Yum China (YUMC) grants dividend-equivalent restricted stock units to officer

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported that its Chief People Officer, a company officer, received several small grants of restricted stock units on 12/23/2025. These derivative awards were all issued at a price of $0 and are structured as dividend-equivalency payments tied to previously granted restricted stock units.

The new awards include restricted stock units for underlying common stock amounts such as 1, 3, 6, 15, and 26 shares, with beneficial ownership of derivative securities following the transactions shown at levels like 356 and 5,308. The units vest on the same schedules as the underlying restricted stock unit awards, including vesting patterns of 1/4 per year or 1/3 per year beginning one year from the original grant 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

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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^*

DING Jerry

(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 People Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/23/2025

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)	12/23/2025		A		1		(2)	(3)	Common Stock	1	$0	356	D
Restricted Stock Unit	(1)	12/23/2025		A		3		(2)	(3)	Common Stock	3	$0	798	D
Restricted Stock Unit	(1)	12/23/2025		A		6		(4)	(3)	Common Stock	6	$0	1,301	D
Restricted Stock Unit	(1)	12/23/2025		A		15		(4)	(3)	Common Stock	15	$0	3,068	D
Restricted Stock Unit	(1)	12/23/2025		A		26		(4)	(3)	Common Stock	26	$0	5,308	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	12/29/2025
	** 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).
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FAQ

What insider transaction did YUMC report for its Chief People Officer?

The Chief People Officer of Yum China Holdings, Inc. (YUMC) reported receiving several grants of restricted stock units on 12/23/2025, all issued as derivative securities tied to the company’s common stock.

Were the YUMC restricted stock units granted for cash consideration?

No cash was paid for these awards. Each restricted stock unit grant shows an exercise or conversion price of $0, reflecting equity compensation rather than a purchase for cash.

How many YUMC restricted stock units were included in the new grants?

The filing lists multiple awards of restricted stock units linked to common stock, including grants based on underlying share amounts of 1, 3, 6, 15, and 26 shares, each recorded as an acquisition.

What does it mean that the YUMC awards are dividend equivalency restricted stock units?

The filing explains that these units are dividend equivalency payments tied to previously issued restricted stock units. They are issued when dividends are paid and will vest on the same dates and under the same terms as the underlying restricted stock unit awards.

When do the new YUMC restricted stock unit dividend equivalents vest?

According to the disclosure, some underlying restricted stock units vest at a rate of 1/4 per year and others at 1/3 per year, both beginning one year from their respective grant dates. The dividend equivalency units reported will vest on the same dates and under the same terms as those underlying awards.

How many derivative securities does the YUMC officer own after these transactions?

The report shows updated derivative holdings after the transactions, including beneficial ownership figures such as 356, 798, 1,301, 3,068, and 5,308 restricted stock units for the various grant groupings.