Song (Steve) Jing
About Song (Steve) Jing
Song (Steve) Jing is Chief Financial Officer of AlphaVest Acquisition Corp (ATMV), a SPAC. He is 53 and holds a B.S. in Economics and Finance from Pennsylvania State University and an MBA in Finance and Accounting from the Simon Business School (University of Rochester) . His background spans CFO and senior finance roles at Guolian Securities (2019–2021), China Renaissance (2016–2018), CITIC Securities (2011–2016), and Merrill Lynch (2002–2010), including portfolio management in principal investments . As a SPAC with no operations, AlphaVest is a “shell company” with nominal assets, so traditional operating performance metrics (revenue/EBITDA growth, TSR-aligned plans) are not applicable pre-business combination .
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Guolian Securities | Chief Financial Officer | 2019–2021 | Mid-sized securities firm CFO |
| China Renaissance | Deputy Chief Financial Officer | 2016–2018 | Boutique Chinese investment bank |
| CITIC Securities | Executive Director (Finance, Biz Dev, Investment) | 2011–2016 | Finance, BD and investment leadership |
| Merrill Lynch & Co. | VP, Global Principal Investment (Hedge Fund Investment Unit) | 2006–2010 | Managed hedge fund investment portfolio; performance/operations analysis |
| Merrill Lynch & Co. | VP, Strategy, Planning, Business Development | 2002–2006 | Strategic analysis, forecasting, business solutions |
External Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| — | — | — | No current public company directorships or external board roles disclosed |
Fixed Compensation
| Component | Terms | Period/Status |
|---|---|---|
| Base salary | No cash compensation for executive officers prior to completion of initial business combination | Pre-business combination |
| Target annual bonus | Not applicable; none disclosed pre-business combination | Pre-business combination |
| Actual annual bonus | None; no cash compensation paid | Pre-business combination |
| Perquisites | Reimbursement of out-of-pocket expenses for SPAC-related activities | Ongoing (pre-BC) |
| Administrative services (company-level) | SPAC pays $10,000/month to TenX Global Capital LP for office space/admin services (not to executives) | Until business combination or liquidation |
Performance Compensation
| Incentive type | Metric/weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Executive equity/cash incentives (pre-BC) | None for SPAC executives pre-business combination | — | — | — | — |
SPAC disclosure explicitly states “no compensation of any kind” (including options/RSUs) to sponsor, executive officers, and directors prior to completion of an initial business combination .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Direct beneficial ownership (Form 3) | Initial Form 3 for Song (Steve) Jing reports “No securities are beneficially owned” (as of 12/19/2022 event) . |
| Beneficial ownership in proxy tables | 2025 DEF 14A lists “-” for Song (Steve) Jing; note explicitly states it “does not include any shares indirectly owned… as a result of his… partnership interest in our Sponsor” . |
| Indirect economic interest via Sponsor | S-4/A identifies Song (Steve) Jing as a controlling person of AlphaVest Holding LP (Sponsor) with approx. 10.7% controlling interest among sponsor controllers (not necessarily a Reportable beneficial ownership of issuer shares) . |
| Sponsor/insider holdings context | Sponsor and affiliates (including officers/directors) collectively owned ~55.2% of ordinary shares at the referenced date . |
| Founder shares held by Sponsor | Form 3 (Sponsor) shows 1,725,000 founder shares at IPO; subject to forfeiture mechanics at that time . |
| Lock-up/transfer restrictions | Founder shares subject to a Letter Agreement: transfer restricted until 6 months after the business combination (earlier upon certain transactions); Song (Steve) Jing is a signatory subject to the restriction . |
| Pledging/hedging | No pledging/hedging by Jing disclosed in filings reviewed . |
| Ownership guidelines | None disclosed for SPAC executives . |
Employment Terms
| Provision | Disclosure |
|---|---|
| Employment capacity | SPAC has two executive officers (CEO, CFO). Executives are not obligated to devote a specific number of hours; time varies with deal process; SPAC does not intend to have full-time employees prior to completion of a business combination . |
| Employment agreement/term | No individual CFO employment agreement terms disclosed in SPAC filings; no salary or bonus pre-BC . |
| Severance / change-of-control | Not disclosed for SPAC executives . |
| Clawback / tax gross-ups | Not disclosed . |
| Non-compete / non-solicit | Not disclosed . |
| Indemnification | Company provides standard indemnification for directors (e.g., in 8-K appointments); no CFO-specific new indemnification disclosed during period reviewed . |
| Related-party admin services | $10,000/month to TenX Global Capital LP for space/administrative services until business combination or liquidation . |
| Legal proceedings | No material litigation/arbitration/governmental proceedings pending against SPAC or its management team in their capacity as such (at time of S-4/A) . |
Investment Implications
- Pay-for-performance alignment: Pre-BC, executives receive no cash or equity pay, aligning incentives primarily through sponsor economics rather than operating KPIs. Sponsor/insider founder shares can be valuable if a deal closes but become worthless upon liquidation; DEF 14A quantifies potential value and highlights these incentives (e.g., founder shares acquired for ~$25,000 would be worthless if no deal; estimated market value context given at $11.97 per share on record date) .
- Potential selling pressure: Founder shares (including those subject to Jing’s sponsor lock-up) become transferable 6 months after the business combination, which can introduce supply overhang at lock-up expiry if a deal closes .
- Retention/commitment risk: Executives are not obligated to specific hours and receive no cash compensation pre-BC; while typical for SPACs, lack of disclosed employment protections or severance may pose continuity risk around deal execution and post-close transition .
- Governance/related-party dynamics: The $10,000/month administrative services paid to an affiliate (TenX Global Capital LP) and the concentration of ownership among sponsor/affiliates (~55.2%) underscore related-party and control considerations; investors should monitor post-close governance, dilution, and earnout/lock-up terms .
- No red flags disclosed: No pledging by Jing, no legal proceedings against management, and no evidence of option repricing or unusual compensation modifications were disclosed in the reviewed filings .