HUANG Duoduo (Howard), Chief Supply Chain Officer of Yum China Holdings, Inc. (NYSE:YUMC), filed a Form 4 on August 19, 2026, reporting multiple transactions in common stock on August 18, 2026, including exercises of stock appreciation rights and open-market sales.

Key Highlights

  • Two stock appreciation rights exercised: 7,638 shares at $26.56 and 10,479 shares at $41.66 were acquired via M-coded transactions, both described as "vested in full."
  • Open-market sales: 3,344 shares sold at a weighted average price of $47.14, and 1,239 shares sold at a weighted average price of $47.14, with actual trade prices ranging from $47.14 to $47.15.
  • Additional sale: 19,513 shares sold at a weighted average price of $47.07, with actual trade prices ranging from $46.91 to $47.17.
  • Disposition transactions: 4,294 shares disposed of at $47.25 and 9,240 shares disposed of at $47.25 via D-coded transactions.
  • Remaining beneficial ownership: Following all reported transactions, HUANG directly beneficially owns 7,589 shares of common stock.
  • Derivative securities: Both stock appreciation rights reported in Table II show zero remaining derivative securities after the exercise transactions.

Transactions by Yum China's Chief Supply Chain Officer on August 18, 2026

According to the filing, HUANG Duoduo (Howard), serving as Chief Supply Chain Officer of Yum China Holdings, Inc., reported a series of transactions all dated August 18, 2026. The filing indicates two stock appreciation rights were exercised: one for 7,638 shares with a conversion price of $26.56, expiring 02/10/2027, and one for 10,479 shares with a conversion price of $41.66, expiring 02/07/2029. The filing notes both rights were "vested in full" and carried a derivative security price of $0.

Following the exercises, the filing reports several dispositions. Two open-market sales of 3,344 shares and 1,239 shares were executed at a weighted average price of $47.14, with the filing disclosing that actual trade prices ranged from $47.14 to $47.15. Separately, 4,294 shares and 9,240 shares were disposed of at $47.25 per share under transaction code D. An additional open-market sale of 19,513 shares was reported at a weighted average price of $47.07, with actual trade prices ranging from $46.91 to $47.17, according to the filing's footnotes.

The filing was signed on August 19, 2026, by Pingping Liu under a Power of Attorney. Prior to the first reported transaction, the filing indicates HUANG held 27,102 shares directly before the final sale, with direct beneficial ownership reduced to 7,589 shares of common stock following all reported transactions. Both stock appreciation rights show zero derivative securities remaining after the exercise.

What Was Disclosed

The Form 4 discloses that Yum China's Chief Supply Chain Officer exercised two fully vested stock appreciation rights and completed multiple sales and dispositions of common stock on August 18, 2026, reducing direct beneficial ownership to 7,589 shares.