Yum! Brands had a landmark year in 2015, announcing their intention to spin-off their China business into an independent, publicly-traded company. The separation of these two businesses will give shareholders the best of both worlds. Yum! China will be a focused China investment with strong national appeal and major growth potential, while New Yum! will be a global, diversified, franchise company with an optimized capital structure. The report also covers the growth and performance of KFC, Pizza Hut, and Taco Bell, as well as plans for future growth.