Yum China legal chief Pingping Liu sells 1,062 shares

Yum China Holdings, Inc. Chief Legal Officer Pingping Liu exercised 7,452 stock appreciation rights on November 5, 2026, at an exercise price of $26.5600; the rights were vested in full, and 7,452 common shares were acquired.

Available on EDGAR 11/09/2026 - 06:10 AM EST Accepted by SEC EDGAR 11/09/2026 - 06:09 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Yum China Holdings, Inc. Chief Legal Officer Pingping Liu exercised 7,452 stock appreciation rights on November 5, 2026, at an exercise price of $26.5600; the rights were vested in full, and 7,452 common shares were acquired. Liu sold 1,062 common shares at $50.6450 per share and returned 3,913 shares to the issuer at $50.5900 per share.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider LIU Pingping

Role Chief Legal Officer

Sold 1,062 shs ($54K)

Approx. gross sale proceeds $54K

Approx. exercise cost $198K

Share of Position Sold 4.5%

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right F1	7,452	$0.00	$0.00
Exercise	Common Stock	7,452	$26.56	$198K
Sale	Common Stock	1,062	$50.645	$54K
Disposition	Common Stock	3,913	$50.59	$198K

Holdings After Transaction: Stock Appreciation Right — 0 rights (Direct); Common Stock — 18,660 shares (Direct)

Holdings Before and After: Stock Appreciation Right, 7,452 to 0 rights (Direct); Common Stock, 16,183 to 18,660 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: 7,452 rights Exercise price: $26.5600 per share Common shares acquired: 7,452 shares +4 more

7 metrics

Stock appreciation rights exercised 7,452 rights November 5, 2026

Exercise price $26.5600 per share Stock appreciation rights exercised November 5, 2026

Common shares acquired 7,452 shares November 5, 2026

Common shares sold 1,062 shares November 5, 2026

Sale price $50.6450 per share Common shares sold November 5, 2026

Shares returned to issuer 3,913 shares November 5, 2026

Price for shares returned to issuer $50.5900 per share November 5, 2026

Key Terms

Stock Appreciation Right, derivative security, Vested in full

3 terms

Stock Appreciation Right financial

"Stock Appreciation Right exercised"

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.

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Vested in full financial

"Vested in full."

FAQ

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

How many YUMC shares did Chief Legal Officer Pingping Liu sell?

Pingping Liu reported selling 1,062 common shares at $50.6450 per share on November 5, 2026. The same day, Liu returned 3,913 shares to the issuer at $50.5900 per share. No Rule 10b5-1 plan is reported.

How many YUMC stock appreciation rights did Pingping Liu exercise?

Pingping Liu exercised 7,452 stock appreciation rights at an exercise price of $26.5600 on November 5, 2026, resulting in 7,452 common shares acquired. The rights were vested in full.

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^*

LIU Pingping

(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 Legal 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		7,452	A	$26.56	23,635	D
Common Stock	11/05/2026		S		1,062	D	$50.645	22,573	D
Common Stock	11/05/2026		D		3,913	D	$50.59	18,660	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			7,452	(1)	02/10/2027	Common Stock	7,452	$0	0	D

Explanation of Responses:

1. Vested in full.

	/s/ Pingping Liu	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)