FORM 2 - Corporate Substantial Shareholder Notice
 
Form Serial Number: CS20260805E00543 
1. Date of relevant event: 31/07/2026
(dd/mm/yyyy)
2. Date when the substantial shareholder becomes aware of the relevant event / interest in the shares (if later): 04/08/2026
(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: 343,150,072
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
 		 284,578           
18. Total shares immediately before the relevant event:
 Total number of sharesPercentage figure (%)
Long position36,555,48210.64
Short position3,618,0811.05
Lending Pool9,560,1522.78
19. Total shares immediately after the relevant event:
 Total number of sharesPercentage figure (%)
Long position36,393,26810.60
Short position3,333,5030.97
Lending Pool9,748,5422.84
20. Capacity in which interests disclosed in Box 19 are held:
Capacity codeNumber of shares
2101Beneficial owner
Long position3,343,539
Short position3,333,503
2102Investment manager
Long position23,222,761
Short position0
2106Person having a security interest in shares
Long position64,493
Short position0
2301Trustee
Long position13,933
Short position0
2502Approved lending agent
Long position9,748,542
Short position0

21. Further information in respect of derivative interests:
Derivatives codeNumber of shares
4101Listed derivatives - Physically settled
Long position1,073,564
Short position1,073,564
4102Listed derivatives - Cash settled
Long position8,729
Short position8,729
4105Unlisted derivatives - Physically settled
Long position164,085
Short position364,337
4106Unlisted derivatives - Cash settled
Long position1,085,366
Short position1,379,988
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 position47,904
Short position0
55I, LLCOne Liberty Square Suite 200 Boston MA 02109 United States55 Institutional Partners, LLC100.00Y
Long position420
Short position0
J.P. Morgan SETaunusTurm Taunustor 1 Frankfurt am Main Frankfurt 60310 GermanyJ.P. Morgan International Finance Limited100.00Y
Long position1,097,998
Short position1,078,356
J.P. MORGAN MARKETS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN FINANCIAL INVESTMENTS LIMITED100.00Y
Long position924
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00Y
Long position806,524
Short position821,492
JPMORGAN ASSET MANAGEMENT (UK) LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED100.00Y
Long position723,991
Short position0
J.P. Morgan Investment Management Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00Y
Long position21,244,478
Short position0
J.P. Morgan Prime Inc.270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Securities LLC100.00Y
Long position19,850
Short position19,850
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 position9,593
Short position0
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00Y
Long position10,795,630
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 position3,091
Short position0
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 position142,665
Short position0
J.P. MORGAN SECURITIES PLC25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. MORGAN CAPITAL HOLDINGS LIMITED100.00Y
Long position1,483,166
Short position1,413,805
JPMorgan Asset Management (Asia) Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position190,569
Short position0
JPMorgan Asset Management Holdings Inc.270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Holdings LLC100.00N
Long position22,179,583
Short position0
JPMorgan Chase Holdings LLC270 Park Avenue New York NY 10017 United StatesJPMorgan Chase & Co.100.00N
Long position23,016,474
Short position841,342
55 Institutional Partners, LLCOne Liberty Square Suite 200 Boston MA 02109 United StatesJPMorgan Asset Management Holdings Inc.100.00N
Long position420
Short position0
J.P. Morgan International Finance Limited270 Park Avenue New York NY 10017 United StatesJPMorgan Chase Bank, National Association100.00N
Long position2,581,164
Short position2,492,161
JPMorgan Chase Bank, National Association1111 Polaris Parkway Columbus OH 43240 United StatesJPMorgan Chase & Co.100.00N
Long position2,581,164
Short position2,492,161
J.P. MORGAN FINANCIAL INVESTMENTS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJPMorgan Chase Holdings LLC100.00N
Long position924
Short position0
J.P. Morgan Broker-Dealer Holdings Inc.4 Chase Metrotech Center 4th Floor Brooklyn NY 11245 United StatesJPMorgan Chase Holdings LLC100.00N
Long position826,374
Short position841,342
JPMORGAN ASSET MANAGEMENT INTERNATIONAL LIMITED60 Victoria Embankment London EC4Y0JP EnglandJPMorgan Asset Management Holdings Inc.100.00N
Long position723,991
Short position0
J.P. Morgan Securities LLC270 Park Avenue New York NY 10017 United StatesJ.P. Morgan Broker-Dealer Holdings Inc.100.00N
Long position19,850
Short position19,850
J.P. MORGAN CAPITAL HOLDINGS LIMITED25 Bank Street Canary Wharf London E14 5JP EnglandJ.P. Morgan International Finance Limited100.00N
Long position1,483,166
Short position1,413,805

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 position13,933
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: 05/08/2026
(dd/mm/yyyy)