Yum China (YUMC) Chief Legal Officer receives new dividend RSUs

Rhea-AI Filing Summary

Yum China Holdings reported an insider equity award for its Chief Legal Officer, Pingping Liu. On 12/23/2025, the officer acquired multiple series of restricted stock units (RSUs) that each convert into Yum China common stock on a one-for-one basis at an exercise price of $0.

These RSUs were granted as dividend equivalency payments tied to earlier RSU awards. The new units will vest on the same dates and under the same terms as the underlying RSUs, including grants that vest 1/4 per year or 1/3 per year beginning one year from the original grant dates. The filing also notes that this RSU grant has no expiration date.

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^*

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)
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	267	D
Restricted Stock Unit	(1)	12/23/2025		A		2		(2)	(3)	Common Stock	2	$0	531	D
Restricted Stock Unit	(1)	12/23/2025		A		12		(4)	(3)	Common Stock	12	$0	2,629	D
Restricted Stock Unit	(1)	12/23/2025		A		26		(4)	(3)	Common Stock	26	$0	5,308	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	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 does the latest Form 4 for Yum China (YUMC) report?

The Form 4 reports that Yum China's Chief Legal Officer, Pingping Liu, acquired additional restricted stock units (RSUs) on 12/23/2025 as part of her equity compensation.

What type of securities did the Yum China (YUMC) insider receive?

The insider received restricted stock units that are convertible into Yum China common stock on a one-for-one basis with an exercise price of $0.

Why were these Yum China RSUs granted to the Chief Legal Officer?

The RSUs were granted as dividend equivalency payments on previously issued RSUs, meaning they compensate the holder for dividends that would have been received on the underlying RSU awards.

When do the newly reported Yum China RSUs vest?

The filing states that these RSUs vest on the same date and under the same terms as the underlying RSUs, including awards that vest 1/4 per year or 1/3 per year beginning one year from the original grant dates.

Do the reported Yum China RSUs have an expiration date?

The filing specifies that this grant of restricted stock units does not have an expiration date.

How many Yum China shares can each RSU convert into?

Each RSU converts into one share of Yum China common stock, as the filing notes that conversion occurs on a one-for-one basis.