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

Rhea-AI Filing Summary

Yum China Holdings insider grant: Jeff Kuai, General Manager of Pizza Hut and an officer of Yum China Holdings (YUMC), received dividend-equivalent Restricted Stock Units (RSUs) reported on 09/23/2025. The filing lists five RSU issuances of 4, 4, 16, 51, and 71 units, each converting one-for-one to common stock with a $0 price. After these grants, the amounts of common stock beneficially owned following the transactions are reported as 784, 834, 2,851, 9,162, and 12,679 shares respectively. The RSUs follow the vesting schedules of the underlying grants (various 1/4 per year, 1/3 per year, or 50%/50% arrangements). The form is signed by a power of attorney on 09/25/2025.

Positive

• Grants align officer compensation with shareholders through dividend-equivalent RSUs tied to existing vesting schedules
• Clear disclosure of unit counts and resulting beneficial ownership (784; 834; 2,851; 9,162; 12,679 shares)

Negative

• No material negative events

Insights

Financial Analyst

TL;DR: Routine officer compensation via dividend-equivalent RSUs; limited direct market impact.

The Form 4 documents non-cash, dividend-equivalent RSU accruals to an officer, converting one-for-one to common shares and following existing vesting schedules. Such grants are compensation-related and dilute outstanding shares only upon conversion and vesting; the filing shows small unit counts per grant relative to total reported beneficial ownership levels. No cash proceeds were received as price is reported as $0 and no derivative exercises or disposals are indicated. This is a routine disclosure for equity-based compensation with neutral immediate implications for YUMC equity value.

Corporate Governance Expert

TL;DR: Disclosure is clear on vesting linkage and shows alignment of executive pay to equity, not an unusual governance event.

The filer identifies the awards as dividend-equivalent RSUs tied to previously granted RSUs and specifies vesting mirroring the underlying grants (annual tranches or multi-year splits). The filing includes direct beneficial ownership amounts after the grants and notes the awards have no expiration. The presence of a power of attorney signature is documented. This disclosure aligns with standard governance practices for executive equity compensation and raises no immediate governance red flags based on the information provided.

09/25/2025 - 06:18 AM

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^*

Kuai Jeff

(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, Pizza Hut

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		4		(2)	(3)	Common Stock	4	$0	784	D
Restricted Stock Unit	(1)	09/23/2025		A		4		(4)	(3)	Common Stock	4	$0	834	D
Restricted Stock Unit	(1)	09/23/2025		A		16		(5)	(3)	Common Stock	16	$0	2,851	D
Restricted Stock Unit	(1)	09/23/2025		A		51		(5)	(3)	Common Stock	51	$0	9,162	D
Restricted Stock Unit	(1)	09/23/2025		A		71		(5)	(3)	Common Stock	71	$0	12,679	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

What did Jeff Kuai report on Form 4 for YUMC?

The filing reports dividend-equivalent Restricted Stock Units (RSUs) granted on 09/23/2025 that convert one-for-one to common stock, with unit grants of 4, 4, 16, 51, and 71.

How many shares will Jeff Kuai beneficially own after these transactions?

The Form 4 shows beneficial ownership following each reported grant as 784; 834; 2,851; 9,162; and 12,679 shares respectively.

Did Jeff Kuai pay cash for these RSUs in the YUMC filing?

No. The price for the reported dividend-equivalent RSUs is shown as $0 in the Form 4.

What vesting terms are disclosed for the RSUs in the YUMC Form 4?

Vesting mirrors the underlying RSUs: some vest 1/4 per year beginning one year from grant, some 50% on year two and 50% on year three, and others 1/3 per year beginning one year from grant as stated in the filing.

Who signed the Form 4 for Jeff Kuai?

The Form 4 is signed by Pingping Liu acting under power of attorney, dated 09/25/2025.