Yum, owner of the KFC and Pizza Hut brands, gets about a third of its operating income and half of its revenue from China, where it is the biggest Western fast-food chain. Hedge fund Corvex Management, which has been urging Yum to spin off its China operations, has said the business could be worth more than Yum’s share price suggests. “In terms of the activist case, we feel the most likely scenario is that Yum does a tax-free spinoff of its China business, pursuing a joint U.S. and Hong Kong listing,” he wrote.