FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260701E00171 
1. Date of relevant event: 26/06/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later):
(dd/mm/yyyy)
3. Stock code: 09987
4. Name of listed corporation: Yum China Holdings, Inc. 
5. Class of shares: Ordinary Shares 
6. Number of issued shares in class: 345,183,857
7. Name of substantial shareholder: BlackRock, Inc. 
8. Registered office: 251 Little Falls Drive, Wilmington, DE 19808
9. Principal place of business in Hong Kong: N/A 
15. Exchange on which listed: New York Stock Exchange
16. Name of listed parent and exchange on which parent is listed: N/A 
17. Details of relevant event:
  Brief description of relevant event Capacity in which shares were/are held Number of shares bought/sold or involved Currency of transaction On Exchange Off Exchange
Before relevant event After relevant event Highest price (per share) Average price (per share) Average consideration (per share) Nature of consideration
Long position
1104The percentage level of your interest in the shares has increased because:
you acquired a security interest in the shares
2201Interest of corporation controlled by you
2201Interest of corporation controlled by you
 256,494 HKD
3102Assets other than cash
Short position 
 
 
 		            
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position20,545,6985.92
Short position970,1520.28
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position20,802,1926.03
Short position937,0020.27
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2201Interest of corporation controlled by you
Long position20,802,192
Short position937,002

