Yum China Holdings Limited (NYSE: YUMC and HKEX: 9987) was spun off from Yum! Brands (NYSE: YUM) in 2016 and independently listed on the New York Stock Exchange. In 2020, it was also dual-listed on the Hong Kong Stock Exchange. Today, the company is dual-listed as a primary issuer on both the New York Stock Exchange and the Hong Kong Stock Exchange. Yum China is China's largest restaurant company in terms of system sales, recording revenue of 11.3 billion U.S. dollars in 2024. As of the end of 2024, the company operated 16,395 restaurants, covering more than 2,200 towns across China. Its restaurant network includes flagship brands KFC and Pizza Hut, as well as emerging brands such as Lavazza, Huang Jihuang, Little Sheep, and Taco Bell. KFC entered the Chinese market in 1987 and, based on 2024 system sales, is China's leading and largest fast-food chain. Pizza Hut opened its first restaurant in Beijing in 1990, and according to 2024 system sales, it is China's leading and largest casual dining brand. Yum China is a Fortune 500 company.