基思·邁斯特(Keith Meister)參加公司董事會。百勝是肯德基(KFC)的母公司。

　　新建立的公司——百勝中國(Yum China)將成為百勝在環球第二大經濟體的獨一特許加盟商，將具有肯德基和其他兩個快餐連鎖必勝客(Pizza Hut)和塔可鐘(Taco Bell)的獨家特許謀劃權，塔可鐘還沒有進入中國。百勝股價昨日午盤上漲3.8%，至74.41美元。

　　投資者此前就估計百勝將出台龐大變更，該團體的中國營業約占團體營運利潤的一半。邁斯特的基金積累了百勝近5%的股權，本年早些時刻他曾號令該團體剝離中國營業。

　　百勝中國營業閱歷了艱苦的一年。只管肯德基品牌在客歲的食物醜聞後開端浮現蘇醒跡象，但速率其實不像該公司等待的那末快，在必定水平上遭到中國經濟放緩的拖累。

　　上海中國市場研討團體(China Market Research)剖析師詹姆斯圠伊(James Roy)表現：“我偏向於以為肯德基在中國的最佳時間大概已經由去。他們正應答許多嚴格趨向。” 這些挑釁包含勞動力本錢和房錢賡續上漲、勞動力缺乏、花費者咀嚼轉變和競爭加重。

　　但是，百勝以為，中產階級的強大另有很長的路要走，其在華餐館數目大概會從如今的7000家增至2萬家。