Yum China KFC general manager Wang sells 5,493 shares

Q: How many YUMC shares did Warton Wang sell?

Warton Wang reported selling 5,493 common shares on November 5, 2026, at $50.635 per share, and 3,700 common shares on November 6, 2026, at $50.56 per share. The latter price reflects HK$394.4 per share converted to U.S. dollars at an exchange rate of 7.8. No Rule 10b5-1 plan is reported.

Q: What stock appreciation rights did YUMC General Manager, KFC Warton Wang exercise?

Wang exercised 11,550 stock appreciation rights on November 5, 2026, at a $26.56 exercise price; they vested in full. The exercise was reported alongside the acquisition of 11,550 common shares.

The reported common-stock activity followed full vesting of 11,550 stock appreciation rights at a $26.56 exercise price.

Available on EDGAR 11/09/2026 - 06:16 AM EST Accepted by SEC EDGAR 11/09/2026 - 06:15 AM EST

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Rhea-AI Filing Summary

Yum China Holdings, Inc. reported transactions by Warton Wang, its General Manager, KFC. Wang exercised 11,550 stock appreciation rights on November 5, 2026, at a $26.56 exercise price; the rights vested in full, and 11,550 common shares were acquired. That day, Wang sold 5,493 common shares at $50.635 per share and returned 6,057 shares to the issuer; the reported price was $50.65 per share. On November 6, 2026, Wang sold 3,700 shares on the Hong Kong Stock Exchange at HK$394.4 per share, converted to $50.56 using an exchange rate of 7.8. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 5 txns

Insider Wang Warton

Role General Manager, KFC

Sold 9,193 shs ($465K)

Approx. gross sale proceeds $465K

Approx. exercise cost $307K

Share of Position Sold 15.3%

Type	Security	Shares	Price	Value
Sale	Common Stock ^F1	3,700	$50.56	$187K
Exercise	Stock Appreciation Right ^F2	11,550	$0.00	$0.00
Exercise	Common Stock	11,550	$26.56	$307K
Sale	Common Stock	5,493	$50.635	$278K
Disposition	Common Stock	6,057	$50.65	$307K

Holdings After Transaction: Stock Appreciation Right — 0 rights (Direct); Common Stock — 50,823 shares (Direct)

Holdings Before and After: Stock Appreciation Right, 11,550 to 0 rights (Direct); Common Stock, 54,523 to 50,823 shares (Direct)

Other Insiders: 2 other insiders reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (2)

F1. This transaction was executed on the Hong Kong Stock Exchange on November 6, 2026 (HK Time) at the price of HK$394.4 per share, which was converted to U.S. dollars using an exchange rate of 7.8. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.
F2. Vested in full.

Key Figures

Stock appreciation rights exercised: 11,550 rights Exercise price: $26.56 per share Common shares acquired: 11,550 shares +5 more

8 metrics

Stock appreciation rights exercised 11,550 rights November 5, 2026

Exercise price $26.56 per share Stock appreciation rights exercised on November 5, 2026

Common shares acquired 11,550 shares Reported with the exercise on November 5, 2026

Common shares sold 5,493 shares November 5, 2026; $50.635 per share

Reported price $50.635 per share 5,493-share sale on November 5, 2026

Shares returned to issuer 6,057 shares November 5, 2026; reported price of $50.65 per share

Common shares sold 3,700 shares November 6, 2026, on the Hong Kong Stock Exchange

Reported price $50.56 per share 3,700-share sale; converted from HK$394.4 per share using an exchange rate of 7.8

Key Terms

Stock Appreciation Right, Vested in full, Hong Kong Stock Exchange

3 terms

Stock Appreciation Right financial

"Stock Appreciation Right"

A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.

Vested in full financial

"Vested in full."

Hong Kong Stock Exchange market

"executed on the Hong Kong Stock Exchange"

A major regulated marketplace where shares and other securities of listed companies are bought and sold, the Hong Kong Stock Exchange acts like a large, organized auction house that matches buyers and sellers. It matters to investors because it determines how easily shares can be traded (liquidity), helps set prices through supply and demand, and provides rules and oversight that affect risk, access to companies in the region, and how quickly market-moving news is reflected in stock prices.

FAQ

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How many YUMC shares did Warton Wang sell?

Warton Wang reported selling 5,493 common shares on November 5, 2026, at $50.635 per share, and 3,700 common shares on November 6, 2026, at $50.56 per share. The latter price reflects HK$394.4 per share converted to U.S. dollars at an exchange rate of 7.8. No Rule 10b5-1 plan is reported.

What stock appreciation rights did YUMC General Manager, KFC Warton Wang exercise?

Wang exercised 11,550 stock appreciation rights on November 5, 2026, at a $26.56 exercise price; they vested in full. The exercise was reported alongside the acquisition of 11,550 common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wang Warton

(Last)

(First)

(Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI

200030

(City)

(State)

(Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Yum China Holdings, Inc. [ YUMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	General Manager, KFC

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/05/2026		M		11,550	A	$26.56	66,073	D
Common Stock	11/05/2026		S		5,493	D	$50.635	60,580	D
Common Stock	11/05/2026		D		6,057	D	$50.65	54,523	D
Common Stock	11/06/2026		S		3,700	D	$50.56⁽¹⁾	50,823	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Appreciation Right	$26.56	11/05/2026		M			11,550	⁽²⁾	02/10/2027	Common Stock	11,550	$0	0	D

Explanation of Responses:

1. This transaction was executed on the Hong Kong Stock Exchange on November 6, 2026 (HK Time) at the price of HK$394.4 per share, which was converted to U.S. dollars using an exchange rate of 7.8. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

2. Vested in full.

	/s/ Pingping Liu, Power of Attorney	11/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR