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

Rhea-AI Filing Summary

Joey Wat, Chief Executive Officer and Director of Yum China Holdings, Inc. (YUMC) received restricted stock units (RSUs) as dividend-equivalency payments on 09/23/2025. The filing reports four RSU issuances totaling 1,279 units (38, 160, 489 and 592 units). Conversion is on a one-for-one basis into common stock and the reported price per share is $0. Each grant is tied to the vesting schedule of the underlying RSUs (one grant vests 1/4 per year; others vest 1/3 per year) and the grants have no expiration date. The form was signed by power of attorney on 09/25/2025.

Positive

• Reporting person is both CEO and Director, showing leadership alignment with equity compensation
• Total of 1,279 RSUs were issued as dividend-equivalency payments on 09/23/2025 (38, 160, 489, 592 units)
• Conversion is one-for-one into common stock and the awards have no expiration date, with vesting tied to underlying RSU schedules

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: CEO received dividend-equivalent RSUs that follow existing vesting schedules; disclosure is routine and administratively transparent.

The Form 4 discloses dividend-equivalent restricted stock units issuable to Joey Wat, reported 09/23/2025. The filing specifies conversion is one-for-one into common stock, the grants carry no expiration, and they vest on the same schedules as underlying awards (one set vests 1/4 annually; others 1/3 annually). For governance review, this is consistent with equity compensation practices, and the filing provides clear mechanics and resulting beneficial ownership figures for each line item.

Compensation Analyst

TL;DR: The grant totals 1,279 RSUs as dividend equivalents; mechanics are typical dividend-equivalency awards tied to existing grants.

From a pay-structure perspective, the report describes dividend-equivalent RSUs (38, 160, 489, 592) that convert one-for-one to common shares and carry a reported price of $0. The units mirror vesting of the underlying awards, meaning they do not accelerate or alter original vesting terms. The disclosure includes post-transaction beneficial ownership counts per grant line, aiding transparency on outstanding insider holdings.

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).

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)

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

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		38		(2)	(3)	Common Stock	38	$0	6,823	D
Restricted Stock Unit	(1)	09/23/2025		A		160		(4)	(3)	Common Stock	160	$0	28,533	D
Restricted Stock Unit	(1)	09/23/2025		A		489		(4)	(3)	Common Stock	489	$0	87,272	D
Restricted Stock Unit	(1)	09/23/2025		A		592		(4)	(3)	Common Stock	592	$0	105,662	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 insider transaction did YUMC report on 09/23/2025?

The Form 4 reports dividend-equivalent restricted stock units issued to Joey Wat on 09/23/2025, totaling 1,279 RSUs.

How many RSUs did Yum China CEO Joey Wat receive and what are the amounts?

He received four RSU awards of 38, 160, 489, and 592 units, which sum to 1,279 units.

Do the reported RSUs convert to shares and at what price?

Yes, conversion is on a one-for-one basis into common stock and the reported price is $0.

What are the vesting and expiration terms disclosed?

The dividend-equivalent RSUs vest on the same schedules as the underlying RSUs (one set vests 1/4 per year; others 1/3 per year) and the grants have no expiration date.

Who signed the Form 4 and when was it signed?

The form was signed by /s/ Pingping Liu, Power of Attorney on 09/25/2025.