Yum China CTO awarded additional RSUs

Yum China Holdings Chief Technology Officer Leila Zhang reported compensation-related stock awards rather than market trades.

Rhea-AI Filing Summary

Yum China Holdings Chief Technology Officer Leila Zhang reported compensation-related stock awards rather than market trades. On June 17, 2026, she received three grants of Restricted Stock Units (RSUs) as dividend equivalency payments tied to prior RSU awards, covering 46, 33, and 21 RSUs.

The footnotes state these RSUs convert into common stock on a one-for-one basis and vest on the same schedule as the underlying RSUs, which vest one-third per year beginning one year from the original grant date. The grant has no expiration date. Following these awards, Zhang’s reported RSU holdings for the respective award lines increased to 6,988, 5,040, and 3,152 units.

Insider Trade Summary

Grant/Award: 100 shares

Grant/Award 3 txns

Insider Zhang Leila

Role Chief Technology Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	21	$0.00	$0.00
Grant/Award	Restricted Stock Unit	33	$0.00	$0.00
Grant/Award	Restricted Stock Unit	46	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 15,180 contracts (Direct)

Footnotes (3)

1. F1. Conversion occurs on a one-for-one basis.
2. F2. 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. F3. This grant does not have an expiration date.

Key Figures

RSU grant 1: 46 RSUs RSU grant 2: 33 RSUs RSU grant 3: 21 RSUs +3 more

6 metrics

RSU grant 1 46 RSUs Dividend-equivalent RSUs granted on June 17, 2026

RSU grant 2 33 RSUs Dividend-equivalent RSUs granted on June 17, 2026

RSU grant 3 21 RSUs Dividend-equivalent RSUs granted on June 17, 2026

Post-grant RSUs (line 1) 6,988 RSUs Total RSUs reported following transaction on line 1

Post-grant RSUs (line 2) 5,040 RSUs Total RSUs reported following transaction on line 2

Post-grant RSUs (line 3) 3,152 RSUs Total RSUs reported following transaction on line 3

Key Terms

Restricted Stock Unit, dividend equivalency payment, one-for-one basis, expiration date

4 terms

Restricted Stock Unit financial

"These units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

dividend equivalency payment financial

"These units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment"

one-for-one basis financial

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

expiration date financial

"This grant does not have an expiration date."

The expiration date is the deadline after which a financial contract, such as an option or a futures agreement, is no longer valid or can be exercised. It matters to investors because it determines the timeframe during which they can take action or benefit from the contract, similar to how a coupon or a food item has a limited period of usefulness. Once the expiration date passes, the contract loses its value or ability to be used.

FAQ

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

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

Yum China reported that CTO Leila Zhang received three Restricted Stock Unit grants as compensation-related awards. These RSUs are dividend equivalency payments linked to existing RSUs, not open-market stock purchases or sales, and increase her equity-based incentive alignment with the company.

How many Restricted Stock Units did the Yum China CTO receive in this Form 4?

Leila Zhang received three RSU grants covering 46, 33, and 21 units. Each grant is structured as a dividend equivalency payment on previously issued RSUs, adding to her existing long-term incentive position without involving any cash transaction or open-market trading activity.

Do the reported Yum China RSUs for the CTO have an expiration date?

The filing states that this grant does not have an expiration date. Instead, the Restricted Stock Units vest over time according to the schedule tied to the underlying RSUs, providing long-term equity exposure rather than options that might lapse if not exercised.

How do the new Yum China RSUs for the CTO convert into common stock?

The footnotes explain that conversion occurs on a one-for-one basis into Yum China common stock. This means each Restricted Stock Unit corresponds to one common share once vested and settled, directly linking the award’s value to the company’s future share performance.

What is a dividend equivalency payment on Yum China Restricted Stock Units?

The filing describes these RSUs as dividend equivalency payments on previously issued RSUs. Essentially, when dividends are paid, additional RSUs are credited so the award holder is economically aligned with shareholders, with the new units vesting on the same schedule as the underlying RSUs.

How large are the Yum China CTO’s RSU holdings after these awards?

After these awards, the Form 4 shows RSU balances of 6,988, 5,040, and 3,152 units for the respective award lines. These figures reflect her updated equity-based compensation position associated with each underlying grant, reinforcing long-term alignment with Yum China’s stock performance.

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

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Accepted by SEC EDGAR 06/22/2026 - 07:24 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)

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 Technology Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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)	06/17/2026		A		21		(2)	(3)	Common Stock	21	$0	3,152	D
Restricted Stock Unit	(1)	06/17/2026		A		33		(2)	(3)	Common Stock	33	$0	5,040	D
Restricted Stock Unit	(1)	06/17/2026		A		46		(2)	(3)	Common Stock	46	$0	6,988	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	06/22/2026
	** 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)