William Wu
AlsetAbout William Wu
William Wu is an independent director of Alset Inc. (AEI), serving since November 2020. He is age 59, with a career in investment banking, capital markets, asset management, and corporate finance; he holds a BBA and MBA from Simon Fraser University, is a CFA charterholder (1996), and a Hong Kong licensed Responsible Officer for Type 6 (corporate finance) and Type 9 (asset management) activities . He currently serves as Responsible Officer for Corporate Finance and Asset Management at Glory Sun Securities Limited, bringing 29+ years of cross-border financial experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| RHB Hong Kong Limited | Chief Executive Officer | Apr 2011 – Oct 2017 | Led HK operations for regional investment bank |
| SW Kingsway Capital Holdings (Sunwah Kingsway Capital Holdings) | Chief Executive Officer | Apr 2006 – Sep 2010 | Oversaw brokerage and capital markets activities |
| Power Financial Group Limited | Executive Director & CEO | Nov 2017 – Jan 2019 | Executive leadership at HK-listed financial firm |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Glory Sun Securities Limited | Responsible Officer, Corporate Finance & Asset Management | Jan 2019 | Type 6 and Type 9 HK SFO licenses |
| HWH International Inc. (Nasdaq: HWH) | Director | Jan 2022 | AEI is majority owner and financier of HWH; interlock risk |
| JY Grandmark Holdings Limited | Independent Non-Executive Director | Nov 2019 | HK-listed real estate company |
| DSS, Inc. (NYSE) | Director | Oct 2019 | AEI engages in transactions with DSS; interlock risk |
| Asia Allied Infrastructure Holdings Limited | Director | Feb 2015 | HK-listed infrastructure company |
Board Governance
- Independence: The Board determined William Wu is independent under Nasdaq Rule 5605(a)(2) and SEC Rule 10A-3 .
- Committee assignments: Wu serves on Audit, Nominations & Corporate Governance, and Compensation Committees .
- Attendance: Board met once in FY 2024 and each director attended; Audit Committee met once; Nominations and Compensation Committees did not meet in 2024 .
- Audit oversight: Wu co-signed the Audit Committee report recommending inclusion of audited 2024 financials in AEI’s 10-K .
| Committee | Membership | Chair Role | FY 2024 Meetings | Notes |
|---|---|---|---|---|
| Audit Committee | William Wu; Wong Tat Keung; Wong Shui Yeung | Not disclosed | 1 | Wong Tat Keung is Audit Committee Financial Expert |
| Nominations & Corporate Governance | William Wu; Wong Tat Keung; Wong Shui Yeung | Not disclosed | 0 | Charter on AEI website |
| Compensation Committee | William Wu; Wong Tat Keung; Wong Shui Yeung | Not disclosed | 0 | Charter on AEI website |
Governance signals:
- Positive: Independent status; 100% board meeting attendance in FY 2024; participation on all three committees .
- Concern: Low committee meeting frequency (Audit met once; others did not meet) which may limit oversight effectiveness .
Fixed Compensation
| Metric | Value | Period |
|---|---|---|
| Directors’ fee (cash) – William Wu | $32,000 | FY 2024 |
| Board compensation policy – independent directors | $5,000 per quarter | 2024 policy |
| Meeting fee policy (independent directors) | $2,000 per board/committee meeting attended | Set Feb 16, 2022 for FY 2023 |
Notes:
- Wu is also compensated as a director of HWH International Inc. (separate from AEI) .
Performance Compensation
| Metric | Status | Notes |
|---|---|---|
| Annual stock option grants to non-employee directors | Intended | Board states intent to use annual option grants for directors |
| Director equity awards (William Wu) for FY 2024 | Not disclosed | Director comp table shows cash only; no director equity detail in 2024 |
| Executive/NEO equity awards in FY 2024 | None | No stock options or equity awards to NEOs in 2024 |
There are no disclosed performance metrics (TSR, revenue, EBITDA, ESG) tied to director compensation for William Wu in the latest proxy .
Other Directorships & Interlocks
| Company | William Wu Role | AEI Transaction/Exposure | Amount/Terms | Dates |
|---|---|---|---|---|
| HWH International Inc. (Nasdaq: HWH) | Director since Jan 2022 | Debt conversions and share purchases by AEI/Alset International | Debt converted: $300,000 into 476,190 shares; AEI purchase of 6,500,000 HWH shares via $4,095,000 5% note due 2026; AEI purchased 4,411,764 shares at $0.68 | Sep 24–26, 2024; Nov 20–25, 2024 |
| DSS, Inc. (NYSE) | Director since Oct 2019 | Planned purchase of 982,303 DSS shares by AEI from CEO/affiliate, subject to approvals | Consideration: 3,316,488 AEI shares to seller; ~13.9% DSS stake referenced | May 21, 2024 (approval May 6, 2024) |
- Additional group linkages: AEI/affiliates transact with Value Exchange International (VEII) and Sharing Services Global Corp (SHRG); while Wu is not named as a VEII director, multiple AEI directors sit on VEII’s board, and AEI/HWH have extensive financing relationships with SHRG, indicating broader group interlocks .
Expertise & Qualifications
- Capital markets/investment banking: 29+ years in investment banking, capital markets, institutional broking, direct investment; RO for Type 6 & Type 9 under HK SFO .
- Education and credentials: BBA, MBA (Simon Fraser University); CFA charterholder (1996) .
- Cross-border finance: Experience across HK and international institutions (RHB, Sunwah Kingsway, Power Financial) .
Equity Ownership
| Holder | Common Shares Beneficially Owned | % of Outstanding | Options/Warrants (exercisable within 60 days) |
|---|---|---|---|
| William Wu | 0 | 0.0% | None (directors/officers listed have no options/warrants) |
Alignment signal: No AEI share ownership or equity awards disclosed for William Wu; AEI beneficial ownership is concentrated with Chairman/CEO Chan Heng Fai (90.3%), elevating control risk and limiting minority investor alignment through the board .
Governance Assessment
- Committee effectiveness: Wu serves on all three key committees; however, the Compensation and Nominations Committees did not meet in FY 2024, and the Audit Committee met only once, a potential oversight gap in a complex, related-party-intensive structure .
- Independence and attendance: Wu is formally independent and attended the only board meeting in FY 2024, meeting baseline governance expectations .
- Compensation and alignment: Cash-only director compensation disclosed for 2024 ($32,000), with stated intent to use stock options for directors but no director equity awards disclosed; zero share ownership by Wu reduces “skin-in-the-game” alignment .
- Conflicts/interlocks: Material AEI transactions with HWH (where Wu is a director) and planned DSS share acquisition amid Wu’s DSS directorship create perceived conflicts and information-flow interlocks; robust related-party review and recusal are critical mitigants .
- Audit Committee role: Wu co-authored the Audit Committee report; board policies outline related-party transaction review, but low meeting frequency may constrain practical oversight in an environment with frequent affiliate transactions .
RED FLAGS
- Interlocks with HWH and DSS concurrent with AEI financing and acquisitions involving those entities .
- Minimal committee activity in FY 2024 (Compensation and Nominations: 0 meetings; Audit: 1 meeting), potentially insufficient for effective risk and compensation oversight .
- Zero director share ownership (Wu), and concentrated control by Chairman/CEO (90.3%), raising governance and minority protection concerns .
Context notes
- AEI adopted an insider trading policy (Mar 19, 2025) and maintains a code of conduct; Section 16(a) compliance was reported as complete for FY 2024, supporting baseline governance hygiene .