Yang Wang
About Yang Wang
Yang Wang is an independent director of Aquaron Acquisition Corp. (AQUC) who has served on the board since March 2021; he is 46 years old and brings health-sector investing and corporate development experience to the board . He is currently a Partner at Haoyue Healthcare Fund (since May 2021) and previously was a Partner at Cowin Capital (2011–2021) and Senior Project Manager in business development at Simcere Pharmaceutical (2007–2011) . His education includes an MBA from Tsinghua University (2006) and a B.Eng. in Computer Software from Anhui University (2000) . The board has determined Wang to be independent under Nasdaq and SEC rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cowin Capital | Partner | Feb 2011 – Mar 2021 | Health-sector focus; transaction experience |
| Simcere Pharmaceutical Co., Ltd. | Senior Project Manager, Business Development | Nov 2007 – Jan 2011 | Corporate strategy and BD |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Haoyue Healthcare Fund | Partner | May 2021 – Present | Private equity healthcare investing |
Board Governance
- Independence: The board classifies Wang as an independent director (Nasdaq/SEC standards) .
- Committee assignments and chair roles:
- Compensation Committee: Chair; committee did not meet during 2024 .
- Nominating Committee: Chair; committee held no meetings in 2024 .
- Audit Committee: Member; committee held no formal meetings in 2024; oversight conducted via monthly reports and written approvals due to lack of operating business .
- Independent director sessions: Company notes independent directors have regularly scheduled meetings where only independents are present (frequency not quantified) .
- Director slate: Wang is one of five directors up for re‑election at the May 2, 2025 annual meeting .
Fixed Compensation
| Component (FY2024 unless noted) | Amount | Detail |
|---|---|---|
| Annual cash retainer (Board) | $0 | Company states no compensation of any kind (including director fees) to existing stockholders/directors prior to completion of an initial business combination . |
| Committee membership fees | $0 | Same policy as above . |
| Committee chair fees | $0 | Same policy as above . |
| Meeting fees | $0 | Same policy as above . |
| Reimbursements | As incurred | Directors/officers entitled to reimbursement of out-of-pocket expenses; not payable from trust if no business combination and amounts exceed permitted working capital . |
Performance Compensation
| Equity/Variable Component | Grant Date | Units/Shares | Grant-Date Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| None disclosed for directors pre‑business combination | N/A | N/A | N/A | N/A | Company indicates no compensation (including equity) to directors prior to completing a business combination . |
Note: No director RSU/PSU/option awards or performance metrics tied to director compensation are disclosed in AQUC’s filings for 2024 due to SPAC-stage compensation policy .
Other Directorships & Interlocks
- No current public company directorships for Wang are disclosed in the proxy biography; his listed roles are Haoyue Healthcare Fund (Partner), prior Cowin Capital and Simcere Pharmaceutical roles .
- The company reports its independent directors (including Wang) are not currently principals of or affiliated with a public company or blank check company executing a similar business plan, except as disclosed under conflicts (none specific to public boards mentioned for Wang) .
Expertise & Qualifications
- Education: MBA, Tsinghua University (2006); B.Eng., Computer Software, Anhui University (2000) .
- Domain expertise: Health-sector investing, corporate strategy, business development, and transaction experience; board cites these as qualifications .
- Governance/committee leadership: Chairs Compensation and Nominating; member of Audit .
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Notes |
|---|---|---|---|
| Yang Wang | 5,000 | <1% | As of record date April 2, 2025; beneficial ownership table asterisk denotes “Less than 1%” . |
| All directors and officers (5 individuals) | 45,000 | 1.85% | Aggregate group ownership . |
- Pledging/hedging: No pledging or hedging by Wang is disclosed in the beneficial ownership section; no such footnotes are provided for his line item .
- Options/RSUs: None disclosed for directors pre‑business combination .
Related-Party Exposure and Conflicts
- Pre-existing fiduciary obligations: Wang is a Partner at Haoyue Healthcare Fund; the company’s conflicts disclosure lists this affiliation and acknowledges directors may face allocation conflicts due to multiple affiliations; policies require related‑party transactions be reviewed/approved by the Audit Committee and disinterested independent directors, and no finder’s or consulting fees are paid to insiders pre‑combination .
- Company policy: Related-party transactions must be on terms no less favorable than with unaffiliated third parties and require prior approval; SPAC will obtain a fairness opinion if a business combination involves an affiliate .
Attendance and Engagement
| Body | 2024 Meeting Activity | Notes |
|---|---|---|
| Audit Committee | No formal meetings held | Oversight via monthly reports and written approvals due to no operating business . |
| Nominating Committee | No meetings held | Committee established post-IPO; no 2024 meetings . |
| Compensation Committee | Did not meet | No executive/director pay to administer pre‑combination . |
RED FLAG: All three committees (including those chaired by Wang) reported no formal meetings in 2024, reflecting limited traditional committee activity; while typical for SPACs with no operations, investors may assess implications for oversight rigor .
Say‑on‑Pay and Shareholder Feedback
- The 2025 proxy contains proposals to extend the SPAC timeline, amend the trust, re-elect directors, and ratify the auditor; there is no say‑on‑pay proposal disclosed .
Governance Assessment
- Positives: Independent status; chairs two key committees (Compensation and Nominating) and serves on Audit; health‑sector investing and transaction background aligns with SPAC target evaluation .
- Alignment: Personal stake is modest at 5,000 shares (<1%); directors receive no cash/equity compensation pre‑business combination, which limits direct pay‑for‑performance alignment but reduces cash leakage to insiders at SPAC stage .
- Risks/Conflicts: Multiple affiliations (Haoyue Healthcare Fund) create potential opportunity-allocation conflicts; company policies require Audit Committee/disinterested director review and fairness opinions for affiliate deals .
- Oversight signal: No formal committee meetings in 2024 (including Wang-chaired committees) is common for non‑operating SPACs but may be viewed as a governance weakness in sustained extension scenarios; investors should monitor board/committee activity if the SPAC timeline is further extended .