Yum China CLO granted four dividend RSU awards

Chief Legal Officer Pingping Liu received small dividend-equivalent RSU awards linked to prior Yum China grants.

Rhea-AI Filing Summary

Yum China Holdings, Inc. (symbol: YUMC) is the issuer of record for a Form 4 filing submitted to the SEC. LIU Pingping reported acquisition or exercise transactions in this Form 4 filing.

Yum China Holdings, Inc. (YUMC) reported that Chief Legal Officer Pingping Liu received four grants of Restricted Stock Units on September 17, 2026 as compensation awards. The grants cover 1, 9, 25 and 49 RSUs, each convertible into Common Stock on a one-for-one basis and granted at $0.00 per unit.

The units are dividend equivalency payments tied to prior RSU awards and will vest on the same schedules as those underlying RSUs: one grant aligns with awards vesting at 1/4 per year beginning one year from the original grant date, and the others align with awards vesting at 1/3 per year. The company states these grants do not have an expiration date.

Insider Trade Summary

Grant/Award: 84 shares

Grant/Award 4 txns

Insider LIU Pingping

Role Chief Legal Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit F1, F2, F3	1	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F4, F3	9	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F4, F3	25	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F4, F3	49	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 12,287 contracts (Direct)

Footnotes (4)

1. F1. Conversion occurs on a one-for-one basis.
2. 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 1/4 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. F3. This grant does not have an expiration date.
4. F4. 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.

Key Figures

RSU grant date: September 17, 2026 RSUs granted (block 1): 1 Restricted Stock Unit RSUs granted (block 2): 9 Restricted Stock Units +5 more

8 metrics

RSU grant date September 17, 2026 Date all four Restricted Stock Unit grants were awarded to Pingping Liu

RSUs granted (block 1) 1 Restricted Stock Unit Dividend-equivalency RSU that vests 1/4 per year with related prior RSUs

RSUs granted (block 2) 9 Restricted Stock Units Dividend-equivalency RSUs that vest 1/3 per year with related prior RSUs

RSUs granted (block 3) 25 Restricted Stock Units Dividend-equivalency RSUs that vest 1/3 per year with related prior RSUs

RSUs granted (block 4) 49 Restricted Stock Units Dividend-equivalency RSUs that vest 1/3 per year with related prior RSUs

Grant price per RSU $0.00 per unit All four RSU grants to Pingping Liu were awarded with no cash exercise price

Conversion ratio 1 RSU for 1 share of Common Stock Footnote states conversion occurs on a one-for-one basis into Yum China Common Stock

Vesting fractions 1/4 per year and 1/3 per year RSUs vest in annual installments aligned with prior RSUs beginning one year from grant dates

Key Terms

Restricted Stock Unit, dividend equivalency payment, vest, expiration date

4 terms

Restricted Stock Unit financial

"These units represent Restricted Stock Units issuable to the Reporting Person"

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

"issuable to the Reporting Person as a dividend equivalency payment with respect"

vest financial

"which vest 1/4 per year beginning one year from the grant date"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

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 did Yum China (YUMC) disclose in this Form 4 for Pingping Liu?

Yum China disclosed that Chief Legal Officer Pingping Liu received four Restricted Stock Unit grants on September 17, 2026 as compensation, representing small dividend-equivalent RSU awards convertible into Common Stock on a one-for-one basis with no cash exercise price and no expiration date.

How many RSUs did Pingping Liu receive according to this YUMC filing?

Pingping Liu received four separate RSU grants covering 1, 9, 25 and 49 Restricted Stock Units, each RSU representing the right to receive one share of Yum China Common Stock, subject to vesting conditions tied to earlier RSU awards.

What are dividend equivalency RSUs in Yum China (YUMC)’s Form 4?

The filing states these RSUs are dividend equivalency payments on previously issued RSUs. They are additional RSUs credited to the reporting person corresponding to dividends on the underlying RSUs, and they will vest on the same dates and terms as those original RSU grants.

What are the vesting schedules for the RSUs reported for YUMC’s Pingping Liu?

One block of RSUs vests at 1/4 per year beginning one year from the original grant date of the related RSUs. The other blocks vest at 1/3 per year, also beginning one year from the related RSU grant date, and follow the same vesting dates and terms as those underlying RSUs.

Do the RSU awards for Pingping Liu under YUMC have an expiration date?

No. A footnote in the filing states that this grant does not have an expiration date. The RSUs remain outstanding subject only to the vesting terms tied to the underlying previously granted RSUs to which these dividend-equivalency units relate.

Were Pingping Liu’s YUMC RSU transactions under a Rule 10b5-1 plan?

No. The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed, and the footnotes do not describe any Rule 10b5-1 trading plan, so these reported RSU grants are not identified as being made under such a plan.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/21/2026 - 06:05 AM Accepted by SEC EDGAR 09/21/2026 - 06:05 AM Learn about SEC filing dates

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^*

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)
09/17/2026

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)
			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)	09/17/2026		A		1		(2)	(3)	Common Stock	1	$0	267	D
Restricted Stock Unit	(1)	09/17/2026		A		9		(4)	(3)	Common Stock	9	$0	1,358	D
Restricted Stock Unit	(1)	09/17/2026		A		25		(4)	(3)	Common Stock	25	$0	3,625	D
Restricted Stock Unit	(1)	09/17/2026		A		49		(4)	(3)	Common Stock	49	$0	7,037	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	09/21/2026
	** 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)