HUANG Duoduo (Howard) 4

What Happened
Howard (Duoduo) Huang, Yum China’s Chief Supply Chain Officer, exercised/converted a total of 4,252 derivative shares on 2026-02-09 (1,722 and 2,530 shares) at $0.00 per share (no cash paid). To cover taxes, 1,914 of the newly issued shares were surrendered/withheld at $57.50 each, producing a tax withholding value of $110,055. After the withholding, Huang retained a net of 2,338 shares from this transaction. These actions appear to be conversion/settlement of vested awards with routine tax withholding rather than an open-market sale.

Key Details

• Transaction date: 2026-02-09 (Form 4 filed 2026-02-11 — within the typical two-business-day reporting window).
• Exercises/conversions: 1,722 shares and 2,530 shares acquired at $0.00 per share (transaction code M).
• Tax withholding: 1,914 shares withheld/disposed at $57.50 per share = $110,055 (transaction code F).
• Net shares retained from this conversion: 4,252 − 1,914 = 2,338 shares.
• Footnotes: F1 (one-for-one conversion); F2 and F4 (vesting schedules: one grant vests 1/3 per year from 2/9/2023; another vests 50% on 2/9/2025 and 50% on 2/9/2026); F3 (grant has no expiration date).
• No indication in the filing of a 10b5-1 plan or a late filing flag.

Context

• The $0.00 per-share acquisition indicates these were vested awards/derivative conversions rather than cash purchases; the withholding of shares to cover tax is a common, routine outcome of award vesting (a cashless/stock-withholding tax payment).
• Such withholding does not necessarily signal insider sentiment (unlike an open-market buy or sale), but it does result in the insider holding additional company stock after tax obligations are met.