Yum China (YUMC) Pizza Hut GM receives dividend-equivalency RSU grants

Rhea-AI Filing Summary

Kuai Jeff reported acquisition or exercise transactions in this Form 4 filing.

Yum China Holdings, Inc. General Manager of Pizza Hut, Jeff Kuai, reported compensation-related equity awards on March 25, 2026. He received three grants of Restricted Stock Units (RSUs) as dividend-equivalency units covering 26, 48, and 65 RSUs, each convertible into common stock on a one-for-one basis.

The RSUs were awarded at a price of $0.00 per unit and are tied to previously issued RSUs. According to the footnotes, the underlying RSUs vest in equal one-third installments each year beginning one year from their original grant date, and these dividend-equivalency RSUs follow the same vesting schedule and terms. The grant has no expiration date and represents routine executive equity compensation rather than open-market buying or selling.

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
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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).

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^*

Kuai Jeff

(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)
	General Manager, Pizza Hut

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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)	03/25/2026		A		26		(2)	(3)	Common Stock	26	$0	4,697	D
Restricted Stock Unit	(1)	03/25/2026		A		48		(2)	(3)	Common Stock	48	$0	8,585	D
Restricted Stock Unit	(1)	03/25/2026		A		65		(2)	(3)	Common Stock	65	$0	11,713	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	03/27/2026
	** 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)

FAQ

What did Yum China (YUMC) executive Jeff Kuai report in this Form 4?

Jeff Kuai reported receiving three Restricted Stock Unit awards as compensation. The grants cover 26, 48, and 65 RSUs, all at $0.00 per unit, tied to earlier RSU awards and structured as dividend-equivalency units rather than open-market purchases.

Are the Yum China (YUMC) transactions by Jeff Kuai buys or sales of stock?

The transactions are grants of RSUs, not market buys or sales. They are compensation-related awards recorded with code “A” for grant or award, providing additional RSU units instead of reflecting Jeff Kuai trading Yum China shares in the open market.

How many Yum China (YUMC) RSUs did Jeff Kuai receive in these awards?

He received three separate RSU grants totaling small amounts: one grant of 26 RSUs, one of 48 RSUs, and one of 65 RSUs. Each RSU is convertible into one share of Yum China common stock under the terms of the company’s equity compensation program.

What is the vesting schedule for Jeff Kuai’s new Yum China (YUMC) RSUs?

The new RSUs vest on the same schedule as the underlying RSUs they reference. Those underlying RSUs vest in one-third increments each year, beginning one year after the original grant date, and the dividend-equivalency RSUs follow identical vesting timing and conditions.

What are dividend-equivalency Restricted Stock Units at Yum China (YUMC)?

Dividend-equivalency RSUs are additional units granted to mirror dividends on previously issued RSUs. Instead of paying cash dividends, extra RSUs are credited to the holder, here to Jeff Kuai, and these new units vest under the same dates and terms as the original RSU awards.

Do Jeff Kuai’s Yum China (YUMC) RSU grants have an expiration date?

The filing states explicitly that the RSU grant does not have an expiration date. The key timing condition is vesting, which occurs in one-third annual installments linked to the original RSU grant schedule, rather than any fixed termination date for the awards.