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

Rhea-AI Filing Summary

Pingping Liu, Chief Legal Officer and Director of Yum China Holdings, Inc. (YUMC), reported issuance of Restricted Stock Units (RSUs) as dividend-equivalency payments. The Form 4 discloses RSU transactions dated 09/23/2025 that were reported on the Form filed by one reporting person and signed on 09/25/2025.

The filing lists four RSU grants recorded as acquisitions at $0: 1 unit (resulting in 266 shares beneficially owned), 2 units (529 shares), 14 units (2,617 shares) and 29 units (5,282 shares). The RSUs convert one-for-one to common stock, have no expiration date, and vest on the same schedule as the underlying awards—some vesting 1/4 per year and others 1/3 per year beginning one year from the grant date.

Positive

• Insider alignment: RSUs were issued to the Chief Legal Officer, aligning executive compensation with shareholder outcomes through equity-based awards.
• Clear vesting terms: Reporting specifies vesting schedules (1/4 per year and 1/3 per year) and one-for-one conversion, providing transparency on when shares may be delivered.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine dividend-equivalent RSU issuances to an officer were reported; impact is administrative, not an immediate cash transaction.

The Form 4 shows non-cash issuance of dividend-equivalent Restricted Stock Units to Pingping Liu on 09/23/2025, recorded at $0, which increases her beneficial ownership counts across four RSU lots. These awards convert one-for-one to common stock and follow the vesting schedules of the underlying grants (1/4 or 1/3 per year). As reported, there is no exercise price or expiration, indicating standard RSU mechanics rather than option activity. From an investor perspective, this is a routine insider compensation adjustment rather than a liquidity event or sale.

Corporate Governance Expert

TL;DR: The filing documents standard dividend-equivalent RSU payments tied to existing awards, consistent with executive compensation practices.

The disclosure identifies Pingping Liu as both an officer (Chief Legal Officer) and a director and reports dividend-equivalent RSUs that vest according to the original grant terms. The clarity on conversion (one-for-one), lack of expiration, and matching vesting dates reduces ambiguity about future dilution timing. This appears to be a customary compensation administration item and raises no governance red flags based on the information provided.

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^*

LIU Pingping

(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)
	Chief Legal Officer

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	266	D
Restricted Stock Unit	(1)	09/23/2025		A		2		(2)	(3)	Common Stock	2	$0	529	D
Restricted Stock Unit	(1)	09/23/2025		A		14		(4)	(3)	Common Stock	14	$0	2,617	D
Restricted Stock Unit	(1)	09/23/2025		A		29		(4)	(3)	Common Stock	29	$0	5,282	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	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.
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FAQ

What transactions did Pingping Liu report on Form 4 for YUMC?

She reported acquisitions of Restricted Stock Units (RSUs) dated 09/23/2025 recorded at $0, disclosed in four lots of 1, 2, 14 and 29 units.

How many shares does each reported RSU lot represent after the transaction?

The filing shows 1 RSU corresponding to 266 shares, 2 RSUs to 529 shares, 14 RSUs to 2,617 shares, and 29 RSUs to 5,282 shares following the reported transactions.

Do the reported RSUs have an exercise price or expiration date?

No exercise price is reported (price $0) and the filing states these grants do not have an expiration date.

When do the RSUs vest according to the filing?

Vesting matches the underlying awards: some units vest 1/4 per year beginning one year from grant, others vest 1/3 per year beginning one year from grant.

Who signed and dated the Form 4 and when?

The Form 4 was signed by Pingping Liu on 09/25/2025.