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

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

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

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.

Positive

  • None.

Negative

  • None.
Insider Ding Adrian
Role Chief Financial Officer
Type Security Shares Price Value
Grant/Award Restricted Stock Unit 2 $0.00 --
Grant/Award Restricted Stock Unit 16 $0.00 --
Grant/Award Restricted Stock Unit 9 $0.00 --
Grant/Award Restricted Stock Unit 30 $0.00 --
Grant/Award Restricted Stock Unit 47 $0.00 --
Grant/Award Restricted Stock Unit 45 $0.00 --
Holdings After Transaction: Restricted Stock Unit — 579 shares (Direct)
Footnotes (1)
  1. Conversion occurs on a one-for-one basis. 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. This grant does not have an expiration date. 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. 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.
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Form 4 Insider Transactions: What Each Field Means →
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
Estimated average burden
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 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.
* 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.

Source: View Original Filing on SEC EDGAR

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.