Jeff Kuai, General Manager of Pizza Hut at Yum China Holdings, Inc., filed a Form 4 on August 13, 2026, disclosing multiple transactions in common stock and stock appreciation rights dated August 12, 2026.

Key Highlights

  • Role: Jeff Kuai is identified in the filing as General Manager, Pizza Hut at Yum China Holdings, Inc. (NYSE:YUMC).
  • SAR exercises: Two stock appreciation rights were exercised on August 12, 2026, one with an exercise price of $26.98 covering 12,212 shares and one with an exercise price of $26.56 covering 11,178 shares, each noted as "Vested in full."
  • Shares disposed: Kuai disposed of shares via open-market sales and disposition transactions on August 12, 2026, at prices including weighted averages of $47.71 and $47.74, and at $47.76 per share.
  • Remaining ownership: Following all reported transactions, Kuai directly beneficially owned 63,541 shares of common stock, according to the filing.
  • Derivative securities: Both stock appreciation rights report zero remaining derivative securities held after the August 12, 2026 exercises.

Jeff Kuai's August 2026 Transactions in Yum China Common Stock and SARs

According to the filing, Jeff Kuai, who serves as General Manager of Pizza Hut at Yum China Holdings, Inc., a company operating restaurant brands including Pizza Hut and KFC in China, executed a series of transactions on August 12, 2026. Two stock appreciation rights were exercised under transaction code M. The first, with a conversion or exercise price of $26.98, covered 12,212 shares of common stock and carried an expiration date of 11/11/2026. The second, priced at $26.56, covered 11,178 shares with an expiration date of 02/10/2027. Both are described in the filing's Explanation of Responses as "Vested in full," and both show zero derivative securities remaining following the transactions.

The filing also discloses several disposals of common stock on the same date. Two sale transactions (code S) involving 5,313 shares and 4,961 shares were executed at a weighted average price of $47.71, with individual trade prices ranging from $47.69 to $47.75 as noted in the filing's responses. An additional sale of 4,312 shares was reported at a weighted average price of $47.74, with trades ranging from $47.74 to $47.76. Two further disposals (code D) of 6,899 shares and 6,217 shares each were recorded at $47.76 per share. The filing states that full trade-level detail is available upon request to the SEC, the issuer, or a security holder.

After all reported transactions, Kuai's directly held beneficial ownership in Yum China common stock stood at 63,541 shares, according to the filing. The Form 4 was signed by Pingping Liu as Power of Attorney and dated August 13, 2026.

What Was Disclosed

The filing reports the exercise of two stock appreciation rights and multiple disposals of Yum China common stock by Jeff Kuai, General Manager of Pizza Hut, on August 12, 2026, resulting in direct beneficial ownership of 63,541 shares following all transactions.