FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260713E00697 
1. Date of relevant event: 08/07/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 10/07/2026
(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: 344,672,897
7. Name of substantial shareholder: JPMorgan Chase & Co. 
8. Registered office: 270 Park Avenue, New York, New York, NY, 10017, United States
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
Short position 
15015You ceased to have a short position of 1% or more in the shares, or the percentage level of your short position in such shares decreased because:
expiry or cancellation without exercise of equity derivatives under which (choose one):
you have any of the rights or obligations referred to in 15011 to 15014 above embedded in a contract or instrument
 
2201Interest of corporation controlled by you
 
2201Interest of corporation controlled by you
 		 46,948           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position36,511,97310.58
Short position3,485,8051.01
Lending Pool9,734,6262.82
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position36,426,56710.56
Short position3,438,8570.99
Lending Pool9,724,7322.82
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position3,425,572
Short position3,438,855
2102Investment manager
Long position23,236,604
Short position2
2106Person having a security interest in shares
Long position26,970
Short position0
2301Trustee
Long position12,689
Short position0
2502Approved lending agent
Long position9,724,732
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position1,307,600
Short position1,307,600
4102Listed derivatives - Cash settled
Long position20,012
Short position20,762
4105Unlisted derivatives - Physically settled
Long position164,605
Short position373,414
4106Unlisted derivatives - Cash settled
Long position1,001,016
Short position1,168,841
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
JPMorgan Asset Management (Taiwan) Limited20F & 21, No.1 Song Zhi Rd, Xin Yi District, Taipei City, Taiwan. Taipei 110 Taiwan (Province of China)JPMorgan Asset Management (Asia) Inc.100.00Y
Long position74,954
Short position0
55I, LLCOne Liberty Square Suite 200 Boston MA 02109 United States55 Institutional Partners, LLC100.00Y
Long position459
Short position0
J.P. Morgan SETaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 GermanyJ.P. Morgan International Finance Limited100.00Y
Long position1,338,331
Short position1,324,425
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position737,406
Short position759,713
JPMORGAN ASSET MANAGEMENT (UK) LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED100.00Y
Long position734,291
Short position0
J.P. Morgan Investment Management Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position21,221,705
Short position0
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position146,301
Short position146,301
J.P. Morgan Institutional Investments Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position17,034
Short position0
J.P. Morgan Trust Company of Delaware500 Stanton Christiana Road Newark DE 19713-2107 United StatesJPMorgan Chase Holdings LLC100.00Y
Long position8,324
Short position0
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00Y
Long position10,771,206
Short position0
J.P. Morgan Alternative Asset Management, Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position3,449
Short position2
JPMorgan Asset Management (Asia Pacific) Limited19 & 20/F, Chater House 8 Connaught Road Central Hong Kong Hong KongJPMorgan Asset Management (Asia) Inc.100.00Y
Long position142,173
Short position0
J.P. MORGAN SECURITIES PLC25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN CAPITAL HOLDINGS LIMITED100.00Y
Long position1,230,934
Short position1,208,416
JPMorgan Asset Management (Asia) Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position217,127
Short position0
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position22,194,065
Short position2
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position23,086,096
Short position906,016
55 Institutional Partners, LLCOne Liberty Square Suite 200 Boston MA 02109 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position459
Short position0
J.P. Morgan International Finance Limited270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Bank, National Association100.00N
Long position2,569,265
Short position2,532,841
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position2,569,265
Short position2,532,841
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position883,707
Short position906,014
JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMorgan Asset Management Holdings Inc.100.00N
Long position734,291
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00N
Long position146,301
Short position146,301
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position1,230,934
Short position1,208,416

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
N/AAddresses of individuals are not displayed.
5101Trustee of a trust
Long position12,689
Short position0
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: 13/07/2026
(dd/mm/yyyy)