X0306 4 2016-11-01 0001673358 Yum China Holdings, Inc. YUMC 0001211693 CAMPBELL CHRISTAIN 4755 TAMIAMI TRAIL NORTH, #183 NAPLES FL 34103 1 Stock Appreciation Right 19.00 2016-11-01 4 A 0 47384 0 A 2023-02-06 Common Stock 47384 47384 D Stock Appreciation Right 21.30 2016-11-01 4 A 0 29455 0 A 2024-02-05 Common Stock 29455 29455 D Stock Appreciation Right 22.32 2016-11-01 4 A 0 21695 0 A 2025-02-06 Common Stock 21695 21695 D Stock Appreciation Right 21.06 2016-11-01 4 A 0 3464 0 A 2026-02-05 Common Stock 3464 3464 D Stock Appreciation Right 19.46 2016-11-01 4 A 0 65417 0 A 2022-02-08 Common Stock 65417 65417 D Vesting occurs 25% per year beginning one year from 2/6/2013. Vesting occurs 25% per year beginning one year from 2/5/2014. Vesting occurs 25% per year beginning one year from 2/6/2015 Vesting occurs 25% per year beginning one year from 2/5/2016. Vested in full. The transactions reported on this Form 4 (the "Reported Awards") represent awards made to the Reporting Person pursuant to the terms of the Employee Matters Agreement between the Issuer and YUM! Brands, Inc. dated as of October 31, 2016. Each Reported Award represents the conversion of an award previously granted to the Reporting Person by YUM! Brands, Inc. The Employee Matters Agreement was entered into in connection with the spin-off (the "Spin-Off") of the Issuer from YUM! Brands, Inc.The Reporting Person is also the beneficial owner of 27,597 shares of Common Stock, which shares were acquired by the Reporting Person pursuant to the Spin-Off in a transaction exempt from reporting pursuant to Rule 16a-9. /s/ Pingping Liu, Power of Attorney 2016-11-03