LIU Pingping 4

What Happened
Pingping Liu, Chief Legal Officer of Yum China Holdings, converted a total of 2,020 derivative shares (269 + 1,751) on February 10, 2026. The conversions were reported at $0.00 exercise price (one-for-one conversion per footnote). To satisfy tax withholding, 823 shares were disposed/withheld at $57.12 per share for a cash value of $47,010. This transaction is a routine conversion/vesting and stock withholding for taxes rather than an outright open-market purchase or speculative sale.

Key Details

• Transaction date: 2026-02-10; Form filed: 2026-02-12 (appears timely).
• Actions reported: M (exercise/conversion) of 269 and 1,751 derivative shares at $0.00; F (tax withholding) of 823 shares @ $57.12 = $47,010.
• Shares owned after the transaction: not reported on this Form 4.
• Relevant footnotes: F1 = one-for-one conversion; F2 = vesting 25% per year beginning 2/10/2022; F3 = grant has no expiration date; F4 = vesting 1/3 per year beginning 2/10/2025.
• Transaction codes explained: M = exercise/conversion of derivative award; F = payment of exercise price or tax liability (share withholding).

Context
The zero exercise price and the provided vesting schedules indicate these were company awards converting to common shares (not a cash purchase). Withholding 823 shares to cover taxes is a common, administrative step and does not necessarily signal a change in insider sentiment. This is not an open-market sale — it's a conversion/settlement event with shares surrendered for tax purposes.