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

Rhea-AI Filing Summary

Yum China Holdings insider filing: Chief Supply Chain Officer Duoduo (Howard) Huang acquired dividend-equivalent Restricted Stock Units on 09/23/2025 as reported on Form 4. The filing lists five separate credit events for Restricted Stock Units totaling 1, 14, 9, 34 and 50 units respectively; each converts one-for-one into common stock when vested. The filing shows the beneficiary share tallies following each grant as 310, 2,513, 1,709, 6,107 and 8,980 shares respectively. The units are dividend-equivalency payments tied to previously issued RSUs and vest on the same schedules as their underlying grants, with various vesting schedules described and no expiration date for the grants.

Positive

• Equity alignment: Executive received dividend-equivalent RSUs that vest with underlying awards, aligning long-term interests with shareholders
• Transparent disclosure: Form 4 clearly lists transaction date, unit amounts, conversion basis and vesting relationships

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received dividend-equivalent RSUs across multiple vesting schedules; no cash transaction or sale reported.

The Form 4 documents non-cash compensation to an executive via dividend-equivalent Restricted Stock Units received on 09/23/2025. The units convert on a one-for-one basis to common shares and follow the vesting schedules of underlying RSU grants (annual and multi-year tranches). This represents routine equity-based compensation rather than a market disposition or acquisition for investment purposes.

Corporate Governance Expert

TL;DR: Filing reflects standard executive equity compensation mechanics with specified vesting and no expiration, consistent with governance practices.

The report specifies dividend-equivalency RSUs credited to the reporting officer that vest according to the original grant terms. The absence of an expiration date and the alignment of vesting with underlying awards are common features that preserve economic alignment between executive and shareholder incentives. The filing is a routine disclosure under Section 16 and raises no governance flags on its face.

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^*

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)
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		1		(2)	(3)	Common Stock	1	$0	310	D
Restricted Stock Unit	(1)	09/23/2025		A		14		(4)	(3)	Common Stock	14	$0	2,513	D
Restricted Stock Unit	(1)	09/23/2025		A		9		(5)	(3)	Common Stock	9	$0	1,709	D
Restricted Stock Unit	(1)	09/23/2025		A		34		(5)	(3)	Common Stock	34	$0	6,107	D
Restricted Stock Unit	(1)	09/23/2025		A		50		(5)	(3)	Common Stock	50	$0	8,980	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	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.
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.

FAQ

What did Yum China (YUMC) insider Duoduo Huang acquire on 09/23/2025?

The insider received dividend-equivalent Restricted Stock Units (RSUs) in five credits: 1, 14, 9, 34 and 50 units, reported on 09/23/2025.

How do the dividend-equivalent RSUs reported on YUMC Form 4 convert to shares?

The RSUs convert on a one-for-one basis into Yum China common stock when vested, per the filing.

What are the reported beneficial ownership figures after the reported transactions?

The filing lists beneficial ownership tallies following each credit as 310, 2,513, 1,709, 6,107 and 8,980 shares respectively.

Do the reported RSUs have expiration dates?

The filing states these grants do not have an expiration date and vest according to the schedules of the underlying RSUs.

Was any cash paid for these securities in the Form 4 transaction?

No cash price is reported; the RSUs are dividend-equivalency payments and the price column is listed as $0 in the filing.