Yum! Brands, Inc. (NYSE: YUM) today announced that it has completed the separation of Yum China Holdings, Inc. ("Yum China") from Yum! Brands, creating two powerful, independent, focused growth companies. Yum China will begin trading "regular way" as an independent company today on the New York Stock Exchange (NYSE) under the ticker symbol "YUMC." Yum! Brands' and Yum China's leadership teams will celebrate the historic milestone by simultaneously ringing today's NYSE Opening Bell from New York and Shanghai. "The successful separation of Yum China marks a major milestone in Yum! Brands' history," said Greg Creed, Chief Executive Officer of Yum! Brands. "We've established two powerful, independent companies that are each well capitalized with long runways for growth and value creation. We couldn't be more excited about what the future holds for both companies." As it executes the transformation outlined last month, Yum! Brands will be in a strong position to maximize the potential of its three iconic KFC, Pizza Hut and Taco Bell brands around the world. Major features of Yum! Brands' transformation and growth strategy involve being more focused, franchised (at least 98% by fiscal year ending 2018) and efficient. In 2016, Yum! Brands optimized its capital structure, and going forward the Company expects to become capital light with improved cash flow and laser-like focus on its key strategies to drive same-store sales and new unit growth worldwide. Mr. Creed continued, "At Yum! Brands, we're focused on building the world's most loved, trusted and fastest-growing restaurant brands. As a 'pure play' franchisor, we believe the transformed Yum! Brands is going to deliver long-term sustainable results by being more focused, efficient, growth oriented and collaborative across our brands and with our franchisees." Additional Details on Yum China Separation In connection with the separation, each Yum! Brands stockholder has received one share of Yum China common stock for each share of Yum! Brands common stock held as of the close of business on October 19, 2016. No fractional shares of Yum China common stock will be issued. Instead, the distribution agent will aggregate fractional shares of Yum China common stock and sell the whole shares in the open market. The aggregate net cash proceeds of the sales will be ratably distributed to those shareholders who would otherwise have received fractional shares of Yum China common stock. Approximately 364 million shares of Yum China common stock were distributed in the separation.