Yum China Holdings
NYSE and HKEX-listed operator of KFC, Pizza Hut and other restaurant brands in China, spun off from Yum! Brands in 2016; bought the Pizza Hut brand in mainland China for 1.2 billion dollars in August 2026.
Industry: Restaurants | Location: Shanghai, China | Founded: 2016
About Yum China Holdings
Yum China Holdings, Inc. is a Delaware holding company whose restaurant operations are almost entirely in China. Its 2025 10-K calls it the largest restaurant company in China by system sales. Its shares are listed on the New York Stock Exchange as YUMC and on the Stock Exchange of Hong Kong as 9987, and its annual report lists principal executive offices in Plano, Texas, and Shanghai.
The company was incorporated in Delaware on 1 April 2016 and separated from Yum! Brands on 31 October 2016 through a pro rata distribution of shares to Yum! shareholders. It holds the exclusive right to operate and sublicense KFC and Pizza Hut in China, excluding Hong Kong, Macau and Taiwan, and, on agreed terms, Taco Bell. Joey Wat has been chief executive since March 2018, Adrian Ding chief financial officer since March 2025, and Fred Hu chairman, according to a Hong Kong exchange filing of August 2025.
At 31 December 2025 Yum China had 18,101 restaurants in more than 2,500 cities, about 83 percent of them company-operated, including 12,997 KFC and 4,168 Pizza Hut, across six brands. At 30 June 2026 it had 19,297 restaurants, including 13,789 KFC and 4,549 Pizza Hut. It had about 290,000 employees at the end of 2025. Digital ordering accounted for about 94 percent of company sales in 2025.
On 16 June 2026 Yum China agreed to buy the Pizza Hut brand in mainland China from Yum! Brands for 1.2 billion dollars, and completed the purchase on 7 August 2026. It said it would no longer pay Yum! a 3 percent licence fee and raised its target for net new Pizza Hut openings to more than 800 a year in 2027 and 2028.
For 2025 Yum China reported revenues of 11.8 billion dollars, and returned 353 million dollars in dividends and 1,136 million in share repurchases. In the second quarter of 2026 revenues were 3,138 million dollars, up 13 percent, and net income attributable to the company was 244 million. It aims for 20,000 stores in 2026.
Leadership
- Joey Wat, Chief Executive Officer and Executive Director
- Fred Hu, Chairman and Independent Director
- Adrian Ding, Chief Financial Officer
- Warton Wang, General Manager, KFC
- Jeff Kuai, General Manager, Pizza Hut
- Leila Zhang, Chief Technology Officer
- Pingping Liu, Chief Legal Officer
- Jerry Ding, Chief People Officer