Yum China (YUMC) officer Lu Xueling sells 23,504 shares after SAR exercise

Rhea-AI Filing Summary

Yum China Holdings, Inc. Controller and PAO Lu Xueling reported several equity transactions in company stock. Lu exercised a stock appreciation right covering 3,726 shares of common stock at a price of $26.56 per share, increasing direct common stock holdings before subsequent transactions. On the same date, Lu disposed of 1,769 shares of common stock back to the issuer at $55.97 per share and sold a total of 23,504 common shares in open‑market transactions at prices reported as $55.92 and $55.83 per share, each executed in multiple trades within disclosed price ranges. Following these transactions, Lu directly owned 9,042 shares of Yum China common stock.

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

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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^*

Lu Xueling

(Last) (First) (Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI F4 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)
	Controller and PAO

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/24/2026		M		3,726	A	$26.56	34,315	D
Common Stock	02/24/2026		D		1,769	D	$55.97	32,546	D
Common Stock	02/24/2026		S		1,957	D	$55.92(1)	30,589	D
Common Stock	02/24/2026		S		21,547	D	$55.83(2)	9,042	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$26.56	02/24/2026		M			3,726	(3)	02/10/2027	Common Stock	3,726	$0	0	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $55.92 to $55.93. The price reported above reflects the weighted average price. 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. This transaction was executed in multiple trades at prices ranging from $55.45 to $56.09. The price reported above reflects the weighted average price. 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.

3. Vested in full.

	/s/ Pingping Liu, Power of Attorney	02/25/2026
	** 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.

FAQ

What insider transactions did Lu Xueling report in Yum China (YUMC) stock?

Lu Xueling reported exercising a stock appreciation right for 3,726 shares and multiple same‑day transactions in Yum China common stock, including a disposition to the issuer and open‑market sales, all on February 24, 2026, with updated direct ownership disclosed.

How many Yum China (YUMC) shares did Lu Xueling sell in the latest Form 4?

Lu Xueling sold 23,504 Yum China common shares in open‑market transactions. These sales were executed in two reported blocks at prices of $55.92 and $55.83 per share, each consisting of multiple trades within specific price ranges detailed in the filing footnotes.

How many Yum China (YUMC) shares does Lu Xueling own after these transactions?

After the reported transactions, Lu Xueling directly owns 9,042 shares of Yum China common stock. This figure reflects the exercise of a stock appreciation right, a disposition of 1,769 shares to the issuer, and the sale of 23,504 shares in open‑market trades on February 24, 2026.

What derivative security did Lu Xueling exercise in Yum China (YUMC)?

Lu Xueling exercised a stock appreciation right covering 3,726 shares of Yum China common stock. The exercise is reported with a price of $26.56 per share and is classified as an exercise or conversion of a derivative security, increasing common share holdings before subsequent dispositions and sales.

Were Lu Xueling’s Yum China (YUMC) stock sales executed at a single price?

No. The filing states the reported sales prices of $55.92 and $55.83 per share are weighted averages. Each transaction was executed in multiple trades within ranges of $55.92–$55.93 and $55.45–$56.09, with full trade‑level details available upon request.