Yum China will operate as a publicly traded company and become a franchisee of Yum Brands in mainland China, paying the parent a percentage of its sales for exclusive rights to three of the company's brands - KFC, Pizza Hut and Taco Bell.
brand: Yum China, Pizza Hut; subsidiary: Yum Brands, Pizza Hut; owner_of: Yum Brands, Pizza Hut