Yum China (YUMC) Pizza Hut GM exercises RSUs, withholds shares for tax

Rhea-AI Filing Summary

Yum China Holdings officer Jeff Kuai, General Manager of Pizza Hut, reported equity award activity on February 10, 2026. He exercised restricted stock units that convert to common stock on a one-for-one basis, acquiring 792 and 4,204 shares of common stock at an exercise price of $0 per share.

To cover tax obligations from these awards, 2,249 common shares were disposed of at $57.12 per share through a tax-withholding transaction, not an open-market sale. After these transactions, Kuai directly owned 67,853 shares of Yum China common stock.

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

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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^*

Kuai Jeff

(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)
	General Manager, Pizza Hut

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		792	A	$0(1)	65,898	D
Common Stock	02/10/2026		M		4,204	A	$0(1)	70,102	D
Common Stock	02/10/2026		F		2,249	D	$57.12	67,853	D

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			792	(2)	(3)	Common Stock	792	$0	0	D
Restricted Stock Unit	(1)	02/10/2026		M			4,204	(4)	(3)	Common Stock	4,204	$0	8,537	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.
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FAQ

What insider activity did YUMC executive Jeff Kuai report on February 10, 2026?

On February 10, 2026, Jeff Kuai exercised restricted stock units into common stock and had shares withheld for taxes. He acquired 792 and 4,204 shares at $0 per share and disposed of 2,249 shares at $57.12 for tax withholding.

How many Yum China (YUMC) shares does Jeff Kuai own after this Form 4?

After the reported transactions, Jeff Kuai directly owned 67,853 shares of Yum China common stock. This figure reflects RSU conversions into common stock and the tax-withholding share disposition reported in the filing on February 10, 2026.

Were Jeff Kuai’s YUMC transactions open-market buys or sells?

The transactions were not open-market trades. RSUs were converted to common stock at $0 per share, and shares were disposed of under code F solely to satisfy tax liabilities, rather than representing a discretionary sale into the market.

What is the vesting schedule for Jeff Kuai’s Yum China restricted stock units?

One RSU grant vests 25% per year beginning one year from February 10, 2022. Another RSU grant vests one-third per year beginning one year from February 10, 2025. Both grants convert into common stock on a one-for-one basis upon vesting.

What prices are associated with Jeff Kuai’s YUMC Form 4 transactions?

The RSU conversions into common stock occurred at an exercise price of $0 per share. The tax-withholding disposition involved 2,249 common shares at a price of $57.12 per share, reflecting the value used to cover the related tax liability.

What is Jeff Kuai’s role at Yum China (YUMC) in this insider report?

In this insider report, Jeff Kuai is identified as an officer of Yum China, serving as General Manager, Pizza Hut. The Form 4 details equity compensation activity related to his role, including restricted stock unit conversions and related tax withholding.