China Wealth Fund Said to Back Takeover of Yum Brands Spinoff

China Investment Corp. is backing a potential takeover of Yum China Holdings Inc., people with knowledge of the matter said, in a deal that would be the biggest-ever Chinese acquisition of a consumer company.

The sovereign fund and DCP Capital, the investment firm run by former KKR & Co. senior executives, are part of a consortium with Hillhouse Capital that’s considering a buyout of the operator of KFC and Pizza Hut outlets in China, according to the people. Yum China, spun off from Yum! Brands Inc. in 2016 and listed in New York, has a market value of $13.6 billion. ...