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In the race for China’s fast-food market, Yum China Holdings Inc. (YUMC.US; 9987.HK) is staying well ahead of the pack. The operator of KFC and Pizza Hut restaurants in China passed a major milestone in the first quarter with its 15,000th store opening, as it boosted its presence in the many smaller cities that are home to much of country’s population.
That’s one of the top highlights from the company’s latest quarterly reportissued on Tuesday. Another shows Yum China spent a record $745 million on share buybacks and dividends, often collectively referred to as “returning money to shareholders,” in the first three months of the year. It did that by buying back more of its shares in a single quarter than in any year in its 8-year history as a publicly traded company. It also boosted its quarterly dividend to a new high.