Yum China shares rise on first trading day

Shares of Yum China Holdings rose in their first day of trading on the New York Stock Exchange after the spinoff of Yum Brands’ China unit was completed earlier Tuesday morning. Yum China shares, trading under the stock symbol YUMC, rose 2% to $24.72 in early trading. Yum Brands added 40 cents to $62.44. Yum China is the exclusive licensee of Yum Brands in China, including KFC and Pizza Hut, and will pay its former parent a percentage of its sales. With more than 7,300 restaurants, Yum China generated sales of more than $8 billion last year, according to The Wall Street Journal. Just over a year ago, Yum Brands unveiled plans to spin off the China unit, which had been beset by issues such as food-safety scares and stronger competition, after pressure from activist investors.