Xiaoming Ma
About Xiaoming Ma
Xiaoming Ma (age 33) is an independent director of Aquaron Acquisition Corp. (AQUC) serving since May 2021. He holds a Master’s degree in Marine Technology (Shipping Management) from Delft University of Technology (2018) and a Bachelor’s degree in Naval Architecture and Marine Engineering from Harbin Engineering University (2015). His background spans commercial development, supply chain, and strategy roles in the marine/offshore sector, with current responsibilities as Sales Manager at Royal IHC Group (Shanghai).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Royal IHC Group | Sales Manager (Shanghai) | Sep 2020–present | Commercial leadership in marine/offshore solutions |
| Royal IHC Group | Outsourcing Management Lead (Kinderdijk) | Sep 2019–Sep 2020 | Oversight of outsourcing and supply chain |
| Royal IHC Group | Proposal Manager | Apr 2019–Sep 2019 | Bid/proposal management |
| Royal IHC Group | Assistant General Manager | Oct 2018–Apr 2019 | General management support |
| Royal IHC Group | Business Development Manager | Oct 2018–May 2019 | Growth initiatives and BD |
| Royal IHC Group | Strategy Consultant | Apr 2018–Nov 2018 | Strategic projects |
| Royal IHC Group | Purchaser & Supply Chain Analyst | Nov 2017–Apr 2018 | Procurement & analytics |
| Hengxin Offshore & Marine Engineering (Europe) | Sales & BD Manager (Rotterdam) | Apr 2016–Dec 2016 | European BD in offshore/marine |
External Roles
| Organization | Position | Sector | Notes |
|---|---|---|---|
| Royal IHC Group | Sales Manager (Shanghai) | Marine/Offshore | Current role since Sep 2020 |
Board Governance
- Independence: Ma is one of three independent directors (with Yanyan Lin and Yang Wang) under Nasdaq/SEC rules. Independent directors have regularly scheduled meetings at which only independent directors are present.
- Tenure: Director since May 2021; nominated for re‑election at the 2025 annual meeting.
- Committee assignments:
- Audit Committee member; committee held no formal meetings in 2024; Chair: Yanyan Lin; Lin designated “audit committee financial expert.”
- Nominating Committee member; held no meetings in 2024; Chair: Yang Wang.
- Compensation Committee member; did not meet in 2024; Chair: Yang Wang.
- Voting dynamics: Initial stockholders and affiliates intend to vote in favor of proposals, with sponsor control and majority ownership materially influencing outcomes.
| Committee | Role | Chair | 2024 Meetings |
|---|---|---|---|
| Audit | Member | Yanyan Lin | None |
| Nominating | Member | Yang Wang | None |
| Compensation | Member | Yang Wang | None |
Fixed Compensation
| Component | Amount/Terms |
|---|---|
| Annual cash retainer | None (SPAC policy: no compensation to directors prior to business combination) |
| Committee membership fees | None |
| Committee chair fees | None (Ma is not a chair) |
| Meeting fees | None |
Performance Compensation
| Instrument/Metric | Detail |
|---|---|
| Equity grants (RSUs/PSUs) | None prior to business combination |
| Options | None prior to business combination |
| Performance metrics (TSR, revenue, EBITDA, ESG) | Not applicable (no director performance pay disclosed) |
| Vesting/COC/clawbacks | Not applicable (no awards) |
Other Directorships & Interlocks
| Company | Type | Role | Notes |
|---|---|---|---|
| None disclosed | — | — | No public company directorships or interlocks disclosed in proxy/10‑K for Ma |
Expertise & Qualifications
- Marine/offshore industry experience; commercial and business development focus across Europe and China.
- Supply chain, outsourcing, proposal management, and strategy execution experience.
- Education: MSc Marine Technology (Delft, 2018); BEng Naval Architecture (Harbin, 2015).
- Board independence; member of Audit, Nominating, and Compensation Committees.
Equity Ownership
| Holder | Beneficial Shares | % of Outstanding | Notes |
|---|---|---|---|
| Xiaoming Ma | 5,000 | <1% | As of record date Apr 2, 2025; outstanding shares 2,428,412 |
| Aquaron Investments LLC (Sponsor) | 1,578,060 | 64.98% | Sponsor control; includes 268,765 private unit shares |
Governance Assessment
- Board/committee activity: All three key committees (Audit, Nominating, Compensation) reported no formal meetings in 2024, indicating low formal oversight cadence during the period.
- Internal controls: Company disclosed material weaknesses in internal control over financial reporting and concluded disclosure controls were not effective as of Dec 31, 2024.
- D&O insurance: Directors and officers liability insurance expired on Jan 4, 2024 and was not renewed, increasing governance risk and potential personal exposure.
- Listing status: AQUC was delisted from Nasdaq on Mar 7, 2025; securities now quoted OTC (AQUC/AQUNU/AQUNR), which may hinder transaction execution and investor liquidity.
- Capital structure/redemptions: High public share redemptions in 2023–2024 reduced public float to 805,352 shares; trust balance ~$9.36M as of Mar 31, 2025.
- Sponsor influence/conflicts: Sponsor and insiders agreed to vote for business combinations; sponsor provided/holds convertible notes and extension funding (Bestpath/Huture notes) to prolong the combination period, which can create perceived conflicts and alignment questions.
- CFIUS/foreign control sensitivity: Sponsor is controlled by a PRC resident; while current target is non‑U.S., foreign investment considerations remain a diligence factor for future combinations.
- Positive governance elements: Ma is independent; Audit Committee includes a designated financial expert (Yanyan Lin); policies require fairness opinions and independent director approval for any affiliate business combinations; code of ethics in place.
Implications: For investors, Ma’s independence and committee roles are positives, but committee inactivity, internal control weaknesses, D&O insurance lapse, and the company’s delisting and sponsor-dominant voting position are material governance red flags that can impair board effectiveness and investor confidence in transaction execution.