Yum China officer awarded 54 dividend RSUs

Controller and PAO Lu Xueling received small dividend-equivalent RSU grants tied to existing Yum China (YUMC) awards, vesting on the same schedule.

Rhea-AI Filing Summary

Yum China Holdings, Inc. (YUMC) reported that officer Lu Xueling, Controller and PAO, received three grants totaling 54 Restricted Stock Units on September 17, 2026. Each unit converts into one share of common stock, represents a dividend equivalency payment on previously granted RSUs, and has no expiration date. These new RSUs will vest on the same schedule and terms as the underlying original RSU awards, vesting one-third per year beginning one year from the original grant date. No Rule 10b5-1 trading plan is reported for these awards.

Insider Trade Summary

Grant/Award: 54 shares

Grant/Award 3 txns

Insider Lu Xueling

Role Controller and PAO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit F1, F2, F3	10	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F2, F3	17	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F2, F3	27	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 7,963 contracts (Direct)

Footnotes (3)

1. F1. Conversion occurs on a one-for-one basis.
2. F2. 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.
3. F3. This grant does not have an expiration date.

Key Figures

Restricted Stock Units granted: 10 RSUs Restricted Stock Units granted: 17 RSUs Restricted Stock Units granted: 27 RSUs +3 more

6 metrics

Restricted Stock Units granted 10 RSUs Dividend-equivalent RSU grant to Lu Xueling on September 17, 2026

Restricted Stock Units granted 17 RSUs Dividend-equivalent RSU grant to Lu Xueling on September 17, 2026

Restricted Stock Units granted 27 RSUs Dividend-equivalent RSU grant to Lu Xueling on September 17, 2026

Total new RSUs 54 RSUs Sum of three dividend-equivalent RSU grants to Lu Xueling

Conversion ratio 1 RSU for 1 share of common stock Footnote states conversion occurs on a one-for-one basis

Price per RSU $0.00 per unit Reported grant price for all three RSU awards

Key Terms

Restricted Stock Unit, dividend equivalency payment, expiration date

3 terms

Restricted Stock Unit financial

"These units represent Restricted Stock Units issuable to the Reporting Person"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

dividend equivalency payment financial

"represent Restricted Stock Units issuable ... as a dividend equivalency payment"

expiration date financial

"This grant does not have an expiration date"

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did YUMC report for Lu Xueling on this Form 4?

Yum China reported that Lu Xueling received three grants totaling 54 Restricted Stock Units on September 17, 2026. These RSUs are dividend-equivalent units tied to previously granted RSUs and will vest on the same schedule as the underlying awards.

How many Yum China (YUMC) RSUs did Lu Xueling acquire and at what price?

Lu Xueling acquired 54 Restricted Stock Units (10, 17, and 27 units) at a reported $0.00 per unit, reflecting a compensation grant rather than a market purchase. Each RSU is convertible into one share of Yum China common stock.

What is the vesting schedule of the new YUMC RSUs granted to Lu Xueling?

The newly granted RSUs will vest on the same dates and terms as the underlying previously issued RSUs to which they relate, vesting one-third per year beginning one year from the original grant date of those underlying RSUs.

Are the new Yum China (YUMC) RSUs for Lu Xueling dividend-equivalent units?

Yes. The filing states these units represent Restricted Stock Units issuable as a dividend equivalency payment on RSUs previously issued to Lu Xueling, effectively providing additional RSUs corresponding to dividends on the original awards.

Do the RSU grants to Lu Xueling have an expiration date or a 10b5-1 plan?

The filing states that this grant does not have an expiration date. The document-level Rule 10b5-1 checkbox is marked false, so no Rule 10b5-1 trading plan is reported in connection with these RSU awards.

How do the new RSUs convert into Yum China (YUMC) common stock?

The footnotes state that conversion occurs on a one-for-one basis, meaning each Restricted Stock Unit is convertible into one share of Yum China common stock, subject to vesting and the terms of the underlying RSU awards.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/21/2026 - 06:08 AM Accepted by SEC EDGAR 09/21/2026 - 06:07 AM Learn about SEC filing dates

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^*

Lu Xueling

(Last) (First) (Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI F4 200030

(City) (State) (Zip)

CHINA

(Country)

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)
	Controller and PAO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	09/17/2026		A		10		(2)	(3)	Common Stock	10	$0	1,470	D
Restricted Stock Unit	(1)	09/17/2026		A		17		(2)	(3)	Common Stock	17	$0	2,536	D
Restricted Stock Unit	(1)	09/17/2026		A		27		(2)	(3)	Common Stock	27	$0	3,957	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 1/3 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.

3. This grant does not have an expiration date.

	/s/ Pingping Liu, Power of Attorney	09/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)