Yum China (YUMC) CLO logs new RSU award and small tax-related share sale

Rhea-AI Filing Summary

Yum China Holdings’ Chief Legal Officer, Pingping Liu, reported routine equity compensation and related share transactions. On 02/06/2026, Liu received a grant of 6,903 restricted stock units, which vest in thirds each year starting one year from that date.

On 02/08/2026, 1,296 restricted stock units converted into 1,296 shares of common stock on a one-for-one basis at a conversion price of $0. To cover taxes on this equity event, 258 common shares were withheld or disposed of at $57.95 per share. After these transactions, Liu directly owned 14,800 shares of common stock and held 1,333 previously outstanding restricted stock units in addition to the new 6,903-unit grant.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

LIU Pingping

(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)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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
Common Stock	02/08/2026		M		1,296	A	$0(1)	15,058	D
Common Stock	02/08/2026		F		258	D	$57.95	14,800	D

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)	02/08/2026		M			1,296	(2)	(3)	Common Stock	1,296	$0	1,333	D
Restricted Stock Unit	(1)	02/06/2026		A		6,903		(4)	(3)	Common Stock	6,903	$0	6,903	D

Explanation of Responses:

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

2. Vesting occurs 1/3 per year beginning one year from 2/8/2024.

3. This grant does not have an expiration date.

4. Vesting occurs 1/3 per year beginning one year from 2/6/2026.

	/s/ Pingping Liu	02/10/2026
	** 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.
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FAQ

What insider transactions did Yum China (YUMC) report for Pingping Liu on this Form 4?

The filing shows Pingping Liu, Chief Legal Officer, had 1,296 restricted stock units convert into common stock and disposed of 258 common shares at $57.95. Liu also received a new grant of 6,903 restricted stock units as part of equity compensation.

How many Yum China (YUMC) restricted stock units were granted to Pingping Liu?

Pingping Liu received a grant of 6,903 restricted stock units effective 02/06/2026. These units represent a form of deferred equity compensation that converts into common stock over time according to the vesting schedule described in the Form 4 footnotes.

What is the vesting schedule for Pingping Liu’s Yum China (YUMC) restricted stock units?

The 6,903 restricted stock units granted on 02/06/2026 vest in equal one-third installments each year, beginning one year from 02/06/2026. An earlier award referenced in the filing vests one-third per year starting one year from 02/08/2024, with no expiration date.

How many Yum China (YUMC) common shares does Pingping Liu own after these transactions?

Following the reported transactions on 02/08/2026, Pingping Liu directly owned 14,800 shares of Yum China common stock. This figure reflects the 1,296 shares received from restricted stock unit conversion and the 258 shares disposed of to cover tax withholding obligations.

At what price were Pingping Liu’s Yum China (YUMC) shares disposed of for tax withholding?

The Form 4 reports that 258 shares of Yum China common stock were disposed of at $57.95 per share. This transaction, coded “F,” represents shares withheld or sold to satisfy tax obligations arising from the restricted stock unit conversion.

What does the one-for-one conversion in Yum China (YUMC) restricted stock units mean?

The filing explains that conversion occurs on a one-for-one basis, meaning each restricted stock unit converts into one share of Yum China common stock. This applies to the 1,296 units that converted on 02/08/2026 at a stated price of $0 per unit.