Yum China (YUMC) CEO sells shares after RSU vesting

Rhea-AI Filing Summary

Yum China Holdings CEO and director Joey Wat reported multiple stock transactions around February 10–11, 2026. She acquired 6,861 and 35,040 shares of common stock at $0 per share through the conversion of restricted stock units, reflecting equity awards becoming shares.

To cover tax obligations tied to these awards, she disposed of 1,180 and 3,189 shares at $57.12 per share. On February 11, 2026, she executed an open-market sale of 4,613 shares at an average price of $57.01. After these transactions, she held 537,306 shares directly and 272,944 shares indirectly through a controlled corporation and trust.

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)
02/10/2026

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	02/10/2026		M		6,861	A	$0(1)	511,248	D
Common Stock	02/10/2026		F		1,180	D	$57.12	510,068	D
Common Stock	02/10/2026		M		35,040	A	$0(1)	545,108	D
Common Stock	02/10/2026		F		3,189	D	$57.12	541,919	D
Common Stock	02/11/2026		S		4,613	D	$57.01	537,306	D
Common Stock								272,944	I	Controlled Corporation and Trust

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)	02/10/2026		M			6,861	(2)	(3)	Common Stock	6,861	$0	0	D
Restricted Stock Unit	(1)	02/10/2026		M			35,040	(4)	(3)	Common Stock	35,040	$0	71,144	D

Explanation of Responses:

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

2. Vesting occurs 25% per year beginning one year from 2/10/2022.

3. This grant does not have an expiration date.

4. Vesting occurs 1/3 per year beginning one year from 2/10/2025.

	/s/ Pingping Liu, Power of Attorney	02/12/2026
	** 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).
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FAQ

What insider transactions did YUMC CEO Joey Wat report in February 2026?

Joey Wat reported RSU conversions and share disposals. She converted restricted stock units into common stock, disposed of shares to cover taxes, and sold additional shares in the open market, while maintaining substantial direct and indirect ownership in Yum China Holdings.

How many Yum China (YUMC) shares did Joey Wat sell on February 11, 2026?

On February 11, 2026, Joey Wat sold 4,613 shares of Yum China common stock. The reported average sale price was $57.01 per share, and this transaction was classified as an open-market or private sale under the Form 4 filing.

What RSU-related transactions did Joey Wat report for Yum China (YUMC)?

Wat reported exercises of restricted stock units (RSUs) that converted into common shares at an exercise price of $0. These RSUs vest over time according to schedules beginning in 2022 and 2025, with conversion occurring on a one-for-one share basis.

How many Yum China (YUMC) shares does Joey Wat own after these transactions?

After the reported transactions, Joey Wat directly owned 537,306 shares of Yum China common stock. She also had 272,944 shares held indirectly through a controlled corporation and trust, as disclosed in the ownership table of the Form 4 filing.

Were any Yum China (YUMC) shares used to cover tax obligations?

Yes. The filing shows share disposals for tax withholding. On February 10, 2026, 1,180 and 3,189 shares of common stock were disposed of at $57.12 per share to satisfy tax liabilities associated with the RSU conversions.

What is Joey Wat’s role at Yum China (YUMC) in this Form 4?

In this Form 4, Joey Wat is identified as both director and Chief Executive Officer of Yum China Holdings. The transactions reported reflect her personal equity compensation and trading activity as a senior executive and board member of the company.