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

Rhea-AI Filing Summary

Lu Xueling, identified as an officer and Controller and PAO of Yum China Holdings (YUMC), received multiple dividend-equivalent Restricted Stock Units (RSUs) on 09/23/2025. The grant comprises increments of 1, 7, 5, 15, and 20 RSUs that convert one-for-one into common stock and have no expiration. The units are dividend equivalents tied to previously issued RSUs and vest according to the schedules of those underlying awards: some vest 1/4 per year beginning one year from grant, others vest 1/3 per year or 50%/50% on the second and third anniversaries. The Form 4 reports the number of shares beneficially owned after each issuance, showing holdings of 308; 1,253; 925; 2,833; and 3,697 shares respectively for each reported line.

Insights

Financial Analyst

TL;DR: Officer received dividend-equivalent RSUs that align compensation with shareholder value, with staggered vesting tied to underlying awards.

The reported transactions are awards of dividend-equivalent RSUs that convert one-for-one into common shares and carry the same vesting schedules as the underlying grants. These are compensation-related in nature rather than open-market purchases or disposals, so they are typically neutral to marginally positive for alignment between management and shareholders. The reported post-grant beneficial ownership figures are administrative disclosures and do not indicate changes to capital structure beyond ordinary employee equity programs.

Corporate Governance Expert

TL;DR: This Form 4 documents routine equity compensation with explicit vesting schedules tied to existing awards.

The filing documents dividend-equivalent RSUs issued to an officer, which mirror vesting terms of prior grants. From a governance perspective, these awards follow conventional practices of tying long-term pay to multi-year vesting. The disclosure is clear about conversion, lack of expiration, and vesting cadence, fulfilling Section 16 reporting obligations. There is no indication of accelerated vesting, discretionary deviations, or clawback language in the supplied text.

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^*

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)
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		1		(2)	(3)	Common Stock	1	$0	308	D
Restricted Stock Unit	(1)	09/23/2025		A		7		(4)	(3)	Common Stock	7	$0	1,253	D
Restricted Stock Unit	(1)	09/23/2025		A		5		(5)	(3)	Common Stock	5	$0	925	D
Restricted Stock Unit	(1)	09/23/2025		A		15		(5)	(3)	Common Stock	15	$0	2,833	D
Restricted Stock Unit	(1)	09/23/2025		A		20		(5)	(3)	Common Stock	20	$0	3,697	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

Who filed the Form 4 for Yum China (YUMC)?

The reporting person is Lu Xueling, identified as an officer and Controller and PAO of Yum China Holdings.

What securities were reported on the Form 4 for YUMC?

The Form 4 reports issuance of Restricted Stock Units (RSUs) granted as dividend equivalents that convert one-for-one into common stock.

When were the transactions executed?

The transactions occurred on 09/23/2025 as reported in the Form 4.

How many RSUs were granted to the reporting person?

The grant lines report 1, 7, 5, 15, and 20 RSUs issued as dividend-equivalent units in separate lines.

What vesting schedules apply to these RSUs?

Vesting mirrors the underlying RSUs: some vest 1/4 per year beginning one year from grant, some 1/3 per year, and some vest 50% on the second anniversary and 50% on the third.