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

Rhea-AI Filing Summary

Yum China (NYSE:YUMC) filed a Form 4 on 28 June 2025 reporting routine equity activity by Warton Wang, General Manager of KFC China. On 18 June 2025 the officer received an aggregate 191 dividend-equivalent restricted stock units (RSUs) at a conversion price of $0, allocated across four existing RSU grant lots (2, 20, 67 and 102 units).

Following the issuances, Wang’s derivative holdings stand at 465, 3,686, 12,147 and 18,387 RSUs in the respective grant tranches. No common shares were sold or otherwise disposed, and the filing does not reference a Rule 10b5-1 trading plan. The submission contains no new financial metrics, risk factors, or operational disclosures and is viewed as an administrative update rather than a market-moving event.

Insights

Financial Analyst

Minor RSU top-up; no material impact on valuation

The Form 4 details a small (191-share) dividend-equivalent RSU issuance to a division executive at $0 cost. Relative to Wang’s existing ~34 k RSU balance and Yum China’s ~418 m outstanding shares, the award is immaterial. No dispositions occurred, so there is no negative signal regarding insider sentiment. Because the grant is tied to prior equity awards, cash flow and share count are unaffected. Investors should view this as routine housekeeping with neutral implication for the stock.

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^*

Wang Warton

(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)
	General Manager, KFC

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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)	06/18/2025		A		2		(2)	(3)	Common Stock	2	$0	465	D
Restricted Stock Unit	(1)	06/18/2025		A		20		(4)	(3)	Common Stock	20	$0	3,686	D
Restricted Stock Unit	(1)	06/18/2025		A		67		(4)	(3)	Common Stock	67	$0	12,147	D
Restricted Stock Unit	(1)	06/18/2025		A		102		(4)	(3)	Common Stock	102	$0	18,387	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, Power of Attorney	06/23/2025
	** 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).
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FAQ

How many Yum China shares did Warton Wang acquire in the 28 June 2025 Form 4?

The filing shows Wang acquired 191 restricted stock units (2, 20, 67 and 102 units) as dividend-equivalent grants on 18 June 2025.

Did Yum China’s officer sell any shares in this Form 4?

No. The Form 4 reports only acquisitions of RSUs at $0; there were no share sales or disposals.

What is Warton Wang’s total RSU holding after the transactions?

Post-transaction, Wang beneficially owns 465, 3,686, 12,147 and 18,387 RSUs across four existing grant tranches.

Was a Rule 10b5-1 trading plan disclosed in the filing?

The filing does not indicate that the transactions were executed under a Rule 10b5-1 plan.