On February 6, 2026 (United States time), Yum China Holdings, Inc. (9987) granted equity awards under its 2022 Long Term Incentive Plan. A total of 0.19 million Stock Appreciation Rights were issued at an exercise price of US$57.95 per right, alongside 0.48 million Restricted Share Units and 0.31 million Performance Share Units. Among these, 86,282 RSUs and 103,538 PSUs were granted to the Chief Executive Officer and director, and 682 restaurant general managers were also included among the RSU recipients.

The SARs have a ten-year exercise period from the grant date and generally vest in four equal annual installments. The RSUs feature different vesting schedules—from three or four annual installments to a possible cliff vest based on performance targets relating to store count, revenue, and profit by December 31, 2027. The PSUs are contingent on continued service and meeting goals tied to relative total shareholder return, system sales, return on invested capital, and select ESG initiatives during a performance period ending December 31, 2028.

On the same date, 86 shares were granted to a newly appointed committee member as part of director retainers. The closing price of Yum China’s shares on the grant date was US$57.95 on the New York Stock Exchange, with the preceding Hong Kong Stock Exchange trading day’s closing at HK$430.60. As of February 6, 2026, 23.52 million shares remained available for future grants under the 2022 plan.