Yum China CEO receives new RSU dividend units

Yum China Holdings, Inc. director and Chief Executive Officer Joey Wat reported compensation-related equity activity through three grants of Restricted Stock Units on June 17, 2026.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Yum China Holdings, Inc. director and Chief Executive Officer Joey Wat reported compensation-related equity activity through three grants of Restricted Stock Units on June 17, 2026. These awards total 581, 479 and 299 RSUs, each granted at $0.00 per unit.

The RSUs are described as dividend equivalency units tied to previously issued RSUs that vest one-third per year beginning one year from the original grant date. The new units will vest on the same dates and under the same terms as the underlying RSU awards, convert into common stock on a one-for-one basis, and have no expiration date.

Following these transactions, the reported RSU balances for the related awards stand at 87,351 units, 72,025 units and 45,055 units, reflecting updated holdings associated with the existing long-term incentive grants.

Insider Trade Summary

Grant/Award: 1,359 shares

Grant/Award 3 txns

Insider Wat Joey

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	299	$0.00	$0.00
Grant/Award	Restricted Stock Unit	479	$0.00	$0.00
Grant/Award	Restricted Stock Unit	581	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 204,431 contracts (Direct)

Footnotes (3)

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

Key Figures

RSU grant 1: 581 RSUs RSU grant 2: 479 RSUs RSU grant 3: 299 RSUs +3 more

6 metrics

RSU grant 1 581 RSUs Dividend equivalency grant on June 17, 2026

RSU grant 2 479 RSUs Dividend equivalency grant on June 17, 2026

RSU grant 3 299 RSUs Dividend equivalency grant on June 17, 2026

RSU balance line 1 87,351 units Total RSUs following transaction for first award line

RSU balance line 2 72,025 units Total RSUs following transaction for second award line

RSU balance line 3 45,055 units Total RSUs following transaction for third award line

Key Terms

Restricted Stock Unit, dividend equivalency payment, vest 1/3 per year, one-for-one basis, +1 more

5 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..."

vest 1/3 per year financial

"…Restricted Stock Units previously issued to the Reporting Person which vest 1/3 per year beginning one year from the grant date."

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 transactions did Yum China (YUMC) report for Joey Wat?

Yum China reported that CEO Joey Wat received three grants of Restricted Stock Units as dividend equivalency payments, covering 581, 479 and 299 units. These RSUs relate to existing awards and follow the same vesting schedule and terms as the underlying grants.

Are Joey Wat’s recent Yum China RSU transactions open-market buys or sales?

The reported RSU transactions are compensation-related grants, not open-market buys or sales. They are dividend equivalency Restricted Stock Units tied to prior RSU awards and granted at zero cost, vesting over time under existing long-term incentive terms.

How many RSU units were granted to Yum China CEO Joey Wat in this filing?

Joey Wat received three separate Restricted Stock Unit grants totaling 1,359 units: 581, 479 and 299 RSUs. Each grant represents dividend equivalency units associated with previously issued RSUs and will vest according to the same schedule as those original awards.

How do the new Yum China RSUs for Joey Wat vest over time?

The dividend equivalency RSUs vest on the same dates and terms as the underlying RSUs, which vest one-third per year starting one year from the original grant date. This means the new units follow the existing long-term incentive vesting schedule already in place.

What is the conversion rate for Joey Wat’s Yum China Restricted Stock Units?

Each Restricted Stock Unit converts into one share of Yum China common stock on a one-for-one basis. The filing also notes that this grant has no expiration date, so conversion depends on vesting and applicable settlement terms under the company’s equity plan.

What are Joey Wat’s updated Yum China RSU holdings after these grants?

After the new dividend equivalency RSU grants, the filing shows updated line-item RSU holdings of 87,351 units, 72,025 units and 45,055 units for the related awards. These figures reflect cumulative balances in those specific RSU lines under the company’s equity compensation program.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 06/22/2026 - 07:21 AM

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^*

Wat Joey

(Last)

(First)

(Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI

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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	06/17/2026		A		299		⁽²⁾	⁽³⁾	Common Stock	299	$0	45,055	D
Restricted Stock Unit	⁽¹⁾	06/17/2026		A		479		⁽²⁾	⁽³⁾	Common Stock	479	$0	72,025	D
Restricted Stock Unit	⁽¹⁾	06/17/2026		A		581		⁽²⁾	⁽³⁾	Common Stock	581	$0	87,351	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)

Source: View Original Filing on SEC EDGAR

Yum China CEO receives new RSU dividend units

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