Yum China Master Franchise Agreement

Little sheep. Little Sheep is a casual restaurant brand with roots in Inner Mongolia, China, specializing in hot food, which is very popular in China, especially during the winter months. As of December 31, 2016, Little Sheep had more than 240 units in China and international markets. Of these, more than 200 units have been franchised. Risks associated with separation and related transactions, such as.B. a) significant tax obligations if the distribution is not considered a generally tax-free transaction for the United States. The plan is administered by a committee, usually the compensation committee of the board of directors. The Company maintains a website for www.yumchina.com. The Company`s website and the information contained therein or associated with it are not incorporated by reference into this prospectus. Huang Ji Huang.

In April 2020, we completed the acquisition of a majority stake in Huang Ji Huang. Huang Ji Huang was founded in 2004 and had more than 600 restaurants in China and abroad as of June 30, 2020. Huang Ji Huang mainly operates a franchise model and is an industry-leading Simmertopf brand. .

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