Yum China (YUMC) CTO Form 4 shows option exercise and insider stock sale

Rhea-AI Filing Summary

Yum China Holdings (YUMC) reported an insider transaction by its Chief Technology Officer. On 12/11/2025, the officer exercised a stock appreciation right tied to 13,876 shares of common stock at an exercise price of $21.06 per share, receiving those shares. On the same day, the officer sold 7,689 shares of common stock in market transactions at a weighted average price of $47.22 per share, with trades executed between $47.22 and $47.23.

After these transactions, the officer directly held 52,075 shares of Yum China common stock. The stock appreciation right related to 13,876 shares was fully vested and, following the exercise, no derivative securities of that grant remained outstanding.

Insider Trade Summary

Net Seller: 7,689 shares ($363,075)

Net Sell 4 txns

Insider Zhang Leila

Role Chief Technology Officer

Sold 7,689 shs ($363K)

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Right	13,876	$0.00	--
Exercise	Common Stock	13,876	$21.06	$292K
Sale	Common Stock	7,689	$47.22	$363K
Disposition	Common Stock	6,187	$47.24	$292K

Holdings After Transaction: Stock Appreciation Right — 0 shares (Direct); Common Stock — 65,951 shares (Direct)

Footnotes (1)

1. This transaction was executed in multiple trades at prices ranging from $47.22 to $47.23. 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. Vested in full.

Form 4 Insider Transactions: What Each Field Means →

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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	12/11/2025		M		13,876	A	$21.06	65,951	D
Common Stock	12/11/2025		S		7,689	D	$47.22(1)	58,262	D
Common Stock	12/11/2025		D		6,187	D	$47.24	52,075	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	12/11/2025		M			13,876	(2)	02/05/2026	Common Stock	13,876	$0	0	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $47.22 to $47.23. 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. Vested in full.

	/s/ Pingping Liu, Power of Attorney	12/12/2025
	** 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.

FAQ

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

The filing shows the Chief Technology Officer exercised a stock appreciation right for 13,876 shares of common stock at an exercise price of $21.06, then sold 7,689 shares of common stock on 12/11/2025.

Who is the reporting person in this Yum China (YUMC) Form 4 and what is their role?

The reporting person is an officer of Yum China Holdings, Inc., serving as the company’s Chief Technology Officer.

How many Yum China (YUMC) shares does the officer own after the reported transactions?

Following the reported transactions on 12/11/2025, the officer directly owned 52,075 shares of Yum China common stock.

At what prices were the Yum China (YUMC) shares sold in the reported transaction?

The 7,689 shares of Yum China common stock were sold at a weighted average price of $47.22 per share, with individual trade prices ranging from $47.22 to $47.23.

What happened to the stock appreciation right reported by the Yum China (YUMC) officer?

The officer exercised a stock appreciation right with an exercise price of $21.06 covering 13,876 underlying shares on 12/11/2025, and that award was reported as fully vested with 0 derivative securities remaining afterward.

Is the Yum China (YUMC) Form 4 filing for an individual or a group?

The document indicates it is a Form filed by one reporting person, not a joint or group filing.