Yum China Holdings (YUMC) CFO reports new dividend-equivalent RSUs

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported an insider equity transaction by its Chief Financial Officer on a Form 4. On 12/23/2025, the CFO received several grants of restricted stock units (RSUs) as dividend-equivalency payments tied to previously issued RSUs. Each RSU converts into common stock on a one-for-one basis and carries a conversion or exercise price of $0.

The new RSU units follow the same vesting schedules as the underlying awards. Some vest at a rate of 1/4 per year beginning one year after the original grant date, others vest 50% on the second anniversary and 50% on the third anniversary, and others vest at 1/3 per year beginning one year from grant. The grants do not have an expiration date and are reported as directly owned derivative securities by the CFO.

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^*

Ding Adrian

(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 Financial 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		2		(2)	(3)	Common Stock	2	$0	579	D
Restricted Stock Unit	(1)	12/23/2025		A		16		(4)	(3)	Common Stock	16	$0	3,371	D
Restricted Stock Unit	(1)	12/23/2025		A		9		(5)	(3)	Common Stock	9	$0	2,006	D
Restricted Stock Unit	(1)	12/23/2025		A		30		(5)	(3)	Common Stock	30	$0	6,139	D
Restricted Stock Unit	(1)	12/23/2025		A		47		(5)	(3)	Common Stock	47	$0	9,556	D
Restricted Stock Unit	(1)	12/23/2025		A		45		(5)	(3)	Common Stock	45	$0	9,229	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 50% on the second anniversary of the grant date and the remaining 50% will vest on the third anniversary of 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.

5. 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.
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FAQ

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

The filing shows the Chief Financial Officer of Yum China Holdings, Inc. received several grants of restricted stock units (RSUs) on 12/23/2025 as dividend-equivalency payments tied to earlier RSU awards.

Who is the reporting person in the Yum China (YUMC) Form 4?

The reporting person is an officer of Yum China Holdings, Inc., serving as the company’s Chief Financial Officer, and the Form 4 is filed on behalf of one reporting person.

What type of securities did the Yum China (YUMC) CFO receive?

The CFO received restricted stock units (RSUs) that are classified as derivative securities. Each RSU converts into common stock on a one-for-one basis with a conversion or exercise price of $0.

Why were these new restricted stock units granted to the Yum China (YUMC) CFO?

The new units represent dividend-equivalency payments on RSUs previously issued to the CFO. They are granted to mirror dividends on the underlying RSUs and vest on the same dates and under the same terms as those original RSU awards.

How do the new RSUs for the Yum China (YUMC) CFO vest?

The RSUs vest according to the schedules of the related prior grants: some vest 1/4 per year beginning one year after the grant date, some vest 50% on the second anniversary and 50% on the third anniversary, and others vest 1/3 per year beginning one year from the grant date.

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

No. The filing states that this grant of restricted stock units does not have an expiration date, and the units convert into common stock on a one-for-one basis when they vest under their respective schedules.

Is the Yum China (YUMC) CFO’s ownership reported as direct or indirect?

The derivative securities reported, including the new RSUs, are shown as directly owned (D) by the CFO in the ownership table following the transactions.