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

Rhea-AI Filing Summary

HUANG Duoduo (Howard) reported acquisition or exercise transactions in this Form 4 filing.

Yum China Holdings, Inc. executive Duoduo (Howard) Huang, Chief Supply Chain Officer, reported compensation-related equity grants. On March 25, 2026, he received awards of 17, 34, and 61 Restricted Stock Units, each convertible into common stock on a one-for-one basis as they vest. These RSUs were issued as dividend equivalency units tied to previously granted RSUs, and will vest on the same schedule, with one-third vesting each year beginning one year from the original grant dates. The filing reflects routine equity compensation rather than open-market share purchases or sales.

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^*

HUANG Duoduo (Howard)

(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)
	Chief Supply Chain Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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)	03/25/2026		A		17		(2)	(3)	Common Stock	17	$0	3,131	D
Restricted Stock Unit	(1)	03/25/2026		A		34		(2)	(3)	Common Stock	34	$0	6,081	D
Restricted Stock Unit	(1)	03/25/2026		A		61		(2)	(3)	Common Stock	61	$0	10,847	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	03/27/2026
	** 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)

FAQ

What insider transaction did Yum China (YUMC) report for Duoduo (Howard) Huang?

Yum China reported that Chief Supply Chain Officer Duoduo (Howard) Huang received grants of Restricted Stock Units. These compensation-related awards are derivative securities that convert into common stock on a one-for-one basis as they vest over time, rather than open-market share purchases or sales.

How many Restricted Stock Units did YUMC grant to Duoduo (Howard) Huang?

The filing shows three separate RSU grants of 17, 34, and 61 units. Each award represents the right to receive the same number of Yum China common shares upon vesting, providing equity-based compensation aligned with the company’s long-term performance.

What is the nature of the RSU awards reported by Yum China (YUMC)?

The RSU awards are described as dividend equivalency units linked to previously issued Restricted Stock Units. They are granted at a price of $0.00 per unit and are structured as additional compensation rather than purchased investments, with conversion to common stock upon vesting.

When will the new RSUs for YUMC’s Duoduo (Howard) Huang vest?

The RSUs will vest on the same schedule as the underlying RSUs they relate to. According to the disclosure, those underlying RSUs vest one-third per year beginning one year from the original grant date, so these dividend equivalency units follow that same vesting pattern.

Does the Yum China (YUMC) Form 4 show any stock sales by Duoduo (Howard) Huang?

No stock sales are reported. All transactions are coded as “A” for grant or award acquisitions of Restricted Stock Units at a price of $0.00 per unit, indicating routine equity compensation rather than disposals of existing Yum China common shares.

How do the RSU grants affect Duoduo (Howard) Huang’s Yum China holdings?

Each RSU grant increases his rights to future Yum China common shares as they vest. The filing lists updated post-transaction RSU balances for each award line, reflecting higher derivative holdings, while derivativeSummary shows no additional option or warrant positions beyond these RSUs.