SHANGHAI, April 8, 2020 /PRNewswire/ -- Yum China Holdings,
Inc. ("Yum China") (NYSE: YUMC)
today announced that it has completed the acquisition of a
controlling interest in the Huang Ji Huang group, a leading
Chinese-style casual dining franchise business.
Founded in 2004 and headquartered in Beijing, Huang Ji Huang has over 640
restaurants in China and
internationally. The group operates primarily under a franchise
model and its brand portfolio consists of "Huang Ji Huang," an
industry-leading simmer pot brand, as well as "San Fen Bao," a
newly launched Chinese fast food concept in China.
Following the acquisition, Yum
China will establish a Chinese Dining Business Unit
comprising three core Chinese dining brands, Little Sheep, East
Dawning, and Huang Ji Huang. The Company aims to gain a stronger
foothold and enhanced know-how in the Chinese dining space, which
represents a significant share of the dining market in China. With Yum
China's scale and system capabilities, and Huang Ji Huang's
track record and capabilities of product R&D, franchisee
management, and Chinese dining know-how, the acquisition is
expected to create synergies.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements regarding our future business plans and anticipated
synergies from the acquisition. We intend all forward-looking
statements to be covered by the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the fact that they do not
relate strictly to historical or current facts and by the use of
forward-looking words such as "expect," "expectation," "believe,"
"anticipate," "may," "could," "intend," "belief," "plan,"
"estimate," "target," "predict," "likely," "will," "should,"
"forecast," "outlook," "look forward to" or similar terminology.
These statements are based on current estimates and assumptions
made by us in light of our experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors that we believe are appropriate and
reasonable under the circumstances, but there can be no assurance
that such estimates and assumptions will prove to be correct.
Forward-looking statements are not guarantees of performance and
are inherently subject to known and unknown risks and uncertainties
that are difficult to predict and could cause our actual results to
differ materially from those indicated by those statements. We
cannot assure you that any of our expectations, estimates or
assumptions will be achieved, the integration of Huang Ji Huang may
require significant time, attention and resources, and the expected
synergies from the acquisition may not be realized. The
forward-looking statements included in this press release are only
made as of the date of this press release, and we disclaim any
obligation to publicly update any forward-looking statement to
reflect subsequent events or circumstances, except as required by
law. All forward-looking statements should be evaluated with the
understanding of their inherent uncertainty. You should consult our
filings with the Securities and Exchange Commission (including the
information set forth under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations " in our Annual Report on Form 10-K) for
additional detail about factors that could affect our financial and
other results.
About Yum China Holdings, Inc.
Yum China Holdings, Inc. is a licensee of Yum! Brands in
mainland China. It has exclusive rights in mainland China to KFC,
China's leading quick-service restaurant brand, Pizza Hut, the
leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving
innovative Mexican-inspired food. Yum
China also owns the Little Sheep, COFFii & JOY and East
Dawning concepts outright. The Company had 9,200 restaurants in
over 1,300 cities at the end of December
2019. Yum China ranked # 362
on the Fortune 500 list for 2019. In 2020, Yum China was named to the Bloomberg
Gender-Equality Index and was certified as a Top Employer 2020 in
China by the Top Employers
Institute, both for the second consecutive year. For more
information, please visit http://ir.yumchina.com.
Investor Relations Contact:
Tel: +86 21 2407 7556
IR@YumChina.com
Media Contact:
Tel: +86 21 2407 7510
Media@YumChina.com
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SOURCE Yum China Holdings, Inc.