Yum China Holdings, Inc. General Manager of KFC, Wang Warton, filed a Form 4 on November 9, 2026, disclosing a series of transactions in Yum China common stock and stock appreciation rights executed on November 5 and 6, 2026.

Key Highlights

  • SAR exercise: Wang Warton exercised 11,550 fully vested stock appreciation rights on November 5, 2026, at a conversion price of $26.56, acquiring 11,550 shares of common stock.
  • Open-market sale (November 5): 5,493 shares were disposed of at $50.635 per share on November 5, 2026.
  • Disposition to issuer (November 5): 6,057 shares were disposed of at $50.65 per share on November 5, 2026, under transaction code D.
  • Hong Kong Stock Exchange sale (November 6): 3,700 shares were sold at HK$394.4 per share on the Hong Kong Stock Exchange, converted to U.S. dollars at an exchange rate of 7.8, equating to approximately $50.56 per share.
  • Remaining beneficial ownership: Following all reported transactions, Wang Warton directly held 50,823 shares of common stock.
  • Derivative securities: Following the SAR exercise, Wang Warton holds 0 stock appreciation rights with a $26.56 exercise price.

Wang Warton's November 2026 Transactions in Yum China Common Stock

According to the Form 4 filed with the SEC on November 9, 2026, Wang Warton, who serves as General Manager of KFC at Yum China Holdings, Inc. (NYSE:YUMC), reported four transactions in the company's common stock over two trading days. On November 5, 2026, Wang Warton exercised 11,550 stock appreciation rights, which the filing states "vested in full," at a conversion price of $26.56, acquiring 11,550 shares. This brought the reported beneficial ownership to 66,073 shares directly held before subsequent dispositions on the same day.

Also on November 5, 2026, the filing reports two separate dispositions. First, 5,493 shares were sold at $50.635 per share. Second, 6,057 shares were disposed of at $50.65 per share under transaction code D, reducing directly held shares to 54,523. On November 6, 2026, an additional 3,700 shares were sold on the Hong Kong Stock Exchange at HK$394.4 per share, with the filing noting a conversion to U.S. dollars using an exchange rate of 7.8, resulting in a reported per-share price of $50.56. The filing states that the reporting person "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" for the Hong Kong transaction.

After all reported transactions, Wang Warton's direct beneficial ownership in Yum China common stock stood at 50,823 shares, according to the filing. The Form 4 was signed by Pingping Liu under a power of attorney on November 9, 2026.

What Was Disclosed

Wang Warton, General Manager of KFC at Yum China Holdings, disclosed the exercise of 11,550 fully vested stock appreciation rights and three subsequent share dispositions between November 5 and 6, 2026, leaving a directly held position of 50,823 shares.