Yum China (YUMC) grants RSU dividend-equivalency units to PAO Lu

Q: What type of securities did Lu Xueling receive in the latest Yum China Form 4?

The filing shows grants of Restricted Stock Units (RSUs) , each linked to Yum China common stock. These RSUs represent stock-based compensation that will convert into common shares on a one-for-one basis, rather than cash, once vesting conditions are satisfied over time.

Q: How do the new Yum China RSUs for Lu Xueling vest over time?

The RSUs are dividend equivalency units tied to earlier RSU awards and vest on the same schedule. The underlying RSUs vest one-third per year , beginning one year from the original grant date, aligning long-term compensation with ongoing service at the company.

Q: Do the Yum China RSU grants to Lu Xueling have an expiration date?

According to the disclosure, this grant does not have an expiration date . The RSUs remain outstanding until they either vest and convert into Yum China common stock or are otherwise forfeited under the terms of the company’s applicable equity compensation arrangements.

Q: Are the new Yum China RSUs for Lu Xueling market purchases or sales of YUMC stock?

No, these are grant/award acquisitions coded as “A” transactions, reflecting stock-based compensation. They are not open-market purchases or sales of YUMC shares, but equity awards that will convert into stock if specified vesting conditions are met.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Yum China Holdings, Inc. reported that Controller and Principal Accounting Officer Lu Xueling received three small grants of restricted stock units on March 25, 2026. The Form 4 shows these as compensation-related awards, not open-market trades.

The units are dividend-equivalency RSUs tied to previously granted RSUs and convert into common stock on a one-for-one basis. They vest on the same schedule as the underlying RSUs, which vest one-third per year beginning one year from the original grant date, and the grant has no expiration date.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Lu Xueling

Role Controller and PAO

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	8	$0.00	--
Grant/Award	Restricted Stock Unit	14	$0.00	--
Grant/Award	Restricted Stock Unit	21	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 1,451 shares (Direct)

Footnotes (1)

Conversion occurs on a one-for-one basis. 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. This grant does not have an expiration date.

Form 4 Insider Transactions: What Each Field Means →

03/27/2026 - 08:47 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

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^*

Lu Xueling

(Last)

(First)

(Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI

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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Controller and PAO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	03/25/2026		A		8		⁽²⁾	⁽³⁾	Common Stock	8	$0	1,451	D
Restricted Stock Unit	⁽¹⁾	03/25/2026		A		14		⁽²⁾	⁽³⁾	Common Stock	14	$0	2,503	D
Restricted Stock Unit	⁽¹⁾	03/25/2026		A		21		⁽²⁾	⁽³⁾	Common Stock	21	$0	3,904	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	03/27/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Yum China (YUMC) report for Lu Xueling?

Yum China reported that Controller and Principal Accounting Officer Lu Xueling received three grants of restricted stock units on March 25, 2026. These are compensation-related awards, not open-market stock purchases or sales, and increase her stock-based incentive position.

What type of securities did Lu Xueling receive in the latest Yum China Form 4?

The filing shows grants of Restricted Stock Units (RSUs), each linked to Yum China common stock. These RSUs represent stock-based compensation that will convert into common shares on a one-for-one basis, rather than cash, once vesting conditions are satisfied over time.

How do the new Yum China RSUs for Lu Xueling vest over time?

The RSUs are dividend equivalency units tied to earlier RSU awards and vest on the same schedule. The underlying RSUs vest one-third per year, beginning one year from the original grant date, aligning long-term compensation with ongoing service at the company.

Do the Yum China RSU grants to Lu Xueling have an expiration date?

According to the disclosure, this grant does not have an expiration date. The RSUs remain outstanding until they either vest and convert into Yum China common stock or are otherwise forfeited under the terms of the company’s applicable equity compensation arrangements.

Are the new Yum China RSUs for Lu Xueling market purchases or sales of YUMC stock?

No, these are grant/award acquisitions coded as “A” transactions, reflecting stock-based compensation. They are not open-market purchases or sales of YUMC shares, but equity awards that will convert into stock if specified vesting conditions are met.