Yum China CTO exercises RSUs, sells 1,664 shares

Yum China Holdings Chief Technology Officer Leila Zhang reported routine equity award activity.

Rhea-AI Filing Summary

Yum China Holdings Chief Technology Officer Leila Zhang reported routine equity award activity. On February 9, 2026, she converted 2,009 and 1,687 restricted stock units into the same number of Yum China common shares on a one-for-one basis at a price of $0 per unit.

To cover tax obligations, 1,664 common shares were withheld or sold at $57.5 per share, leaving Zhang with 58,712 Yum China common shares held directly. The underlying restricted stock units vest over time starting from February 9, 2023, with some vesting in thirds annually and others 50% on the second and 50% on the third anniversary.

Insider Trade Summary

3,696 shares exercised/converted

Exercise 5 txns

Insider Zhang Leila

Role Chief Technology Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	2,009	$0.00	$0.00
Exercise	Restricted Stock Unit	1,687	$0.00	$0.00
Exercise	Common Stock	2,009	$0.00	$0.00
Exercise	Common Stock	1,687	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	1,664	$57.50	$96K

Holdings After Transaction: Restricted Stock Unit — 0 contracts (Direct); Common Stock — 58,712 shares (Direct)

Footnotes (4)

1. F1. Conversion occurs on a one-for-one basis.
2. F2. Vesting occurs 1/3 per year beginning one year from 2/9/2023.
3. F3. This grant does not have an expiration date.
4. F4. Vesting occurs 50% on the second anniversary of 2/9/2023 and the remaining 50% vesting occurs on the third anniversary of 2/9/2023.

FAQ

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

What insider transaction did Yum China (YUMC) CTO Leila Zhang report?

Leila Zhang reported converting restricted stock units into common stock and selling shares for taxes. On February 9, 2026, she exercised 2,009 and 1,687 RSUs into shares, then 1,664 shares were sold or withheld at $57.5 per share for tax purposes.

How many Yum China shares does CTO Leila Zhang own after the February 2026 transaction?

After the reported transactions, Leila Zhang directly owns 58,712 Yum China common shares. This figure reflects RSU conversions totaling 3,696 shares and the sale or withholding of 1,664 shares at $57.5, as disclosed in the Form 4 filing.

What restricted stock units did Yum China CTO Zhang exercise on February 9, 2026?

Zhang exercised two tranches of restricted stock units into Yum China common stock. One tranche converted 2,009 RSUs and the other 1,687 RSUs, both on a one-for-one basis into common shares, with no exercise price paid per unit according to the disclosure.

At what price were Yum China shares sold or withheld for taxes in the Form 4?

The Form 4 shows 1,664 Yum China common shares sold or withheld at $57.5 per share. This transaction is coded “F,” indicating shares used to satisfy tax obligations related to the vesting and conversion of restricted stock units into common stock.

How do Yum China CTO Leila Zhang’s restricted stock units vest?

The filing describes two vesting schedules for Zhang’s restricted stock units. One grant vests one-third per year starting one year from February 9, 2023. Another grant vests 50% on the second anniversary of February 9, 2023 and 50% on the third anniversary.

What is the conversion ratio of Yum China restricted stock units held by the CTO?

The restricted stock units convert into Yum China common stock on a one-for-one basis. This means each RSU turns into one share of common stock upon vesting and settlement, as explicitly stated in the explanation of responses in the Form 4 filing.

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

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Accepted by SEC EDGAR 02/11/2026 - 06:21 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^*

Zhang Leila

(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 Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/09/2026

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
Common Stock	02/09/2026		M		2,009	A	$0(1)	58,689	D
Common Stock	02/09/2026		M		1,687	A	$0(1)	60,376	D
Common Stock	02/09/2026		F		1,664	D	$57.5	58,712	D

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)	02/09/2026		M			2,009	(2)	(3)	Common Stock	2,009	$0	0	D
Restricted Stock Unit	(1)	02/09/2026		M			1,687	(4)	(3)	Common Stock	1,687	$0	0	D

Explanation of Responses:

1. Conversion occurs on a one-for-one basis.

2. Vesting occurs 1/3 per year beginning one year from 2/9/2023.

3. This grant does not have an expiration date.

4. Vesting occurs 50% on the second anniversary of 2/9/2023 and the remaining 50% vesting occurs on the third anniversary of 2/9/2023.

	/s/ Pingping Liu, Power of Attorney	02/11/2026
	** 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.