Yum China (Stock Code: 09987) announced that on 3 August 2026 it issued two types of equity incentives—Restricted Share Units (RSUs) and Stock Appreciation Rights (SARs)—under its 2022 Long Term Incentive Plan (2022 LTIP).

A total of 68,279 RSUs and 1,389 SARs were granted to 816 employees, of whom 791 are restaurant general managers. All grantees are employees who are not directors, chief executives or substantial shareholders.

Key terms are as follows:

1. Exercise and pricing • RSUs carry no exercise price. • SARs are exercisable at US$48.35 per right for up to ten years from the grant date. • The same US$48.35 closing price on the NYSE was used as the grant-date reference; the Hong Kong closing price on the preceding trading day was HK$384.80 per share.

2. Vesting schedules • RSUs: vest in equal annual instalments over three or four years, or cliff-vest on the third anniversary, subject to continued service. Performance-based RSUs can vest 0%–100% depending on store count, sales, revenue and profit targets measured through 31 December 2027. • SARs: vest 25% annually over four years, contingent on continued employment.

3. Cost to employees • No purchase price is required for shares issued upon settlement of either RSUs or SARs.

4. Clawback provisions • Awards may be forfeited if an employee misuses confidential information, breaches fiduciary duty, or engages in conduct deemed injurious to the company. Grants also remain subject to Yum China’s broader compensation recovery policies.

After this issuance, 23.48 million shares remain available for future grants under the 2022 LTIP.

The company’s board is chaired by Dr Fred Hu, with Joey Wat serving as Director and CEO.