Yum China (YUMC) CTO granted additional restricted stock unit awards

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Yum China Holdings, Inc. Chief Technology Officer Leila Zhang reported routine equity compensation in the form of restricted stock units (RSUs). On March 25, 2026, she received three RSU dividend-equivalency grants covering 39, 28, and 17 units of common stock on a one-for-one conversion basis.

These RSUs are issued as dividend equivalency payments tied to previously granted RSUs and will vest on the same schedule as the underlying awards, which vest one-third per year beginning one year from their original grant dates. The filing notes that this grant has no expiration date and that these positions are held directly.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Zhang Leila

Role Chief Technology Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	39	$0.00	--
Grant/Award	Restricted Stock Unit	28	$0.00	--
Grant/Award	Restricted Stock Unit	17	$0.00	--

Holdings After Transaction: Restricted Stock Unit — 6,942 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 - 08:55 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^*

Zhang Leila

(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)
	Chief Technology Officer

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		39		⁽²⁾	⁽³⁾	Common Stock	39	$0	6,942	D
Restricted Stock Unit	⁽¹⁾	03/25/2026		A		28		⁽²⁾	⁽³⁾	Common Stock	28	$0	5,007	D
Restricted Stock Unit	⁽¹⁾	03/25/2026		A		17		⁽²⁾	⁽³⁾	Common Stock	17	$0	3,131	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 Leila Zhang?

Yum China reported that Chief Technology Officer Leila Zhang received three small grants of restricted stock units as equity compensation. These RSUs are issued as dividend equivalency payments linked to existing awards and will follow the same vesting schedule as the underlying restricted stock units.

How many restricted stock units did Yum China CTO receive in this Form 4?

The CTO received three separate restricted stock unit grants covering 39, 28, and 17 units of common stock. Each RSU converts into one Yum China share, and all are classified as routine grant or award acquisitions rather than open-market purchases or sales.

Are the Yum China RSU grants to the CTO open-market purchases or sales?

No, the RSU entries are compensation awards, not market trades. The Form 4 classifies each as a grant or award acquisition with a transaction price of zero and a one-for-one conversion into common stock when the units vest under the existing award terms.

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

The RSUs are dividend equivalency units tied to earlier RSU grants that vest one-third per year starting one year from their grant dates. These new units will vest on the same dates and under the same conditions as the underlying restricted stock units referenced in the filing.

Do the new Yum China CTO RSU grants have an expiration date?

The filing states that this grant does not have an expiration date. Instead, the restricted stock units convert into common stock on a one-for-one basis when they vest under the schedule and terms governing the underlying RSU awards previously issued to the executive.

How are the new Yum China RSUs for the CTO held after the transaction?

The Form 4 shows the RSUs as directly owned by the reporting person. Following each grant, the filing lists updated direct holdings of restricted stock units associated with the respective awards, reflecting routine equity compensation rather than indirect or entity-held positions.