Yum China CEO awarded 1,433 dividend RSUs

YUMC’s CEO received additional RSU dividend-equivalency awards tied to prior grants, vesting on the same schedule as the underlying units.

Rhea-AI Filing Summary

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

Yum China Holdings, Inc. (YUMC) reported that Chief Executive Officer and director Joey Wat received three awards of Restricted Stock Units (RSUs) on September 17, 2026, as dividend equivalency units related to previously granted RSUs. The awards cover 316, 505, and 612 RSUs, each convertible into common stock on a one-for-one basis. According to the disclosure, these dividend-equivalency RSUs will vest on the same dates and under the same terms as the underlying RSUs, which vest in three equal installments beginning one year from the original grant date, and the new grants do not have an expiration date.

Insider Trade Summary

Grant/Award: 1,433 shares

Grant/Award 3 txns

Insider Wat Joey

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit F1, F2, F3	316	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F2, F3	505	$0.00	$0.00
Grant/Award	Restricted Stock Unit F1, F2, F3	612	$0.00	$0.00

Holdings After Transaction: Restricted Stock Unit — 205,864 contracts (Direct)

Footnotes (3)

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 1/3 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.
3. F3. This grant does not have an expiration date.

Key Figures

RSUs granted (award 1): 316 RSUs RSUs granted (award 2): 505 RSUs RSUs granted (award 3): 612 RSUs +3 more

6 metrics

RSUs granted (award 1) 316 RSUs Dividend equivalency RSUs granted September 17, 2026

RSUs granted (award 2) 505 RSUs Dividend equivalency RSUs granted September 17, 2026

RSUs granted (award 3) 612 RSUs Dividend equivalency RSUs granted September 17, 2026

Total RSUs granted 1,433 RSUs Sum of three dividend equivalency RSU awards to CEO

Conversion ratio 1.0 Each RSU converts into one share of common stock

Vesting pattern 1/3 per year Underlying RSUs vest one-third per year beginning one year from grant

Key Terms

Restricted Stock Unit, dividend equivalency payment, one-for-one basis, vest

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"

one-for-one basis financial

"Conversion occurs on a one-for-one basis"

vest financial

"which vest 1/3 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did YUMC report for CEO Joey Wat on September 17, 2026?

Yum China reported that CEO Joey Wat received three Restricted Stock Unit awards on September 17, 2026, totaling 1,433 RSUs as dividend equivalency units tied to previously granted RSUs.

How many RSUs did the YUMC CEO acquire in each new award?

Joey Wat was awarded 316 RSUs, 505 RSUs, and 612 RSUs, each representing an equivalent number of shares of Yum China common stock on a one-for-one conversion basis.

What is the vesting schedule for the new RSUs reported by YUMC?

The filing states that the RSUs are dividend equivalency units that will vest on the same dates and under the same terms as the underlying RSUs, which vest one-third per year beginning one year from the original grant date.

Do the newly granted YUMC RSUs to the CEO have an expiration date?

No. A footnote states that this grant of dividend equivalency Restricted Stock Units does not have an expiration date.

Was the YUMC CEO’s RSU grant made under a Rule 10b5-1 trading plan?

The filing indicates the Rule 10b5-1 checkbox is not affirmatively checked, and no footnote describes a trading plan, so no Rule 10b5-1 plan is reported for these RSU awards.

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

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Available on EDGAR 09/21/2026 - 06:21 AM Accepted by SEC EDGAR 09/21/2026 - 06:21 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^*

Wat Joey

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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		316		(2)	(3)	Common Stock	316	$0	45,371	D
Restricted Stock Unit	(1)	09/17/2026		A		505		(2)	(3)	Common Stock	505	$0	72,530	D
Restricted Stock Unit	(1)	09/17/2026		A		612		(2)	(3)	Common Stock	612	$0	87,963	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 1/3 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.

3. This grant does not have an expiration date.

	/s/ Pingping Liu, Power of Attorney	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)