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

Rhea-AI Filing Summary

Yum China insider award details and resulting holdings. The company's Chief People Officer received multiple dividend-equivalent Restricted Stock Units (RSUs) that convert one-for-one into common shares. The reported transactions on 09/23/2025 show grants of 2, 4, 7, 17 and 29 RSUs (totaling 59 RSUs) that convert into the same number of common shares at $0 price. After these awards the reporting person beneficially owns reported increments of 355, 795, 1,295, 3,053 and 5,282 shares tied to the respective underlying RSU grants. The dividend-equivalent RSUs vest on the same schedule as the underlying RSUs (either 1/4 per year or 1/3 per year depending on the grant) and have no expiration date.

Positive

• Dividend-equivalent RSUs awarded, aligning the Chief People Officer's interests with shareholders by tying compensation to equity value
• No cash purchase price for the reported RSUs, indicating standard compensation rather than a discounted insider buy
• Vesting mirrors underlying RSUs (1/4 per year or 1/3 per year), reinforcing retention incentives and predictable future alignment

Negative

• None.

Insights

Financial Analyst

TL;DR Routine dividend-equivalent RSU awards increase insider alignment but are not material to company capitalization.

The reporting shows the Chief People Officer received 59 dividend-equivalent RSUs that convert one-for-one to common stock at no cost, increasing her beneficial holdings tied to multiple underlying grants. These awards mirror existing RSU vesting schedules (either quarterly over four years or in thirds over three years), so the economic impact follows previously disclosed equity compensation timelines. There is no exercise price and no expiration, indicating standard retention-oriented compensation rather than performance-contingent pay. Given the modest share counts reported, the transaction appears routine and unlikely to affect public market metrics materially.

Corporate Governance Expert

TL;DR The grant is a standard dividend-equivalent equity award that aligns executive and shareholder interests without unusual governance implications.

The form indicates dividend-equivalent RSUs issued as compensation, vesting on the same schedule as underlying awards and carrying no expiration. This structure is common for maintaining parity between cash dividends and equity compensation. The awards were documented under a Form 4 filing, reflecting required insider reporting. There is no indication of accelerated vesting, discretionary repricing, or unusual terms disclosed here. From a governance perspective, these disclosures are consistent with typical equity compensation practices and provide transparency about insider 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

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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).

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)
09/23/2025

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)	09/23/2025		A		2		(2)	(3)	Common Stock	2	$0	355	D
Restricted Stock Unit	(1)	09/23/2025		A		4		(2)	(3)	Common Stock	4	$0	795	D
Restricted Stock Unit	(1)	09/23/2025		A		7		(4)	(3)	Common Stock	7	$0	1,295	D
Restricted Stock Unit	(1)	09/23/2025		A		17		(4)	(3)	Common Stock	17	$0	3,053	D
Restricted Stock Unit	(1)	09/23/2025		A		29		(4)	(3)	Common Stock	29	$0	5,282	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 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	09/25/2025
	** 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.
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FAQ

What insider transactions were reported for Yum China (YUMC)?

The Chief People Officer received multiple dividend-equivalent Restricted Stock Units (totaling 59 RSUs) convertible one-for-one to common shares, reported with transaction date 09/23/2025.

How many shares will the reported RSUs convert into for YUMC?

The reported dividend-equivalent units convert one-for-one into common stock: grants of 2, 4, 7, 17 and 29 units, totaling 59 shares when converted.

Do the reported RSUs have an exercise price for YUMC?

No; the Form 4 shows the dividend-equivalent RSUs convert at $0 price, reflecting standard restricted stock unit treatment rather than an option exercise.

When do the dividend-equivalent RSUs vest for the reporting person?

They vest on the same schedule as the underlying RSUs: either 1/4 per year beginning one year from grant date or 1/3 per year beginning one year from grant date, per the filing.

Do the reported RSUs expire for Yum China insider grants?

The filing states these RSUs do not have an expiration date.