Yum China CTO Leila Zhang sells 4,994 shares

Leila Zhang's reported transactions included a sale of 4,994 common shares and a return of 5,498 shares to the issuer.

Available on EDGAR 11/09/2026 - 06:17 AM EST Accepted by SEC EDGAR 11/09/2026 - 06:17 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Yum China Holdings, Inc. Chief Technology Officer Leila Zhang exercised 10,492 stock appreciation rights on November 5, 2026, at an exercise price of $26.56, acquiring 10,492 common shares. That day, she sold 4,994 shares at $50.5509 per share and returned 5,498 shares to the issuer at $50.69 per share. The rights were vested in full; no Rule 10b5-1 plan is reported.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Zhang Leila

Role Chief Technology Officer

Sold 4,994 shs ($252K)

Approx. gross sale proceeds $252K

Approx. exercise cost $279K

Share of Position Sold 7.0%

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right F1	10,492	$0.00	$0.00
Exercise	Common Stock	10,492	$26.56	$279K
Sale	Common Stock	4,994	$50.5509	$252K
Disposition	Common Stock	5,498	$50.69	$279K

Holdings After Transaction: Stock Appreciation Right — 0 rights (Direct); Common Stock — 60,438 shares (Direct)

Holdings Before and After: Stock Appreciation Right, 10,492 to 0 rights (Direct); Common Stock, 60,438 to 60,438 shares (Direct)

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

Footnotes (1)

1. F1. Vested in full.

Key Figures

Stock appreciation rights exercised: 10,492 rights Exercise price: $26.56 per share Common shares acquired: 10,492 shares +5 more

8 metrics

Stock appreciation rights exercised 10,492 rights November 5, 2026

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

Common shares acquired 10,492 shares Through exercise of stock appreciation rights on November 5, 2026

Common shares sold 4,994 shares November 5, 2026

Sale price $50.5509 per share Sale on November 5, 2026

Shares returned to issuer 5,498 shares November 5, 2026

Price for shares returned to issuer $50.69 per share Disposition to issuer on November 5, 2026

Stock appreciation rights following transaction 0 rights After transaction on November 5, 2026

Key Terms

Stock Appreciation Right, exercise price, Rule 10b5-1 plan

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.

exercise price financial

"at an exercise price of $26.56"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Rule 10b5-1 plan regulatory

"no Rule 10b5-1 plan is reported"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many YUMC shares did Leila Zhang sell, and at what price?

Leila Zhang, Yum China Holdings, Inc.'s Chief Technology Officer, sold 4,994 common shares at $50.5509 per share on November 5, 2026. On that date, she exercised 10,492 stock appreciation rights at $26.56 per share, acquiring 10,492 common shares, and returned 5,498 shares to the issuer at $50.69 per share.

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^*

Zhang Leila

(Last) (First) (Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI F4 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)
	Chief Technology Officer

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/05/2026		M		10,492	A	$26.56	70,930	D
Common Stock	11/05/2026		S		4,994	D	$50.5509	65,936	D
Common Stock	11/05/2026		D		5,498	D	$50.69	60,438	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	11/05/2026		M			10,492	(1)	02/10/2027	Common Stock	10,492	$0	0	D

Explanation of Responses:

1. 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)