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4106Unlisted derivatives - Cash settled
Long position337,191
Short position859,217
22. Further information in relation to interests of corporations controlled by substantial shareholder:
Name of controlled corporationAddress and place of incorporationName of controlling person% controlDirect interest (Y/N)Number of shares
BlackRock Finance, Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock, Inc.100.00N
Long position20,802,192
Short position937,002
Trident Merger, LLC251 Little Falls Dr, Wilmington, DE 19808BlackRock Finance, Inc.100.00N
Long position452,815
BlackRock Investment Management, LLC251 Little Falls Dr, Wilmington, DE 19808Trident Merger, LLC100.00N
Long position252,630
BlackRock Investment Management, LLC251 Little Falls Dr, Wilmington, DE 19808Trident Merger, LLC100.00Y
Long position194,823
BlackRock Holdco 2, Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock Finance, Inc.100.00N
Long position20,349,377
Short position937,002
BlackRock Financial Management, Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock Holdco 2, Inc.100.00N
Long position19,830,556
Short position428,983
BlackRock Financial Management, Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock Holdco 2, Inc.100.00Y
Long position518,821
Short position508,019
BlackRock Holdco 4, LLC251 Little Falls Dr, Wilmington, DE 19808BlackRock Financial Management, Inc.100.00N
Long position10,288,850
Short position211,456
BlackRock Holdco 6, LLC251 Little Falls Dr, Wilmington, DE 19808BlackRock Holdco 4, LLC90.00N
Long position10,288,850
Short position211,456
BlackRock Delaware Holdings Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock Holdco 6, LLC100.00N
Long position10,288,850
Short position211,456
BlackRock Institutional Trust Company, National Association1225 17th Street, Suite 300, Denver, CO 80202 (Colorado, USA)BlackRock Delaware Holdings Inc.100.00Y
Long position3,561,969
Short position211,456
BlackRock Fund Advisors400 Howard Street San Francisco, CA 94105, United States (California, USA)BlackRock Delaware Holdings Inc.100.00Y
Long position6,726,881
BlackRock Capital Holdings, Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock Financial Management, Inc.100.00N
Long position1,800
BlackRock Advisors, LLC251 Little Falls Dr, Wilmington, DE 19808BlackRock Capital Holdings, Inc.100.00Y
Long position1,800
BlackRock International Holdings, Inc.251 Little Falls Dr, Wilmington, DE 19808BlackRock Financial Management, Inc.100.00N
Long position9,539,906
Short position217,527
BR Jersey International Holdings L.P.13 Castle Street, St. Helier, Jersey, Channel Islands JE4 5UT (Jersey)BlackRock International Holdings, Inc.86.00N
Long position9,236,871
Short position217,527
BlackRock Lux Finco S.à r.l.1st Floor, 35a Avenue J.F. Kennedy, L-1855 LuxembourgBlackRock HK Holdco Limited100.00N
Long position1,024,941
BlackRock Japan Holdings GKMarunouchi Trust Tower Main, 1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-8217 (Japan)BlackRock Lux Finco S.à r.l.100.00N
Long position1,024,941
BlackRock Japan Co., Ltd.Marunouchi Trust Tower Main, 1-8-3 Marunouchi, Chiyoda-ku, Tokyo 100-8217 (Japan)BlackRock Japan Holdings GK100.00Y
Long position1,024,941
BlackRock Holdco 3, LLC251 Little Falls Dr, Wilmington, DE 19808BR Jersey International Holdings L.P.100.00N
Long position6,846,024
Short position217,527
BlackRock Canada Holdings ULC161 Bay Street, Suite 2500, Toronto, Ontario M5J 2S1, Canada (Ontario, Canada)BlackRock International Holdings, Inc.100.00N
Long position303,035
BlackRock Asset Management Canada Limited161 Bay Street, Suite 2500, Toronto, Ontario M5J 2S1, Canada (Ontario, Canada)BlackRock Canada Holdings ULC100.00Y
Long position303,035
BlackRock Australia Holdco Pty. Ltd.Level 12, 33 Alfred Street, Sydney, NSW 2000BR Jersey International Holdings L.P.100.00N
Long position69,153
BlackRock Investment Management (Australia) LimitedLevel 12, 33 Alfred Street, Sydney, NSW 2000BlackRock Australia Holdco Pty. Ltd.100.00Y
Long position69,153
BlackRock (Singapore) Holdco Pte. Ltd.20 Anson Road #18-01 079912 Singapore (Singapore)BR Jersey International Holdings L.P.100.00N
Long position2,321,694
BlackRock HK Holdco Limited13th Floor, One Pacific Place, 88 Queensway, Hong Kong (Hong Kong)BlackRock (Singapore) Holdco Pte. Ltd.100.00N
Long position1,866,500
BlackRock Asset Management North Asia Limited15/F, 16/F, 17/F Champion Tower & 17/F ICBC Tower, 3 Garden Road, Central, Hong KongBlackRock HK Holdco Limited100.00Y
Long position841,559
BlackRock Cayman 1 LPc/o Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008BlackRock Holdco 3, LLC100.00N
Long position6,846,024
Short position217,527
BlackRock Cayman West Bay Finco Limitedc/o Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008BlackRock Cayman 1 LP100.00N
Long position6,846,024
Short position217,527
BlackRock Cayman West Bay IV Limitiedc/o Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008BlackRock Cayman West Bay Finco Limited100.00N
Long position6,846,024
