Yum China Announced it Acquired a 5% Equity Interest in Fujian Sunner Development
Yum China Holdings, Inc. ("Yum China") (NYSE: YUMC) today announced that it has acquired a 5% equity interest in Fujian Sunner Development Co., Ltd. ("Sunner", SZSE: 002299).
· 03/16/2021 05:27
Yum China Holdings, Inc. ("Yum China") (NYSE:YUMC) today announced that it has acquired a 5% equity interest in Fujian Sunner Development Co., Ltd. ("Sunner", SZSE: 002299). Founded in 1983 and headquartered in the Fujian Province, Sunner is China's largest white- feathered chicken producer. Sunner has a vertically integrated business model covering the full production chain, which primarily includes chicken breeding and farming, feed processing and meat processing. "We are excited to become a strategic investor in Sunner, our largest poultry supplier. Yum China and Sunner are longstanding business partners. The management team of Sunner has demonstrated exceptional execution capabilities over the years," said Joey Wat, CEO of Yum China. "With this strategic investment, we look forward to enhancing Yum China's supply chain security and deepening our collaborations with Sunner, including in the areas of product development and innovations." "Yum China has long been Sunner's largest customer and an integral part of our growth since the beginning. Sunner is delighted to welcome Yum China as our strategic investor," said Guangming Fu, Founder and Chairman of Sunner. Yum China is the largest restaurant company in China in terms of 2020 system sales, with 10,506 restaurants in over 1,500 cities at the end of December 2020.