Haitao Liu
About Haitao Liu
Haitao Liu is Chief Operating Officer of Senmiao Technology Limited (AIHS), appointed on September 11, 2020 after serving as CEO of Sichuan Senmiao from August 1, 2018; he is 53 years old and holds an EMBA (Finance), a bachelor’s degree in Business Administration, and an associate degree in Commercial Economy from Chinese institutions . His compensation is primarily fixed salary with no disclosed annual bonus or equity incentives paid in FY2023–FY2025; the Board reduced his base pay to RMB270,000 (~$38,000) effective September 1, 2024 . No legal proceedings involving Mr. Liu are disclosed in the past ten years .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Senmiao Technology Limited | Chief Operating Officer | 2020–present | Oversees company operations (appointed 9/11/2020) |
| Sichuan Senmiao | Chief Executive Officer | 2018–2020 | Led subsidiary operations (resigned 9/10/2020) |
| Shenzhen Qianhai Tuteng Internet Financial Services Co., Ltd. | Chief Executive Officer | 2015–2018 | Led a P2P auto-loans platform |
| Chengdu High-Tech Zone Xingrui Microfinance Co., Ltd. | Deputy General Manager | 2012–2015 | Microfinance lending to SMEs/individuals |
| Sichuan Information Industry Co., Ltd. | Chief Financial Officer | 2006–2012 | Finance leadership (CFO) |
| Sichuan Zhongxin Hengde CPA Co., Ltd. | Deputy General Manager | 2000–2006 | Senior management at CPA firm |
| Chenghua District People’s Government of Chengdu | Civil Servant | 1993–2000 | Public administration role |
External Roles
- No public company directorships or external board roles disclosed for Mr. Liu .
Fixed Compensation
Multi-year salary (USD) for named executive officer Haitao Liu:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | $78,813 | $75,344 | $56,123 |
Recent compensation changes (RMB unless noted):
| Effective date | Arrangement | Amount |
|---|---|---|
| 9/11/2020 | Liu Agreement as COO (auto-renewing 1-year term) | RMB540,000 (~$77,000) |
| 9/1/2024 | Board-modified annual salary for service as COO and Treasurer | RMB270,000 (~$38,000) |
| 8/1/2018 (Sichuan Senmiao) | Employment agreement monthly salary (probation RMB36,000) | RMB45,000/mo (probation RMB36,000) ($6,551/$5,241) |
Notes:
- FY currency translations per company’s disclosed average exchange rates; salaries presented as reported in USD .
Performance Compensation
Summary of variable pay elements for Haitao Liu:
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Bonus paid ($) | $0 | $0 | $0 |
| Stock awards ($) | $0 | $0 | $0 |
| Option awards ($) | $0 | $0 | $0 |
| Non-equity incentive comp ($) | $0 | $0 | $0 |
Performance plan design:
| Year | Bonus/PSU plan in place? | Disclosed metrics | Targets | Actuals | Payout | Vesting details |
|---|---|---|---|---|---|---|
| FY 2023 | No disclosed plan for Mr. Liu | Not disclosed | N/A | N/A | $0 | Not disclosed |
| FY 2024 | No disclosed plan for Mr. Liu | Not disclosed | N/A | N/A | $0 | Not disclosed |
| FY 2025 | No disclosed plan for Mr. Liu | Not disclosed | N/A | N/A | $0 | Not disclosed |
Additional disclosure:
- Company reports no outstanding equity awards for executive officers at fiscal year-end March 31, 2024 and March 31, 2025 .
Equity Ownership & Alignment
Beneficial ownership (as of March 7, 2025):
| Holder | Shares/RSUs | Vested RSUs (not yet issued) | Ownership % of 10,518,040 O/S |
|---|---|---|---|
| Haitao Liu | 909 RSUs underlying 909 shares | 227 RSUs vested but unissued | “*” (less than 1%) |
| Shares outstanding | 10,518,040 | — | — |
- No pledging by Mr. Liu is disclosed in the beneficial ownership footnotes; company policy restricts pledging and requires pre-approval, and prohibits hedging/short sales by insiders .
- Director RSU settlement cadence (context): Company has disclosed delays in settling certain vested RSUs for directors; for executives, Mr. Liu’s vested RSUs were not yet issued as of the proxy date .
Employment Terms
| Agreement | Date/Term | Role | Base pay | Term/Auto-renew | Termination/Severance | Other terms |
|---|---|---|---|---|---|---|
| Sichuan Senmiao employment | 8/1/2018; 1-year term; probation 1 month | CEO, Sichuan Senmiao | RMB45,000/mo (probation RMB36,000) ($6,551/$5,241) | 1-year; standard employment | Termination: mutual consent; immediate for cause; incapacity with 30-day notice or one-month salary severance; 30-day notice by employee; immediate for cause by employee | Confidentiality agreement |
| AIHS COO “Liu Agreement” | Effective 9/11/2020; initial 1-year; auto-renews annually unless 30-day prior notice | Chief Operating Officer | RMB540,000/yr (~$77,000) | Auto-renewing 1-year terms | Not specifically disclosed in proxy for Liu Agreement (no CoC multiple disclosed) | Eligible for equity plans and benefits per Board discretion |
| Modified AIHS compensation | Board ratified 2/11/2025; effective 9/1/2024 | COO and Treasurer | RMB270,000/yr (~$38,000) | — | — | Payable monthly in arrears |
Governance and policy context:
- Insider trading policy: pre-clearance required; blackout periods around quarter-end; hedging and short sales prohibited; pledging restricted with limited exceptions .
- No legal proceedings involving directors or executive officers disclosed in past ten years .
Say-on-Pay & Shareholder Feedback
| Meeting date | Say-on-Pay For | Against | Abstain | Frequency vote result |
|---|---|---|---|---|
| 4/30/2025 | 5,835,474 | 49,325 | 576 | “Every three years” selected (5,383,046 votes) |
Investment Implications
- Pay-for-performance alignment: Mr. Liu’s compensation is predominantly fixed cash with no disclosed bonus/PSU payouts in FY2023–FY2025, indicating low short-term incentive linkage; recent reduction to RMB270,000 suggests cost discipline but lowers at-risk pay portion .
- Retention and change-of-control: His current AIHS COO agreement discloses pay and auto-renew terms but no explicit CoC multiples; legacy Sichuan Senmiao agreement provides only limited severance (e.g., one-month salary for incapacity), implying limited contractual windfalls and moderate retention protections .
- Insider selling pressure: Ownership is small (909 RSUs with 227 vested but unissued), implying minimal near-term selling pressure from personal holdings; policy restrictions on pledging/hedging further mitigate misalignment risk .
- Governance and shareholder sentiment: Strong say-on-pay approval in April 2025 suggests shareholder comfort with the overall pay framework, albeit with low variable pay signals for operating executives .