X0306 4 2016-11-01 0001673358 Yum China Holdings, Inc. YUMC 0001685821 Lee Ted 16/F TWO GRAND GATEWAY 3 HONG QIAO ROAD SHANGHAI F4 200030 CHINA 1 VP & Brand GM Little Sheep Stock Appreciation Right 22.32 2016-11-01 4 A 0 4060 0 A 2025-02-06 Common Stock 4060 4060 D Stock Appreciation Right 21.06 2016-11-01 4 A 0 4614 0 A 2026-02-05 Common Stock 4614 4614 D Restricted Stock Unit 2016-11-01 4 A 0 6994 0 A Common Stock 6994 6994 D Vesting occurs 25% per year beginning one year from 2/6/2015 Vesting occurs 25% per year beginning one year from 2/5/2016. Conversion occurs on a one-for-one basis. Vesting occurs 25% on the first two anniversaries of 1/4/2016 and the remaining 50% will vest on the third anniversary of 1/4/2016. This grant does not have an expiration date. 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 spinoff of the Issuer from YUM! Brands, Inc. /s/ Pingping Liu, Power of Attorney 2016-11-03