Baird views the recent Chinese investments in Yum! Brands, Inc. as positive and maintains its Neutral rating with $92 price target.Yum China InvestmentYum Brands announced agreements with Primavera Capital Group (a China-based private equity firm) and Ant Financial Services Group (an online/mobile financial services company) to invest $460 million in Yum China."Although the transaction appears dilutive to prospective Yum China shareholders on the surface, the presence of credible anchor investors who can bring strategic value to the business may help to support the valuation that investors are willing to apply to Yum China after the spinoff," analyst David Tarantino wrote in a note.Tarantino's comments have a point, as Primavera (led by prominent Chinese businessman Fred Hu) was pre-IPO investor in Alibaba Group Holding Ltd and has experience in scaling large businesses within China. On the other hand, Ant Financial operates Alipay, China's largest online payment service, and has investments in other online/delivery businesses in the restaurants industry.Read more