SHANGHAI, Nov. 2, 2023
/PRNewswire/ -- Yum China Holdings, Inc. (the "Company" or
"Yum China") (NYSE: YUMC and HKEX: 9987) today reported that
its Board of Directors (the "Board") has increased the Company's
share repurchase authorization by $1
billion to an aggregate of $3.4
billion.
From 2017 to November 1,
2023, the Company repurchased approximately 36
million shares of common stock for $1.6
billion.
This increase brings the total remaining authorization
to approximately $1.8 billion.
"The Board's approval to expand our share repurchase program
aligns with our capital allocation plan we articulated during our
Investor Day in September —— to return $3
billion to shareholders through dividends and share
repurchases from 2024 to 2026. Over the past three years, we have
fortified our resilience, strengthened our competitive position,
and laid the foundation for future growth. With the recent launch
of our 'RGM 2.0' strategy, we are confident in our
capabilities to harness the vast growth opportunities China
continues to offer," said Joey Wat,
CEO of Yum China. "Bolstered by our
strong balance sheet and robust cash flow generating capabilities,
we are well-positioned to effectively balance operational needs,
invest for long-term growth and return capital to
shareholders."
Yum China may repurchase shares
under this authorization from time to time in the open market or,
subject to applicable regulatory requirements, through privately
negotiated transactions, block trades, accelerated share repurchase
transactions and the use of Rule 10b5-1 trading plans. The
authorization has no expiration date.
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 the Company's business strategy and capital
allocation strategy. 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 "goal," "expect," "expectation," "believe," "anticipate,"
"may," "could," "intend," "belief," "plan," "estimate," "target,"
"predict," "project," "likely," "will," "continue," "should" 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 include, without limitation,
statements regarding goal for shareholder return through dividends
and share repurchases. 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 or events 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
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. Numerous factors could cause our actual results or events to
differ materially from those expressed or implied by forward-
looking statements. In addition, other risks and uncertainties not
presently known to us or that we currently believe to be immaterial
could affect the accuracy of any such forward-looking statements.
All forward-looking statements should be evaluated with the
understanding of their inherent uncertainty. You should consult our
filings with the SEC (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 and subsequent Quarterly Reports on Form 10-Q)
for additional detail about factors that could affect our financial
and other results.
About Yum China Holdings, Inc.
Yum China is the largest
restaurant company in China with a
mission to make every life taste beautiful. The Company has over
400,000 employees and operates over 14,000 restaurants under six
brands across 1,900 cities in China. KFC and Pizza Hut are the leading
brands in the quick-service and casual dining restaurant spaces in
China, respectively. Taco Bell
offers innovative Mexican-inspired food. Yum China has also partnered with Lavazza to
develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine.
Yum China has a world-class,
digitalized supply chain which includes an extensive network of
logistics centers nationwide and an in-house supply chain
management system. Its strong digital capabilities and loyalty
program enable the Company to reach customers faster and serve them
better. Yum China is a Fortune 500
company with the vision to be the world's most innovative pioneer
in the restaurant industry. For more information, please visit
http://ir.yumchina.com.
Investor Relations Contact:
Tel: +86 21 2407 7556 /+852 2267 5801
IR@YumChina.com
Media Contact:
Tel: +86 21 2407 7510
Media@YumChina.com
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SOURCE Yum China Holdings, Inc.