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

Rhea-AI Filing Summary

Yum China Holdings insider grant details: Adrian Ding, identified as Chief Financial Officer and a director, reported acquisitions of Restricted Stock Units (RSUs) on 09/23/2025. The Form 4 shows six separate RSU accruals totaling 170 RSUs received as dividend-equivalency payments tied to previously issued RSUs and issued at a $0 price. Each tranche vests on the same schedule as the underlying awards (various schedules: annual 1/4 vesting, 50%/50% on years two and three, or 1/3 per year), and the newly reported units convert one-for-one into common shares with no expiration. The report was signed under power of attorney on 09/25/2025.

Positive

• 170 RSUs granted to the CFO as dividend-equivalency payments, aligning executive compensation with shareholders
• Grants issued at $0 reflect non-cash compensation rather than insider sales or cash transactions
• Vesting tied to underlying awards, preserving original incentive alignment and performance timelines

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine, non-cash grant increases insider alignment with shareholders but is likely compensation not market-moving.

The Form 4 documents 170 RSUs issued to the CFO as dividend-equivalency payments at a $0 price, converting one-for-one into common stock when vested. These units follow the vesting schedules of prior awards, indicating these are supplemental, not new performance grants. For modeling or dilution analysis, treat these as potential future share issuance if and when they vest and convert, but the filing contains no cash proceeds, sales, or change in control events.

Corporate Governance Expert

TL;DR: Governance-wise this is a routine disclosure of compensation-related RSUs with clear vesting alignment to original awards.

The reporting person is the CFO and a director, and the units are described as dividend-equivalency RSUs that vest on the same terms as underlying awards (annual or multi-year schedules). The filing discloses direct beneficial ownership increases across multiple award tranches and includes a Power of Attorney signature, satisfying procedural requirements. No departures, option exercises, or disposals are reported.

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^*

Ding Adrian

(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 Financial 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	577	D
Restricted Stock Unit	(1)	09/23/2025		A		18		(4)	(3)	Common Stock	18	$0	3,355	D
Restricted Stock Unit	(1)	09/23/2025		A		11		(5)	(3)	Common Stock	11	$0	1,997	D
Restricted Stock Unit	(1)	09/23/2025		A		34		(5)	(3)	Common Stock	34	$0	6,109	D
Restricted Stock Unit	(1)	09/23/2025		A		53		(5)	(3)	Common Stock	53	$0	9,509	D
Restricted Stock Unit	(1)	09/23/2025		A		51		(5)	(3)	Common Stock	51	$0	9,184	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.
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.

FAQ

What did Yum China (YUMC) report on this Form 4?

The Form 4 reports that CFO Adrian Ding acquired 170 Restricted Stock Units on 09/23/2025 as dividend-equivalency payments tied to previously issued RSUs.

Were any shares sold by the reporting person in this filing for YUMC?

No. The filing shows only acquisitions of RSUs at a $0 price and no dispositions or sales.

What is the vesting and conversion treatment of the reported RSUs?

The RSUs convert one-for-one into common stock and vest on the same schedule as the underlying RSU awards (schedules include 1/4 per year, 50%/50% on years two and three, or 1/3 per year).

What is the reporting person's relationship to Yum China?

The reporting person, Adrian Ding, is listed as Chief Financial Officer and a director of Yum China Holdings, Inc.

When was the Form 4 filed and who signed it?

The earliest transaction date is 09/23/2025, and the form was signed under Power of Attorney by Pingping Liu on 09/25/2025.