Yum China (NYSE: YUMC) officer reports dividend-equivalent RSU grants

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported equity awards for an officer serving as General Manager, KFC. A single reporting person filed individually in connection with transactions dated 12/23/2025.

The officer received several grants of restricted stock units (RSUs) as dividend equivalency payments tied to previously issued RSUs. These derivative awards cover 2, 18, 60, and 91 RSUs, each corresponding on a one-for-one basis to shares of common stock at an exercise price of $0.

The RSUs vest over time on the same dates and under the same terms as the underlying RSU awards, which vest either in thirds or quarters annually beginning one year from their respective grant dates. Following these transactions, the officer beneficially owned 469, 3,724, 12,275, and 18,581 derivative securities in the respective RSU lines, all held directly.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wang Warton

(Last) (First) (Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI F4 200030

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Yum China Holdings, Inc. [ YUMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Manager, KFC

3. Date of Earliest Transaction (Month/Day/Year)
12/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	12/23/2025		A		2		(2)	(3)	Common Stock	2	$0	469	D
Restricted Stock Unit	(1)	12/23/2025		A		18		(4)	(3)	Common Stock	18	$0	3,724	D
Restricted Stock Unit	(1)	12/23/2025		A		60		(4)	(3)	Common Stock	60	$0	12,275	D
Restricted Stock Unit	(1)	12/23/2025		A		91		(4)	(3)	Common Stock	91	$0	18,581	D

Explanation of Responses:

1. Conversion occurs on a one-for-one basis.

2. These units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment with respect to Restricted Stock Units previously issued to the Reporting Person which vest 1/4 per year beginning one year from the grant date. The Restricted Stock Units reported herein shall vest on the same date and under the same terms as the underlying Restricted Stock Units with respect of which these dividend equivalency units vest.

3. This grant does not have an expiration date.

4. These units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment with respect to Restricted Stock Units previously issued to the Reporting Person which vest 1/3 per year beginning one year from the grant date. The Restricted Stock Units reported herein shall vest on the same date and under the same terms as the underlying Restricted Stock Units with respect of which these dividend equivalency units vest.

	/s/ Pingping Liu, Power of Attorney	12/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Yum China (YUMC) disclose in this Form 4?

The filing shows that a Yum China officer, serving as General Manager, KFC, received multiple grants of restricted stock units (RSUs) on 12/23/2025 as dividend equivalency payments tied to existing RSU awards.

How many restricted stock units were granted to the Yum China officer?

The officer was granted separate RSU awards covering 2, 18, 60, and 91 restricted stock units, each convertible on a one-for-one basis into Yum China common stock.

What is the exercise or conversion price of the Yum China RSUs reported?

The RSUs reported have a conversion price of $0, meaning no cash payment is required to receive the underlying Yum China common stock when the units vest, according to the disclosure.

How and when do these Yum China RSUs vest?

The RSUs are described as dividend equivalency payments linked to prior RSU grants. They vest on the same dates and under the same terms as those underlying RSUs, which vest either 1/4 per year or 1/3 per year beginning one year from the original grant dates.

How many derivative securities does the Yum China officer own after these transactions?

After the reported transactions, the filing lists the officer as directly owning 469, 3,724, 12,275, and 18,581 derivative securities in the respective RSU lines, all classified as direct ownership.

Does this Yum China Form 4 involve non-derivative stock transactions?

The excerpted disclosure describes activity only in derivative securities, specifically restricted stock units and related dividend equivalency RSUs, with no non-derivative common stock trades detailed in the provided section.