Yum China Holdings, Inc. Chief Legal Officer LIU Pingping filed a Form 4 on November 9, 2026, disclosing three transactions in common stock on November 5, 2026, including the exercise of fully vested Stock Appreciation Rights.

Key Highlights

  • SAR exercise: LIU Pingping exercised 7,452 Stock Appreciation Rights (transaction code M) at a conversion price of $26.56 per share on November 5, 2026, acquiring 7,452 shares of common stock.
  • Open-market sale: 1,062 shares were disposed of (transaction code S) at $50.645 per share on the same date.
  • Additional disposition: 3,913 shares were disposed of (transaction code D) at $50.59 per share on November 5, 2026.
  • Remaining holdings: Following all reported transactions, LIU Pingping directly owned 18,660 shares of common stock, according to the filing.
  • SAR status: The filing notes that the exercised Stock Appreciation Rights "vested in full," with an expiration date of February 10, 2027.
  • Issuer and exchange: The filing identifies the issuer as Yum China Holdings, Inc., traded on NYSE:YUMC.

LIU Pingping's November 5 Transactions in Yum China Common Stock

According to the Form 4 filed with the SEC, LIU Pingping, identified in the filing as Chief Legal Officer of Yum China Holdings, Inc. (NYSE:YUMC), reported three separate transactions in the company's common stock, all dated November 5, 2026. The first was the exercise of 7,452 Stock Appreciation Rights at a conversion or exercise price of $26.56, resulting in the acquisition of 7,452 shares. The filing states the rights "vested in full" and carried an expiration date of February 10, 2027. Following that exercise, LIU Pingping's direct beneficial ownership stood at 23,635 shares.

Subsequently, two dispositions reduced that position. Under transaction code S, 1,062 shares were sold at a price of $50.645 per share, bringing the direct holdings to 22,573 shares. Under transaction code D, an additional 3,913 shares were disposed of at $50.59 per share. After both dispositions, the filing reports a remaining direct beneficial ownership of 18,660 shares of common stock. All ownership reported in the filing is listed as direct.

The filing was signed by Pingping Liu and dated November 9, 2026. No indirect ownership positions were reported in the filing, and no amendment to a prior filing was indicated.

What Was Disclosed

The filing disclosed three November 5, 2026 transactions by Yum China's Chief Legal Officer: the exercise of 7,452 fully vested Stock Appreciation Rights, a sale of 1,062 shares at $50.645, and a disposition of 3,913 shares at $50.59, leaving 18,660 shares directly held.