Yum China (YUMC) officer converts RSUs and withholds shares for tax

Rhea-AI Filing Summary

Yum China officer Lu Xueling, Controller and PAO, reported equity award transactions in company stock. On February 10, 2026, she exercised restricted stock units into 317 and 1,226 shares of common stock at $0 per share under one-for-one conversion terms. To satisfy tax obligations, 695 shares of common stock were withheld at $57.12 per share. After these transactions, she directly beneficially owned 30,589 shares of Yum China common stock.

Insider Trade Summary

1,543 shares exercised/converted

Mixed 5 txns

Insider Lu Xueling

Role Controller and PAO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	317	$0.00	--
Exercise	Restricted Stock Unit	1,226	$0.00	--
Exercise	Common Stock	317	$0.00	--
Exercise	Common Stock	1,226	$0.00	--
Tax Withholding	Common Stock	695	$57.12	$40K

Holdings After Transaction: Restricted Stock Unit — 0 shares (Direct); Common Stock — 30,058 shares (Direct)

Footnotes (1)

1. Conversion occurs on a one-for-one basis. Vesting occurs 25% per year beginning one year from 2/10/2022. This grant does not have an expiration date. Vesting occurs 1/3 per year beginning one year from 2/10/2025.

Form 4 Insider Transactions: What Each Field Means →

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^*

Lu Xueling

(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)
	Controller and PAO

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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
Common Stock	02/10/2026		M		317	A	$0(1)	30,058	D
Common Stock	02/10/2026		M		1,226	A	$0(1)	31,284	D
Common Stock	02/10/2026		F		695	D	$57.12	30,589	D

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)	02/10/2026		M			317	(2)	(3)	Common Stock	317	$0	0	D
Restricted Stock Unit	(1)	02/10/2026		M			1,226	(4)	(3)	Common Stock	1,226	$0	2,489	D

Explanation of Responses:

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

2. Vesting occurs 25% per year beginning one year from 2/10/2022.

3. This grant does not have an expiration date.

4. Vesting occurs 1/3 per year beginning one year from 2/10/2025.

	/s/ Pingping Liu, Power of Attorney	02/12/2026
	** 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.

FAQ

What insider activity did Yum China (YUMC) report for Lu Xueling?

Yum China reported that officer Lu Xueling exercised restricted stock units into common shares and had shares withheld to cover taxes. These equity award-related transactions changed her directly owned stake but did not reflect an open-market purchase or sale.

How many Yum China (YUMC) shares did Lu Xueling acquire and dispose of?

On February 10, 2026, Lu Xueling converted RSUs into 317 and 1,226 Yum China common shares. In a separate tax-withholding transaction, 695 common shares were disposed of at $57.12 per share to cover her associated tax liability.

What do transaction codes M and F mean in the Yum China (YUMC) Form 4?

Code M indicates the exercise or conversion of a derivative security, here restricted stock units converting one-for-one into common stock. Code F indicates shares used to pay tax obligations by delivering securities instead of cash.

What is Lu Xueling’s Yum China (YUMC) share ownership after these transactions?

Following the reported February 10, 2026 transactions, Lu Xueling directly beneficially owned 30,589 shares of Yum China common stock. This figure reflects the RSU conversions into shares and the separate share withholding to satisfy tax obligations.

What vesting schedule applies to Lu Xueling’s Yum China (YUMC) RSU grants?

One RSU grant vests 25% per year, starting one year from February 10, 2022, and has no expiration date. Another RSU grant vests one-third per year, beginning one year from February 10, 2025, according to the filing footnotes.