百胜中国业务将分拆上市 Yum to spin off and list China unit

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.

百胜品牌(Yum Brands)将剥离并上市中国业务，这是该公司近20年来最大的规模重组，几天前，百胜刚刚任命维权投资者基思·迈斯特(Keith Meister)加入公司董事会。百胜是肯德基(KFC)的母公司。

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.

新成立的公司——百胜中国(Yum China)将成为百胜在全球第二大经济体的唯一特许加盟商，将拥有肯德基以及其他两个快餐连锁必胜客(Pizza Hut)和塔可钟(Taco Bell)的独家特许经营权，塔可钟尚未进入中国。百胜股价昨日午盘上涨3.8%，至74.41美元。

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.

投资者此前就预计百胜将出台重大变革，该集团的中国业务约占集团营运利润的一半。迈斯特的基金累积了百胜近5%的股权，今年早些时候他曾呼吁该集团剥离中国业务。

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.

百胜中国业务经历了艰难的一年。尽管肯德基品牌在去年的食品丑闻后开始显现复苏迹象，但速度并不像该公司期待的那么快，在一定程度上受到中国经济放缓的拖累。

“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.

上海中国市场研究集团(China Market Research)分析师詹姆斯圠伊(James Roy)表示：“我倾向于认为肯德基在中国的最好时光可能已经过去。他们正应对很多严峻趋势。” 这些挑战包括劳动力成本以及租金不断上涨、劳动力短缺、消费者品味改变以及竞争加剧。

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.

然而，百胜认为，中产阶层的壮大还有很长的路要走，其在华餐厅数量可能会从现在的7000家增至2万家。