Yum China (YUMC) Chief Supply Chain Officer discloses new RSU awards

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported an insider equity award for its Chief Supply Chain Officer on a Form 4. On 12/23/2025, the officer received several grants of Restricted Stock Units (RSUs) as dividend equivalency payments tied to previously issued RSUs, all convertible into common stock on a one-for-one basis with no exercise price.

The new RSU dividend-equivalent units follow the same vesting schedules as the underlying awards: some vest 1/4 per year starting one year from grant, others vest 50% on the second anniversary and 50% on the third, and others vest 1/3 per year starting one year from grant. After these transactions, the officer holds RSU positions of 311, 2,525, 1,717, 6,137, and 9,024 units under the respective grant structures.

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^*

HUANG Duoduo (Howard)

(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 Supply Chain 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		1		(2)	(3)	Common Stock	1	$0	311	D
Restricted Stock Unit	(1)	12/23/2025		A		12		(4)	(3)	Common Stock	12	$0	2,525	D
Restricted Stock Unit	(1)	12/23/2025		A		8		(5)	(3)	Common Stock	8	$0	1,717	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		44		(5)	(3)	Common Stock	44	$0	9,024	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 reports that Yum China’s Chief Supply Chain Officer received several grants of Restricted Stock Units (RSUs) on 12/23/2025 as dividend equivalency payments linked to prior RSU awards.

Who is the reporting person in the Yum China (YUMC) Form 4 and what is their role?

The reporting person is an officer of Yum China Holdings, Inc. serving as Chief Supply Chain Officer, filing individually on this Form 4.

What type of securities were reported by the Yum China (YUMC) officer?

The officer reported grants of Restricted Stock Units (RSUs) that are derivative securities convertible into Yum China common stock on a one-for-one basis with no exercise price.

How do the reported Yum China (YUMC) RSUs vest?

The RSUs vest on the same schedule as the underlying awards: some vest 1/4 per year beginning one year from grant, others vest 50% on the second anniversary and 50% on the third, and others vest 1/3 per year beginning one year from the grant date.

Were the Yum China (YUMC) RSU grants part of a dividend equivalency plan?

Yes. The filing states these units are dividend equivalency RSUs issued with respect to previously granted RSUs, and they vest on the same dates and under the same terms as those underlying RSUs.

How many Yum China (YUMC) RSUs does the officer hold after the reported transactions?

Following the transactions, the Form 4 shows the officer holding RSU positions of 311, 2,525, 1,717, 6,137, and 9,024 units corresponding to the different RSU grant structures.