Yum China Holdings (YUMC) CTO discloses dividend-equivalent RSU grants

Rhea-AI Filing Summary

Yum China Holdings, Inc. Chief Technology Officer reported several small grants of restricted stock units (RSUs) on 12/23/2025. These RSUs are described as dividend equivalency payments tied to previously issued RSUs, meaning they are additional units granted in connection with dividends on existing awards.

Each RSU converts into one share of common stock, and the grants carry a price of $0. The new RSUs follow the vesting schedules of the underlying awards, including installments such as 1/4 per year starting one year from grant, 50% on the second anniversary and 50% on the third, and 1/3 per year starting one year from grant. After these awards, the reporting person holds multiple blocks of RSUs directly, with examples of resulting holdings shown as 686, 1,683, 2,002, 6,137, and 7,432 units.

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^*

Zhang Leila

(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 Technology 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		3		(2)	(3)	Common Stock	3	$0	686	D
Restricted Stock Unit	(1)	12/23/2025		A		8		(4)	(3)	Common Stock	8	$0	1,683	D
Restricted Stock Unit	(1)	12/23/2025		A		9		(5)	(3)	Common Stock	9	$0	2,002	D
Restricted Stock Unit	(1)	12/23/2025		A		30		(5)	(3)	Common Stock	30	$0	6,137	D
Restricted Stock Unit	(1)	12/23/2025		A		36		(5)	(3)	Common Stock	36	$0	7,432	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
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FAQ

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

The filing reports that Yum China Holdings, Inc.'s Chief Technology Officer received several grants of restricted stock units (RSUs) on 12/23/2025. These RSUs are classified as acquired awards and are described as dividend equivalency payments tied to RSUs that were previously granted.

How many Yum China RSUs did the executive hold after the reported transactions?

After the 12/23/2025 RSU grants, the reporting person directly held several blocks of RSUs, including 686, 1,683, 2,002, 6,137, and 7,432 restricted stock units, each ultimately convertible into common stock on a one-for-one basis.

What is the conversion rate for the Yum China RSUs reported in this filing?

The filing states that conversion occurs on a one-for-one basis, meaning each restricted stock unit converts into one share of Yum China common stock when it vests and is settled, subject to the terms of the award.

Why were these Yum China RSUs granted to the Chief Technology Officer?

The RSUs are described as dividend equivalency payments. They are issuable in respect of previously issued RSUs and are linked to dividends on those underlying awards. The new RSUs vest on the same dates and under the same terms as the related original RSUs.

What vesting schedules apply to the Yum China RSUs in this Form 4?

The filing describes several vesting patterns for the underlying RSUs: some vest 1/4 per year beginning one year from the grant date, others 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. The dividend-equivalent RSUs follow the same schedules.

Do the Yum China RSU grants reported here have an expiration date?

The document explicitly notes that this grant does not have an expiration date. The RSUs vest based on the schedules tied to the underlying awards rather than on a fixed expiration.