Yum China Form 4: SAR exercise and stock sales by Pizza Hut GM

Rhea-AI Filing Summary

Yum China Holdings, Inc. (YUMC) reported an insider equity transaction by its General Manager, Pizza Hut, on 11/20/2025.

The officer exercised a stock appreciation right covering 9,251 shares of common stock at an exercise price of $21.06 per share, which had vested in full. On the same date, the insider reported dispositions of common stock totaling 9,251 shares, including 4,084 shares at $47.71 per share and 5,167 shares at $48 per share.

Following these transactions, the reporting person held 56,602 shares of Yum China common stock with direct ownership.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Kuai Jeff

Role General Manager, Pizza Hut

Sold 5,167 shs ($248K)

Approx. gross sale proceeds $248K

Approx. exercise cost $195K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	9,251	$0.00	$0.00
Exercise	Common Stock	9,251	$21.06	$195K
Disposition	Common Stock	4,084	$47.71	$195K
Sale	Common Stock	5,167	$48.00	$248K

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 56,602 shares (Direct)

Footnotes (1)

1. F1. Vested in full.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/21/2025 - 06:02 AM Learn about SEC filing dates

FAQ

What insider transaction did Yum China (YUMC) report on November 20, 2025?

The General Manager of Pizza Hut at Yum China (YUMC) reported exercising a stock appreciation right and related trades in common stock on 11/20/2025.

How many Yum China (YUMC) shares were acquired through the stock appreciation right?

The insider exercised a stock appreciation right linked to 9,251 shares of Yum China common stock at an exercise price of $21.06 per share.

How many Yum China (YUMC) shares did the insider sell and at what prices?

The reporting person disposed of 4,084 shares at $47.71 per share and 5,167 shares at $48 per share on 11/20/2025, totaling 9,251 shares.

How many Yum China (YUMC) shares does the reporting person own after the transactions?

After the reported transactions, the insider directly owned 56,602 shares of Yum China common stock.

What happened to the Yum China stock appreciation right reported in this Form 4?

The stock appreciation right with an exercise price of $21.06 per share, covering 9,251 shares of common stock and expiring on 02/05/2026, was exercised in full, leaving 0 such derivative securities owned.

What is the role of the insider involved in this Yum China (YUMC) Form 4?

The reporting person is an officer of Yum China Holdings, Inc., serving as General Manager, Pizza Hut.

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^*

Kuai Jeff

(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)
	General Manager, Pizza Hut

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/20/2025		M		9,251	A	$21.06	65,853	D
Common Stock	11/20/2025		D		4,084	D	$47.71	61,769	D
Common Stock	11/20/2025		S		5,167	D	$48	56,602	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	$21.06	11/20/2025		M			9,251	(1)	02/05/2026	Common Stock	9,251	$0	0	D

Explanation of Responses:

1. Vested in full.

	/s/ Pingping Liu, Power of Attorney	11/21/2025
	** 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.