Short position217,527
BlackRock Group Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Cayman West Bay IV Limitied90.00N
Long position6,846,024
Short position217,527
BlackRock Finance Europe Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Group Limited100.00N
Long position2,127,153
BlackRock (Netherlands) B.V.Rembrandt Tower, 17th floor, Amstelplein, Amsterdam Netherlands (Amsterdam, Netherlands)BlackRock Finance Europe Limited100.00N
Long position11,696
BlackRock (Netherlands) B.V.Rembrandt Tower, 17th floor, Amstelplein, Amsterdam Netherlands (Amsterdam, Netherlands)BlackRock Finance Europe Limited100.00Y
Long position644,770
BlackRock Advisors (UK) Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Finance Europe Limited100.00Y
Long position3,300
BlackRock International LimitedExchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom (Scotland, United Kingdom)BlackRock Group Limited100.00N
Long position31,138
BlackRock Group Limited-Luxembourg Branch35 A, avenue J.F. Kennedy L-1855 LuxembourgBlackRock Group Limited100.00N
Long position4,687,733
Short position217,527
BlackRock Luxembourg Holdco S.à r.l.35 A, avenue J.F. Kennedy L-1855 LuxembourgBlackRock Group Limited-Luxembourg Branch100.00N
Long position4,687,733
Short position217,527
BlackRock Investment Management Ireland Holdings Unlimited Company1st Floor, 2 Ballsbridge Park, Ballsbridge, Dublin 4, D04 YW83, IrelandBlackRock Luxembourg Holdco S.à r.l.100.00N
Long position4,540,123
BlackRock Asset Management Ireland Limited1st Floor, 2 Ballsbridge Park, Ballsbridge, Dublin 4, D04 YW83, IrelandBlackRock Investment Management Ireland Holdings Unlimited Company100.00Y
Long position4,540,123
BLACKROCK (Luxembourg) S.A.35 A, avenue J.F. Kennedy L-1855 LuxembourgBlackRock Luxembourg Holdco S.à r.l.100.00Y
Long position139,209
Short position217,527
BlackRock Investment Management (UK) Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Finance Europe Limited100.00N
Long position632,256
BlackRock Investment Management (UK) Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Finance Europe Limited100.00Y
Long position835,131
BlackRock (Netherlands) B.V. – German Branch – Frankfurt BlackRockBockenheimer Landstraße 2-4, 60306, Frankfurt am Main, GermanyBlackRock (Netherlands) B.V.100.00N
Long position11,696
BlackRock Asset Management Deutschland AGLenbachplatz 1 1st Floor,Munich, 80333-MN3, GermanyBlackRock (Netherlands) B.V. – German Branch – Frankfurt BlackRock100.00Y
Long position11,696
BlackRock Fund Managers Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Investment Management (UK) Limited100.00Y
Long position632,256
BlackRock Life Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock International Limited100.00Y
Long position31,138
BlackRock (Singapore) Limited20 Anson Road #18-01 079912 Singapore (Singapore)BlackRock (Singapore) Holdco Pte. Ltd.100.00Y
Long position455,194
BlackRock UK Holdco Limited12 Throgmorton Avenue. London, EC2N 2DL, United Kingdom (England & Wales, United Kingdom)BlackRock Luxembourg Holdco S.à r.l.100.00N
Long position8,401
BlackRock Asset Management Schweiz AGBahnhofstrasse 39 8001 Zurich, Switzerland (Switzerland)BlackRock UK Holdco Limited100.00Y
Long position8,401
EG Holdings Blocker, LLC251 Little Falls Dr, Wilmington, DE 19808BlackRock Investment Management, LLC100.00N
Long position252,630
Amethyst Intermediate, LLC251 Little Falls Dr, Wilmington, DE 19808BlackRock Investment Management, LLC100.00N
Long position252,630
Aperio Holdings, LLC251 Little Falls Dr, Wilmington, DE 19808Amethyst Intermediate, LLC60.00N
Long position252,630
Aperio Holdings, LLC251 Little Falls Dr, Wilmington, DE 19808EG Holdings Blocker, LLC40.00N
Long position252,630
Aperio Group, LLC2710 Gateway Oaks Drive, Suite 150N, Sacramento, CA 95833-3505Aperio Holdings, LLC100.00Y
Long position252,630
Web Holdings, LLC251 Little Falls Dr, Wilmington, DE 19808Trident Merger, LLC100.00N
Long position5,362
SpiderRock Advisors, LLC251 Little Falls Dr, Wilmington, DE 19808Web Holdings, LLC100.00Y
Long position5,362

23. Further information in relation to interests held by substantial shareholder jointly with another person:
Name of joint shareholderAddressNumber of shares
 
24. Further information from a trustee, a beneficiary of a trust, or a person who set up a discretionary trust:
Names of trustAddressStatus codeNumber of shares
  
25. Further information from a party to an agreement under Section 317 (Please see Notes for further information required):
Names of other partiesAddressNumber of shares
 
Total number of shares in which a substantial shareholder is interested under sections 317 and 318
26. Details of person(s) in accordance with whose directions the substantial shareholder or its directors are accustomed to act:
NamesAddressRelationship CodePercentage (%)
  
 
27. Supplementary information:
28. Log/Serial Number of the previous form:
29. Number of concert party document(s) under section 317 attached/uploaded:
Date of filing this Form 2: 01/07/2026
(dd/mm/yyyy)