Yum China officer sells 24K shares after SAR exercise
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Form Type
4
Rhea-AI Filing Summary
Yum China Holdings, Inc. (YUMC) reported that Chief Supply Chain Officer Duoduo (Howard) Huang exercised vested Stock Appreciation Rights on August 18, 2026, converting 18,117 derivative-equivalent shares into common stock at exercise prices of $26.56 and $41.66 per share. He then sold a total of 24,096 shares of common stock in open-market transactions at weighted average prices of about $47.07–$47.15 per share, executed in multiple trades within stated price ranges, and also disposed of additional shares back to the issuer at $47.25 per share. The filing does not state Huang’s total common stock holdings after these transactions.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
9 txns
Insider
HUANG Duoduo (Howard)
Role
Chief Supply Chain Officer
Sold
24,096 shs ($1.13M)
Approx. gross sale proceeds
$1.13M
Approx. exercise cost
$639K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Appreciation Right F3 | 7,638 | $0.00 | $0.00 |
| Exercise | Stock Appreciation Right F3 | 10,479 | $0.00 | $0.00 |
| Exercise | Common Stock | 7,638 | $26.56 | $203K |
| Exercise | Common Stock | 10,479 | $41.66 | $437K |
| Sale | Common Stock F1 | 3,344 | $47.14 | $158K |
| Sale | Common Stock F1 | 1,239 | $47.14 | $58K |
| Disposition | Common Stock | 4,294 | $47.25 | $203K |
| Disposition | Common Stock | 9,240 | $47.25 | $437K |
| Sale | Common Stock F2 | 19,513 | $47.07 | $918K |
Holdings After Transaction:
Stock Appreciation Right — 0 contracts (Direct);
Common Stock — 7,589 shares (Direct)
Footnotes (3)
- F1. This transaction was executed in multiple trades at prices ranging from $47.14 to $47.15. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.
- F2. This transaction was executed in multiple trades at prices ranging from $46.91 to $47.17. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request, to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.
- F3. Vested in full.
Key Figures
Derivative shares exercised: 18,117 shares
Exercise price (SAR 1): $26.56 per share
Exercise price (SAR 2): $41.66 per share
+4 more
7 metrics
Derivative shares exercised
18,117 shares
Stock Appreciation Rights exercised into common stock on August 18, 2026
Exercise price (SAR 1)
$26.56 per share
Conversion or exercise price for 7,638 Stock Appreciation Right shares
Exercise price (SAR 2)
$41.66 per share
Conversion or exercise price for 10,479 Stock Appreciation Right shares
Shares sold (open market)
24,096 shares
Total shares sold in open-market transactions reported as sales (code S)
Weighted average sale price 1
$47.14 per share
Weighted average for 3,344 and 1,239 shares; trades ranged $47.14–$47.15
Weighted average sale price 2
$47.07 per share
Weighted average for 19,513 shares; trades ranged $46.91–$47.17
Disposition to issuer
13,534 shares at $47.25 per share
4,294 and 9,240 shares reported as disposition to issuer (code D)
Key Terms
Stock Appreciation Right, weighted average price, disposition to issuer, derivative security
4 terms
Stock Appreciation Right financial
"security_title: Stock Appreciation Right"
A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.
weighted average price financial
"The price reported above reflects the weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
disposition to issuer financial
"transaction_code_description: Disposition to issuer"
derivative security financial
"transaction_code_description: Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did YUMC executive Duoduo (Howard) Huang report on this Form 4?
He exercised Stock Appreciation Rights into common stock and then disposed of 24,096 shares of Yum China Holdings, Inc. (YUMC) common stock through market sales and dispositions to the issuer on August 18, 2026.
What is a Stock Appreciation Right in the context of YUMC’s Form 4?
A Stock Appreciation Right is a derivative award that, once vested, can be exercised into an amount of common stock tied to the appreciation over a set exercise price. Huang’s Form 4 shows vested SARs exercised into YUMC common stock.
Does the Form 4 show Huang’s remaining Yum China (YUMC) holdings?
The reported transactions list shares exercised, sold, and disposed, but no post-transaction share balance is provided in the data. As a result, Huang’s total remaining YUMC holdings cannot be determined from this filing alone.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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