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

Rhea-AI Filing Summary

Leila Zhang, Chief Technology Officer of Yum China Holdings (YUMC), acquired multiple restricted stock units (RSUs) on 09/23/2025 as reported on Form 4. The filing shows five RSU awards acquired as dividend-equivalency payments with conversion on a one-for-one basis into common stock. Quantities reported for the acquisitions are 3, 9, 11, 34, and 41 RSUs, each converting to common stock units at no cash price. The filing reports the beneficial ownership totals following the transactions as 683, 1,675, 1,993, 6,107, and 7,396 shares respectively. The RSUs have no expiration date and vest according to the terms of the underlying awards as described in the footnotes. The Form 4 was signed by Power of Attorney Pingping Liu on 09/25/2025.

Positive

• Disclosure compliance: Form 4 filed and signed via Power of Attorney, showing timely reporting of insider activity
• Compensation alignment: RSUs structured as dividend-equivalency payments that vest with underlying awards, aligning executive incentives with shareholders

Negative

• None.

Insights

Executive Compensation Analyst

TL;DR: Modest dividend-equivalent RSU grants reinforce executive compensation alignment without new cash outlay.

The filing documents multiple small RSU issuances to the CTO that are dividend-equivalency payments tied to earlier awards and vest on the same schedule as the underlying grants. Because conversion is one-for-one and the awards carry a $0 price, this represents equity-based compensation rather than market purchases. The amounts are relatively small in isolation, suggesting routine compensation adjustments rather than a material change to ownership or control. Vesting schedules mirror the underlying awards, preserving retention incentives.

Corporate Governance Expert

TL;DR: Routine insider disclosure shows standard equity compensation mechanics and proper Form 4 documentation.

The Form 4 clearly discloses the nature of the awards as dividend-equivalency RSUs, conversion mechanics, and vesting linkage to underlying grants. The report includes a Power of Attorney signature and timely dates, indicating compliance with Section 16 reporting. There are no indicators of unusual transactions, open-market trades, or dispositions that would trigger governance concern. Ownership levels shown post-transaction are explicit, allowing investors to track insider holdings precisely.

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^*

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)
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		3		(2)	(3)	Common Stock	3	$0	683	D
Restricted Stock Unit	(1)	09/23/2025		A		9		(4)	(3)	Common Stock	9	$0	1,675	D
Restricted Stock Unit	(1)	09/23/2025		A		11		(5)	(3)	Common Stock	11	$0	1,993	D
Restricted Stock Unit	(1)	09/23/2025		A		34		(5)	(3)	Common Stock	34	$0	6,107	D
Restricted Stock Unit	(1)	09/23/2025		A		41		(5)	(3)	Common Stock	41	$0	7,396	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 50% on the second anniversary of the grant date and the remaining 50% will vest on the third anniversary of 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.

5. 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 did Leila Zhang acquire according to the Form 4 for YUMC?

The Form 4 reports Leila Zhang acquired restricted stock units (RSUs) on 09/23/2025 in five grants of 3, 9, 11, 34, and 41 RSUs as dividend-equivalency payments.

How do the reported RSUs convert to Yum China common stock (YUMC)?

The filing states conversion occurs on a one-for-one basis, with the RSUs convertible into common stock at a reported price of $0 per share.

What were the beneficial ownership totals after the reported transactions?

The Form 4 lists the beneficial ownership totals following the transactions as 683, 1,675, 1,993, 6,107, and 7,396 shares corresponding to each reported line item.

What are the vesting terms for these RSUs?

The RSUs are dividend-equivalency payments that vest on the same dates and under the same terms as the underlying restricted stock units, with specific vesting schedules described in the footnotes (annual or multi-year tranches).

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Pingping Liu, Power of Attorney, on 09/25/2025.