Yum China : Notice of Annual Meeting of Stockholders to Stockholders on Our Hong Kong Share Register

Yum China Holdings, Inc.

百 勝 中 國 控 股 有 限 公 司

Notice of Annual Meeting of Stockholders

to Stockholders on Our Hong Kong Share Register

Notice is hereby given with respect to the 2021 annual meeting of stockholders (the "Annual Meeting") of Yum China Holdings, Inc. (the "Company").

Time and Date:	8:00 a.m. Beijing/Hong Kong time on Friday, May 28, 2021/
	8:00 p.m. U.S. Eastern time on Thursday, May 27, 2021.
Location:	Online at www.virtualshareholdermeeting.com/YUMC2021.
Record Date:	March 29, 2021.
Items of Business:	(1)	To elect the 10 director nominees named in the proxy statement to
		serve for a one-year term expiring at the 2022 annual meeting of the
		Company's stockholders.
	(2)	To ratify the appointment of KPMG Huazhen LLP as the Company's
		independent auditor for 2021.
	(3)	To approve, on an advisory basis, the Company's named executive
		officer compensation.
	(4)	To approve an amendment to the Company's Amended and Restated
		Certificate of Incorporation to allow stockholders holding 25% of the
		Company's outstanding shares the right to call special meetings.
	(5)	To transact such other business as may properly come before the
		meeting or any adjournment or postponement thereof.

Further details of the proposals above are set out in the proxy statement. You can review and download the proxy statement, in English and Chinese, from our website and the HKEx's website. We will provide printed copies of the proxy statement in English and Chinese at no cost upon your request. Please send your request by writing to Computershare Investor Services Limited ("Computershare HK") at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong or by submitting an online form at www.computershare.com/hk/contact.

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Attending the Meeting:	Stockholders of record as of the	close	of	business	on March
	29, 2021 and the general public	will	be	able to	attend the
	Annual Meeting by visiting our Annual Meeting website at
	www.virtualshareholdermeeting.com/YUMC2021. To participate in the
	Annual Meeting, you will need the 16-digit control number included on
	your Notice of Internet Availability of Proxy Materials or, if you received
	your proxy materials by mail, on your proxy card or on the instructions
	that accompanied your proxy materials.
	The Annual Meeting will begin promptly at 8:00 a.m. Beijing/Hong Kong
	time on May 28, 2021/8:00 p.m. U.S. Eastern time on May 27, 2021.
	Online check-in will begin 15 minutes prior to the start of the meeting,
	and you should allow ample time for the online check-in procedures.
How to Vote -	If your shares are registered directly in your name with our transfer agent,

• Registered Stockholders Computershare HK, as of the close of business on March 29, 2021, you

	on Our Hong Kong	may vote by using any of the following methods:
	Share Register:	Before the Annual Meeting:
		•	Via Internet by following the instructions on www.proxyvote.com;
		•	Via telephone by calling 1 [phone](toll-free in the U.S.) and
			following the instructions provided by the recorded message; or
		•	Via mail, if you received your proxy materials by mail, by
			completing, signing, dating and mailing the proxy card in the
			postage-paid envelope provided.

Proxies submitted through the Internet or by telephone as described above must be received by 11:59 p.m. Beijing/Hong Kong time/11:59 a.m. U.S. Eastern time on May 27, 2021. Proxies submitted by mail must be received prior to the meeting.

		During the Annual Meeting:
		•	Vote online during the Annual Meeting. You may vote during the Annual
			Meeting through www.virtualshareholdermeeting.com/YUMC2021 using
			your 16-digit control number.
		Even if you plan to attend the Annual Meeting, we encourage you to vote
		your shares by proxy. You may still vote your shares during the Annual
		Meeting even if you have previously voted by proxy.
How to Vote -	If you hold your shares in the name of a bank, broker or other nominee,
	Beneficial Stockholders Holding	you are considered the beneficial owner of shares held in street name.
	Shares by Nominees	As the beneficial stockholder, you have the right to direct your broker,
on Our Hong Kong	bank or other nominee on how to vote your shares. You should follow
	Share Register:	the instructions from your broker, bank or other nominee in order to have
		your shares voted. You must vote your shares that are held in the name of
		HKSCC Nominees Limited ("HKSCCN") through HKSCCN.

By Order of the Board of Directors,

Joseph Chan

Chief Legal Officer

Hong Kong, April 15, 2021

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