[Form 4] Yum China Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Yum China Holdings, Inc.'s chief executive officer and director reported new equity awards in the form of restricted stock units (RSUs) tied to the company’s common stock. On 12/23/2025, the insider received RSU grants of 33, 141, 431, and 522 units, each convertible into common stock on a one-for-one basis at an exercise price of $0.

These RSUs were issued as dividend equivalency payments on previously granted RSUs and will vest on the same schedules as those underlying awards, which vest over multiple years in either one-quarter or one-third annual installments beginning one year from the original grant dates. Following these grants, the insider reports beneficial ownership of various RSU positions, including 6,856, 28,674, 87,703, and 106,184 derivative securities, 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^*

Wat Joey

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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		33		(2)	(3)	Common Stock	33	$0	6,856	D
Restricted Stock Unit	(1)	12/23/2025		A		141		(4)	(3)	Common Stock	141	$0	28,674	D
Restricted Stock Unit	(1)	12/23/2025		A		431		(4)	(3)	Common Stock	431	$0	87,703	D
Restricted Stock Unit	(1)	12/23/2025		A		522		(4)	(3)	Common Stock	522	$0	106,184	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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

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

The chief executive officer and director of Yum China Holdings, Inc. reported receiving several grants of restricted stock units (RSUs) on 12/23/2025, all linked to the company’s common stock.

How many new restricted stock units did the Yum China CEO receive?

On 12/23/2025, the insider received RSU grants of 33, 141, 431, and 522 units, each representing the right to receive one share of Yum China common stock.

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

The reported restricted stock units have a conversion basis of one-for-one into common stock with a stated price of $0, reflecting that no cash exercise is required at vesting.

Why were these Yum China RSUs granted to the reporting person?

The units were issued as dividend equivalency payments tied to earlier RSU awards. They vest on the same dates and under the same terms as the original RSUs to which they relate.

Do the newly reported Yum China RSUs have an expiration date?

The filing states that this RSU grant does not have an expiration date. Vesting occurs according to the underlying RSU schedules, rather than expiring on a fixed date.

How many derivative securities does the Yum China insider now beneficially own?

After the reported transactions, the insider lists several RSU holdings, including 6,856, 28,674, 87,703, and 106,184 derivative securities, all held as direct ownership.