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

Rhea-AI Filing Summary

Wang Warton, General Manager, KFC at Yum China Holdings (YUMC), reported acquisitions of restricted stock units on 09/23/2025. The filing shows dividend-equivalency Restricted Stock Units (RSUs) awarded that convert one-for-one into common stock and carry a $0 price. Reported RSU amounts: 2, 20, 68, and 103 units, corresponding to post-transaction beneficial ownership figures of 467, 3,706, 12,215, and 18,490 shares respectively. Two groups of units vest on the same schedule as the underlying RSUs: some vest 1/4 per year beginning one year from the grant date; others vest 1/3 per year beginning one year from the grant date. The granted units have no expiration date. The Form 4 was signed by Power of Attorney Pingping Liu on 09/25/2025.

Positive

• Insider acquisition disclosed: Reporting person received dividend-equivalent RSUs that increase beneficial ownership without cash outlay.
• Clear vesting terms: Units vest on the same schedule as underlying RSUs (1/4-per-year or 1/3-per-year), providing predictable timing of share delivery.
• No cash price: Reported acquisition price is $0, indicating these are compensation-related awards rather than purchased securities.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received dividend-equivalent RSUs that increase held equity but appear routine and non-dilutive in isolation.

The reported acquisition consists of modest amounts of dividend-equivalent RSUs that convert one-for-one to common shares and carry a $0 acquisition price, indicating these are compensation-linked awards rather than open-market purchases. Vesting follows the schedules of underlying grants (1/4-per-year and 1/3-per-year cohorts), so the economic and voting impact on outstanding shares will be phased over time. Given the small quantities reported relative to total outstanding shares implied by the large beneficial-ownership figures, this filing is routine compensation activity and is unlikely to materially affect YUMC's capital structure or near-term earnings per share.

Corporate Governance Expert

TL;DR: This is a standard disclosure of dividend-equivalent RSUs tied to prior grants with customary vesting; no governance red flags shown.

The Form 4 documents issuance of dividend-equivalency RSUs that mirror the vesting of underlying awards and have no expiration, consistent with common executive compensation practices. The reporting person is an officer (General Manager, KFC) and the filing was executed under power of attorney. There are no indications of accelerated vesting, single-trigger change-in-control provisions, or unusually large one-time grants disclosed here. From a governance perspective, the disclosure meets Section 16 transparency expectations and does not present material concerns based on the information provided.

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).

1. Name and Address of Reporting Person^*

Wang Warton

(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, KFC

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		2		(2)	(3)	Common Stock	2	$0	467	D
Restricted Stock Unit	(1)	09/23/2025		A		20		(4)	(3)	Common Stock	20	$0	3,706	D
Restricted Stock Unit	(1)	09/23/2025		A		68		(4)	(3)	Common Stock	68	$0	12,215	D
Restricted Stock Unit	(1)	09/23/2025		A		103		(4)	(3)	Common Stock	103	$0	18,490	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 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.
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FAQ

What did Wang Warton report on Form 4 for YUMC?

The filing reports acquisition of dividend-equivalent Restricted Stock Units on 09/23/2025 that convert one-for-one to common shares and carry a $0 price.

How many RSUs were reported in the 09/23/2025 transaction?

The Form 4 shows 2, 20, 68, and 103 RSUs granted in separate groups, each converting one-for-one to common stock.

What are the post-transaction beneficial ownership figures reported?

Post-transaction beneficial ownership amounts are listed as 467, 3,706, 12,215, and 18,490 shares for the respective RSU groups.

When do the awarded RSUs vest?

The dividend-equivalent RSUs vest on the same dates and terms as the underlying RSUs: some vest 1/4 per year beginning one year from grant; others vest 1/3 per year beginning one year from grant.

Who signed the Form 4 and when?

The Form 4 was signed by Pingping Liu as Power of Attorney on 09/25/2025.