Yum China officer trades YUMC stock after 8,708-share SAR exercise

Q: How many Yum China (YUMC) shares were acquired in the transaction?

The officer acquired 8,708 shares of Yum China common stock by exercising a stock appreciation right at an exercise price of $21.06 per share.

Q: How many YUMC shares were sold and at what prices?

On 11/24/2025 , the officer sold 4,888 shares of Yum China common stock at $48.10 per share and 3,820 shares at $48.02 per share.

Q: What happened to the Yum China stock appreciation right disclosed in the filing?

The stock appreciation right with an exercise price of $21.06 , covering 8,708 underlying shares of Yum China common stock, vested in full and was exercised, leaving a remaining balance of 0 derivative securities.

Q: What is the relationship of the reporting person to Yum China (YUMC)?

The reporting person is an officer of Yum China Holdings, Inc., serving as the company’s Chief Supply Chain Officer .

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported insider equity transactions by its Chief Supply Chain Officer on a Form 4. On 11/24/2025, the officer exercised a stock appreciation right at an exercise price of $21.06, acquiring 8,708 shares of common stock. That same day, the officer sold 4,888 shares of common stock at $48.10 and an additional 3,820 shares at $48.02.

After these transactions, the officer directly beneficially owned 18,690 shares of Yum China common stock. The stock appreciation right referenced in the filing, covering 8,708 underlying shares of common stock, is shown as fully vested and has a zero remaining balance following the exercise.

Insider Trade Summary

Net Seller: 4,888 shares ($235,113)

Net Sell 4 txns

Insider HUANG Duoduo (Howard)

Role Chief Supply Chain Officer

Sold 4,888 shs ($235K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	8,708	$0.00	--
Exercise	Common Stock	8,708	$21.06	$183K
Sale	Common Stock	4,888	$48.10	$235K
Disposition	Common Stock	3,820	$48.02	$183K

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 27,398 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

11/25/2025 - 06:07 AM

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^*

HUANG Duoduo (Howard)

(Last)

(First)

(Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI

200030

(City)

(State)

(Zip)

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)
	Chief Supply Chain Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/24/2025

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

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

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

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	11/24/2025		M		8,708	A	$21.06	27,398	D
Common Stock	11/24/2025		S		4,888	D	$48.1	22,510	D
Common Stock	11/24/2025		D		3,820	D	$48.02	18,690	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	$21.06	11/24/2025		M			8,708	⁽¹⁾	02/05/2026	Common Stock	8,708	$0	0	D

Explanation of Responses:

1. Vested in full.

	/s/ Pingping Liu, Power of Attorney	11/25/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did YUMC report on this Form 4?

Yum China Holdings, Inc. reported that its Chief Supply Chain Officer exercised a stock appreciation right and conducted related sales of common stock on 11/24/2025.

How many Yum China (YUMC) shares were acquired in the transaction?

The officer acquired 8,708 shares of Yum China common stock by exercising a stock appreciation right at an exercise price of $21.06 per share.

How many YUMC shares were sold and at what prices?

On 11/24/2025, the officer sold 4,888 shares of Yum China common stock at $48.10 per share and 3,820 shares at $48.02 per share.

How many Yum China shares does the reporting person own after these transactions?

Following the reported transactions, the officer directly beneficially owned 18,690 shares of Yum China common stock.

What happened to the Yum China stock appreciation right disclosed in the filing?

The stock appreciation right with an exercise price of $21.06, covering 8,708 underlying shares of Yum China common stock, vested in full and was exercised, leaving a remaining balance of 0 derivative securities.

What is the relationship of the reporting person to Yum China (YUMC)?

The reporting person is an officer of Yum China Holdings, Inc., serving as the company’s Chief Supply Chain Officer.