Yum China (YUMC) awards dividend-equivalent RSU grants to Chief Legal Officer

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported that Chief Legal Officer Pingping Liu received several grants of Restricted Stock Units on March 25, 2026. These RSUs are dividend-equivalency units tied to earlier RSU awards and convert into common stock on a one-for-one basis, with no expiration date. The new units vest on the same schedules as the underlying RSUs, which vest in annual installments (1/4 or 1/3 per year) beginning one year from the original grant dates, and increase Liu’s direct RSU holdings under the reported awards up to 6,942 units.

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

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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^*

LIU Pingping

(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)
	Chief Legal Officer

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		1		(2)	(3)	Common Stock	1	$0	265	D
Restricted Stock Unit	(1)	03/25/2026		A		7		(4)	(3)	Common Stock	7	$0	1,340	D
Restricted Stock Unit	(1)	03/25/2026		A		20		(4)	(3)	Common Stock	20	$0	3,577	D
Restricted Stock Unit	(1)	03/25/2026		A		39		(4)	(3)	Common Stock	39	$0	6,942	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 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	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 insider transaction did Yum China (YUMC) report for Pingping Liu?

Yum China reported that Chief Legal Officer Pingping Liu received several grants of Restricted Stock Units on March 25, 2026. These RSUs are dividend-equivalency awards tied to earlier RSU grants and increase her direct equity-based compensation in the company.

Were the Yum China (YUMC) RSU transactions a stock purchase or sale?

The transactions were grants of Restricted Stock Units, not open-market stock purchases or sales. They are classified as “grant, award, or other acquisition” and represent equity compensation awarded by Yum China rather than trades initiated by the insider.

How many Yum China RSUs does Pingping Liu hold after these grants?

After these March 25, 2026 grants, the filing shows direct RSU holdings under one reported award increasing to 6,942 units, with smaller holdings of 265, 1,340, and 3,577 units under other RSU awards, all converting into common stock on a one-for-one basis.

What are dividend-equivalency RSUs in the Yum China (YUMC) filing?

Dividend-equivalency RSUs are additional Restricted Stock Units issued to mirror dividends on previously granted RSUs. For Pingping Liu, they vest on the same dates and terms as the underlying RSUs and ultimately convert one-for-one into Yum China common stock when those original units vest.

What are the vesting terms of Pingping Liu’s new Yum China RSUs?

The new RSUs vest on the same schedule as the underlying RSUs that generated the dividend equivalents. Some vest in four annual installments of one-quarter per year, while others vest in three annual installments of one-third per year, beginning one year from each original grant date.

Do Pingping Liu’s new Yum China RSUs have an expiration date?

The filing states that this grant does not have an expiration date. Instead, the units vest over time according to the original RSU schedules, and upon vesting they convert into Yum China common stock on a one-for-one basis, subject to the standard award terms.