Yum China (YUMC) officer granted dividend-equivalent restricted stock units

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported that an officer serving as Controller and PAO received multiple small grants of dividend-equivalent restricted stock units on 12/23/2025. These derivative awards convert into common stock on a one-for-one basis and were issued at a price of $0 per unit.

The new grants consist of restricted stock units in amounts of 1, 6, 4, 14 and 18 units, each linked to previously granted restricted stock units. The new units will vest on the same schedule and under the same terms as the underlying awards, including vesting patterns of 1/4 per year, 1/3 per year, and 50% on the second anniversary with the remaining 50% on the third anniversary of the original grant date. These awards increase the officer’s existing restricted stock unit holdings but do not involve any cash exercise price.

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^*

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)
12/23/2025

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)	12/23/2025		A		1		(2)	(3)	Common Stock	1	$0	309	D
Restricted Stock Unit	(1)	12/23/2025		A		6		(4)	(3)	Common Stock	6	$0	1,259	D
Restricted Stock Unit	(1)	12/23/2025		A		4		(5)	(3)	Common Stock	4	$0	929	D
Restricted Stock Unit	(1)	12/23/2025		A		14		(5)	(3)	Common Stock	14	$0	2,847	D
Restricted Stock Unit	(1)	12/23/2025		A		18		(5)	(3)	Common Stock	18	$0	3,715	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	12/29/2025
	** 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

What insider transaction did YUMC report in this Form 4 filing?

The filing shows that a Yum China Holdings, Inc. officer received several small grants of restricted stock units on 12/23/2025 as dividend-equivalency payments tied to existing equity awards.

Who is the reporting person in the Yum China (YUMC) insider transaction?

The reporting person is an officer of Yum China Holdings, Inc. serving as Controller and PAO, who holds and received additional restricted stock units in this transaction.

What types of securities were involved in the YUMC insider awards?

The transactions involve restricted stock units that are derivative securities convertible into Yum China common stock on a one-for-one basis, with no cash exercise price.

How many restricted stock units were granted to the Yum China officer?

The officer received several new restricted stock unit grants in amounts of 1, 6, 4, 14 and 18 units, each reflected separately in the derivative securities table.

When do the new YUMC restricted stock units vest?

The new units vest on the same dates and terms as the underlying restricted stock units, including schedules of 1/4 per year, 1/3 per year, and 50% on the second anniversary with the remaining 50% on the third anniversary of the original grant date.

Do the Yum China restricted stock unit grants have an expiration date?

The filing states that this grant does not have an expiration date, and the units will convert into common stock on a one-for-one basis when vested.

Did the Yum China officer pay anything for these new restricted stock units?

No. The restricted stock units were granted at a price of $0 per unit as dividend-equivalency payments, increasing the officer’s equity-based compensation without a cash exercise price.