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

Rhea-AI Filing Summary

Yum China insider Form 4 summary: Jerry Ding, Chief People Officer, reported a grant and a sale on 09/01/2025. He was credited with 1,250 restricted stock units (RSUs) that convert one-for-one into common shares and were recorded at a $0 per-share conversion price; vesting occurs in three equal annual installments beginning 09/01/2024. The filing also shows a disposition of 504 common shares on the same date at a price of $44.72 per share. Following the reported transactions, beneficial ownership is reported as 4,419 shares after the RSU grant and 3,915 shares after the sale; the filer directly holds 1,288 RSUs following the grant.

Positive

• Equity alignment: Grant of 1,250 RSUs ties executive compensation to shareholder value through one-for-one conversion
• Clear vesting schedule: RSUs vest one-third per year, supporting retention over multiple years

Negative

• Insider sale: Disposition of 504 shares at $44.72 represents insider liquidity which some investors may interpret as a partial reduction in exposure
• Limited remaining direct holdings: Beneficial ownership after transactions reported as 3,915 shares, a modest absolute holding disclosed

Insights

Corporate Governance Expert

TL;DR: Insider received compensation-linked RSUs while completing a small open-market sale; disclosure is routine.

The Form 4 shows a standard equity compensation award (1,250 RSUs converting one-for-one) and a contemporaneous sale of 504 shares at $44.72. The RSU vesting schedule (one-third annually starting 09/01/2024) is typical for retention-based grants. The transaction sizes are modest relative to a typical public company and the filing is informational for stakeholders evaluating insider incentives and liquidity activity.

Executive Compensation Analyst

TL;DR: The reported RSU grant aligns pay with shareholder returns; the small sale provides limited signal on sentiment.

The award is reported as having no exercise price and converts one-for-one to common stock, which is standard for time-based RSUs intended to retain key executives. Vesting in three equal annual tranches spreads retention incentives. The 504-share sale at $44.72 is a routine disposition size and does not on its face indicate a material change in insider alignment given remaining reported holdings.

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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hours per response:			0.5

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^*

DING Jerry

(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 People Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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
Common Stock	09/01/2025		M		1,250	A	$0(1)	4,419	D
Common Stock	09/01/2025		F		504	D	$44.72	3,915	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)	09/01/2025		M			1,250	(2)	(3)	Common Stock	1,250	$0	1,288	D

Explanation of Responses:

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

2. Vesting occurs 1/3 per year beginning one year from 09/01/2023.

3. This grant does not have an expiration date.

	/s/ Pingping Liu, Power of Attorney	09/02/2025
	** 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 did Yum China insider Jerry Ding report on Form 4 (YUMC)?

He reported acquisition of 1,250 RSUs and a sale of 504 common shares on 09/01/2025.

What price was the insider sale executed at?

The sale of 504 shares was reported at a price of $44.72 per share.

How do the RSUs vest for Jerry Ding's award?

Vesting occurs in one-third increments per year, beginning one year after 09/01/2023.

How many shares does the filing report as beneficially owned after the transactions?

The filing reports 4,419 shares following the RSU acquisition and 3,915 shares following the disposition.

Do the RSUs have an exercise price or expiration?

The RSUs convert on a one-for-one basis with a stated conversion price of $0 and the grant is reported as having no expiration date.