Yum China (YUMC) CTO exercises 10,000 SARs and disposes 10,000 shares

Rhea-AI Filing Summary

Yum China Holdings Chief Technology Officer Leila Zhang reported multiple equity transactions in company stock. On February 5, 2026, she exercised a stock appreciation right covering 10,000 shares of common stock at a conversion price of $26.56 per share, which the filing notes had vested in full.

On the same date, she acquired 10,000 shares of common stock through this exercise, then disposed of 5,193 shares at a price of $55.25 per share in an open market sale and a further 4,807 shares at $55.25 per share in a separate disposition. After these transactions, Zhang directly beneficially owned 55,018 shares of Yum China common stock and 10,492 stock appreciation rights.

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
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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)
02/05/2026

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	02/05/2026		M		10,000	A	$26.56	65,018	D
Common Stock	02/05/2026		S		5,193	D	$55.25	59,825	D
Common Stock	02/05/2026		D		4,807	D	$55.25	55,018	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	02/05/2026		M			10,000	(1)	02/10/2027	Common Stock	10,000	$0	10,492	D

Explanation of Responses:

1. Vested in full.

	/s/ Pingping Liu, Power of Attorney	02/06/2026
	** 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).
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FAQ

What insider transactions did Yum China (YUMC) report for CTO Leila Zhang?

Yum China reported that CTO Leila Zhang exercised 10,000 stock appreciation rights and acquired 10,000 common shares, then disposed of 10,000 shares in two transactions at $55.25 per share. These moves adjusted her direct holdings in the company.

How many Yum China (YUMC) shares does CTO Leila Zhang hold after the Form 4?

After the reported transactions, CTO Leila Zhang directly beneficially owned 55,018 shares of Yum China common stock. She also held 10,492 stock appreciation rights, reflecting equity-based compensation that remains outstanding following the February 5, 2026 activity.

What stock appreciation right activity did Yum China (YUMC) disclose?

The filing shows a stock appreciation right with a conversion price of $26.56 covering 10,000 shares was exercised on February 5, 2026. A footnote states the award had vested in full, leading to issuance of 10,000 Yum China common shares.

At what price did Yum China (YUMC) stock sell in the insider transaction?

The Form 4 reports that 5,193 shares of Yum China common stock were sold and 4,807 shares were disposed of, each at a price of $55.25 per share on February 5, 2026. These trades followed the exercise of equity awards.

Who is the insider involved in the latest Yum China (YUMC) Form 4 filing?

The insider is Leila Zhang, Chief Technology Officer of Yum China Holdings. She is listed as an officer of the issuer and reported direct beneficial ownership changes in common stock and stock appreciation rights as of February 5, 2026.

What does “vested in full” mean in the Yum China (YUMC) Form 4 footnote?

The footnote states the stock appreciation right “Vested in full.” This means all 10,000 rights had fully vested by the exercise date, allowing immediate conversion into the corresponding number of Yum China common shares without further service or performance conditions.