Yum China Has Acquired a 5% Equity Interest in Fujian Sunner Development

SHANGHAI,March 16,2021 -- Yum China Holdings,Inc. ("Yum China") (NYSE: YUMC and HKEX: 9987) today announced that it has acquired a 5% equity interest in Fujian Sunner Development Co.,Ltd. ("Sunner",SZSE: 002299).

Founded in 1983 and headquartered in the Fujian Province,Sunner is China's largest white- feathered chicken producer. Sunner has a vertically integrated business model covering the full production chain,which primarily includes chicken breeding and farming,feed processing and meat processing.

"We are excited to become a strategic investor in Sunner,our largest poultry supplier. Yum China and Sunner are longstanding business partners. The management team of Sunner has demonstrated exceptional execution capabilities over the years," said Joey Wat,CEO of Yum China. "With this strategic investment,we look forward to enhancing Yum China's supply chain security and deepening our collaborations with Sunner,including in the areas of product development and innovations."

"Yum China has long been Sunner's largest customer and an integral part of our growth since the beginning. Sunner is delighted to welcome Yum China as our strategic investor," said Guangming Fu,Founder and Chairman of Sunner.

Yum China is the largest restaurant company in China in terms of 2020 system sales,with 10,506 restaurants in over 1,500 cities at the end of December 2020.

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,including statements and beliefs regarding the benefits of the strategic investment to Yum China's business. 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," "likely," "will," "should," "forecast," "outlook," "look forward to" 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 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. All forward- looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities 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 and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.About Yum China Holdings,Inc.

Yum China Holdings,Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC,China's leading quick-service restaurant brand,Pizza Hut,the leading casual dining restaurant brand in China,and Taco Bell,a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep,Huang Ji Huang,East Dawning and COFFii & JOY concepts outright. In addition,Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 10,500 cities at the end of December 2020. Yum China ranked # 361 on the Fortune 500 list for 2020. Yum China has been named the Industry Leader for the Restaurant & Leisure Facilities Industry in the 2020 Dow Jones Sustainability Indices. In 2021,Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute,both for the third consecutive year. For more information,please visit http://ir.yumchina.com.

Investor Relations Contact:

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

IR@YumChina.com

Media Contact:

Tel: +86 21 2407 7510

Media@YumChina.com

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