Yum China Announces Disclosure under Hong Kong Stock Exchange Rules in Relation to a Possible Quarterly Dividend

SHANGHAI,Oct. 16,2020 -- Yum China Holdings,Inc. (NYSE: YUMC and HKEX: 9987,"Yum China" or the "Company") today announced,in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX") which require advance notice of board meetings at which a dividend is expected to be declared,that its board of directors (the "Board") will consider the declaration and payment of a quarterly dividend (the "Dividend"). If the Board decides to proceed,the declaration will be adopted by Board resolution on or around October 29,2020 (Beijing/Hong Kong Time) and will be promptly disclosed by the Company.

The Company makes available through the Investor Relations section of its internet website at ir.yumchina.com its filings with the HKEX as soon as reasonably practicable after electronically filing such material with the HKEX. These filings may also be obtained by visiting the HKEX's website at http://www.hkex.com.hk.

As no Board resolution in relation to the Dividend has been adopted as of the date of this press release,there is no assurance that the Dividend will be declared.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends,current conditions and expected future developments,as well as other factors that we believe are appropriate and reasonable under the circumstances,but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations,estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release,and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances,except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with theSecurities and Exchange Commission(including the information set forth under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K,subsequent Quarterly Reports on Form 10-Q and other reports we file with theSEC) for additional detail about factors that could affect our financial and other results.

AboutYum China Holdings,Inc.

Yum China Holdings,Inc.is a licensee of Yum! Brands in mainlandChina. It has exclusive rights in mainlandChinatoKFC,China'sleading quick-service restaurant brand,Pizza Hut,the leading casual dining restaurant brand inChina,andTaco Bell,aCalifornia-based restaurant chain serving innovative Mexican-inspired food.Yum Chinaalso owns the Little Sheep,Huang Ji Huang,East Dawning and COFFii & JOY concepts outright. It also partners with Lavazza to explore and develop the Lavazza coffee shop concept inChina. The Company had 9,954 restaurants in over 1,400 cities at the end ofJune 2020. Yum Chinaranked # 361 on the Fortune 500 list for 2020. In 2020,Yum Chinawas named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2020 inChinaby theTop Employers Institute,bothfor the second consecutive year. For more information,please visithttp://ir.yumchina.com.

Investor Relations Contact

Tel: +86 21 2407 7556 / +852 2267 5801

E-mail:IR@yumchina.com

Media Contact

Tel: +86 21 2407 7510

E-mail:Media@yumchina.com

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