Yum China Form 4: KFC GM trades YUMC stock after SAR exercise

Rhea-AI Filing Summary

Yum China Holdings (YUMC) reported an insider equity transaction by its General Manager of KFC. On 11/24/2025, the officer exercised a stock appreciation right with a conversion price of $21.06, resulting in the acquisition of 14,513 shares of common stock.

That same day, the officer sold 8,187 shares of common stock at $48.28 per share and an additional 6,326 shares at $48.32 per share. After these transactions, the officer directly owned 40,521 shares of Yum China common stock. The filing is made for a single reporting person on Form 4.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Wang Warton

Role General Manager, KFC

Sold 8,187 shs ($395K)

Approx. gross sale proceeds $395K

Approx. exercise cost $306K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	14,513	$0.00	$0.00
Exercise	Common Stock	14,513	$21.06	$306K
Sale	Common Stock	8,187	$48.28	$395K
Disposition	Common Stock	6,326	$48.32	$306K

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 40,521 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 11/25/2025 - 06:03 AM Learn about SEC filing dates

FAQ

What insider transaction did Yum China (YUMC) report in this Form 4?

The filing reports that a Yum China officer, the General Manager, KFC, 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 reported transaction?

The officer acquired 14,513 shares of Yum China common stock through the exercise of a stock appreciation right with a conversion price of $21.06 per share.

How many Yum China (YUMC) shares were sold and at what prices?

The officer sold 8,187 shares at $48.28 per share and 6,326 shares at $48.32 per share of Yum China common stock on 11/24/2025.

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

Following the reported transactions, the officer directly owns 40,521 shares of Yum China common stock.

What derivative security was involved in the Yum China (YUMC) Form 4?

The transaction involved a stock appreciation right with a conversion or exercise price of $21.06 per share, covering 14,513 shares of Yum China common stock.

What is the role of the reporting person at Yum China (YUMC)?

The reporting person is an officer of Yum China, serving as General Manager, KFC, and filed the Form 4 as a single reporting person.

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 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, KFC

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/24/2025		M		14,513	A	$21.06	55,034	D
Common Stock	11/24/2025		S		8,187	D	$48.28	46,847	D
Common Stock	11/24/2025		D		6,326	D	$48.32	40,521	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	11/24/2025		M			14,513	(1)	02/05/2026	Common Stock	14,513	$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.