Yum China (YUMC) CEO granted additional RSU awards as compensation

Rhea-AI Filing Summary

Wat Joey reported acquisition or exercise transactions in this Form 4 filing.

Yum China Holdings, Inc. director and Chief Executive Officer Joey Wat reported three compensation-related transactions involving Restricted Stock Units (RSUs). On March 25, 2026, she received awards of 251, 402, and 488 RSUs, each convertible into common stock on a one-for-one basis.

These RSUs were issued as dividend equivalency units linked to previously granted RSUs that vest one-third per year beginning one year from the original grant date. The new RSUs will vest on the same dates and under the same terms as the underlying RSU awards, and the grant has no expiration date. All holdings are reported as directly owned, and there were no reported share 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

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^*

Wat Joey

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		251		(2)	(3)	Common Stock	251	$0	44,756	D
Restricted Stock Unit	(1)	03/25/2026		A		402		(2)	(3)	Common Stock	402	$0	71,546	D
Restricted Stock Unit	(1)	03/25/2026		A		488		(2)	(3)	Common Stock	488	$0	86,770	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 CEO Joey Wat?

Yum China reported CEO Joey Wat receiving three Restricted Stock Unit grants. The awards, dated March 25, 2026, cover 251, 402, and 488 RSUs as dividend equivalency units, each convertible into one share of common stock under existing RSU award terms.

Were the recent Yum China (YUMC) CEO RSU transactions open-market buys or sells?

The transactions were not open-market trades; they were RSU grants. All three entries are coded as awards (code A), reflecting compensation-related acquisitions of Restricted Stock Units, with no reported share purchases or sales in the open market.

How do the new Yum China (YUMC) CEO RSUs vest over time?

The new RSUs vest on the same schedule as the underlying RSUs. Those original awards vest one-third per year beginning one year from their grant date, so the dividend equivalency RSUs follow identical vesting dates and conditions as those existing RSU grants.

What is the conversion ratio for the Yum China (YUMC) CEO RSU grants?

Each Restricted Stock Unit granted to the CEO converts into one common share. A footnote states that conversion occurs on a one-for-one basis, so every RSU, including the 251, 402, and 488-unit awards, represents a single Yum China common share when settled.

Do the new Yum China (YUMC) CEO RSU grants have an expiration date?

The reported RSU grants do not have an expiration date. A footnote explicitly notes that this grant has no expiration, meaning the units remain outstanding subject to their vesting terms and other conditions instead of expiring on a fixed future date.

Are the new Yum China (YUMC) CEO RSUs reported as directly or indirectly owned?

The RSUs are reported as directly owned by CEO Joey Wat. Each line item lists direct ownership (code D) with no indication of intermediary entities or indirect holdings, so the awards are attributed directly to the reporting person in this Form 4 filing.