Yong (David) Yan
About Yong (David) Yan
Yong (David) Yan, 51, is Chief Executive Officer and a Director of AlphaVest Acquisition Corp (ATMV). He has a Ph.D. in Finance from the University of Alabama and is a CFA charterholder; his career spans private equity, fintech and sell-side research, including 10 years at Credit Suisse leading global structured products research and senior roles at Fosun and Lufax before moving into PE with V‑Stone Capital in 2014 . He has served as CEO and Director of ATMV since at least December 2022 (S‑1/A signatory) . As a SPAC, ATMV has no operating revenues; shareholder economics center on the trust/redemption structure (e.g., ~$11.99 per-share trust value and $11.97 market price at the 2025 extension record date), not TSR or EBITDA growth, which are not applicable pre‑de‑SPAC .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| V‑Stone Capital (Shanghai) | Partner overseeing PE investments (FinTech, Blockchain, Big Data, Healthcare) | Since Jan 2014 | Led fundraising and PE investments across technology/financial sectors |
| Hubei Hongtai Industrial Investment Fund | General Manager and CIO (PE fund-of-funds) | Prior to 2014 (exact dates not disclosed) | Managed allocations to PE/fof strategies |
| Fosun Group | Managing Director; led financial sector investments and built in‑house P2P platform | Prior to 2014 (exact dates not disclosed) | Executed fintech/securitization investments; platform buildout |
| Lufax (Ping An Group) | General Manager, New Product Development | Prior to Fosun (exact dates not disclosed) | Launched fintech product initiatives at a leading platform |
| Credit Suisse; Merrill Lynch | Head of research, global structured products (Credit Suisse ~10 years); roles at Merrill Lynch | ~15 years on Wall Street, incl. ~10 years at Credit Suisse (dates not fully specified) | Built and led a top structured products research franchise |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Chinese Finance Association (TCFA), New York | Ex‑President | Not disclosed | Professional network leadership in finance |
| Zhongguancun Private Equity & Venture Capital Association (ZVCA), Beijing | Vice President | Not disclosed | Industry association leadership |
Fixed Compensation
| Component | 2024 Policy / Amount | Notes |
|---|---|---|
| Base salary | $0 (no cash compensation to officers/directors prior to business combination) | Applies until initial business combination |
| Bonus (target/actual) | Not applicable pre‑de‑SPAC | No cash comp disclosed |
| Administrative services fee (to affiliate) | $10,000/month paid to TenX Global Capital LP (affiliate of Sponsor); $120,000 incurred/paid in 2024 | Not paid to Yan personally; relates to office/admin services |
| Expense reimbursement | Out‑of‑pocket expenses reimbursed to Sponsor/officers/directors for deal search/diligence | Audit committee reviews quarterly |
Performance Compensation
| Incentive type | Metrics/weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Cash/Equity incentives | None prior to initial business combination | — | — | — | — |
ATMV discloses that officers/directors receive no cash compensation and there are no disclosed equity awards or incentive plans prior to a business combination .
Equity Ownership & Alignment
| Holder | Direct shares | % of outstanding | Notes on indirect/sponsor interest | Pledging |
|---|---|---|---|---|
| Yong (David) Yan | 0 | 0% | Footnote states excludes any indirect interest via partnership interest in Sponsor; not quantified | No pledging disclosed |
| Founder Shares (Sponsor/initial holders) | 1,850,000 Founder Shares outstanding at record date | ~48% voting block at Aug 22, 2025 record date | Founder shares purchased for $25,000 aggregate; become worthless if no business combination; market value ~$22.1M at $11.97 price on record date | Not disclosed |
Additional alignment context:
- Beneficial ownership table shows Sponsor affiliates (AlphaVest Holding LP, Peace Capital Limited) and Chairman Pengfei Zheng collectively control ~55% when combined across entities; Yan shows no direct ownership . Founder equity’s low cost basis can create strong deal‑completion incentives for insiders versus public holders .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreement | No employment agreements or termination benefit arrangements disclosed for officers/directors pre‑combination |
| Severance/Change‑of‑control | No severance or CoC benefits disclosed; none prior to business combination |
| Non‑compete / Non‑solicit / Garden leave | Not disclosed |
| Post‑combination comp | May receive consulting/management or equity compensation from the combined company; to be determined by independent compensation committee post‑closing |
Board Governance
- Roles: CEO and Director; Chairman is separate (Pengfei Zheng), reducing CEO/Chairman concentration risk . Yan, as an officer, is not independent; independent directors are Shu Wang, Li (Helen) Wei, and Jiangang Luo .
- Committees:
- Audit Committee: Shu Wang (Chair), Li (Helen) Wei, Jiangang Luo; all independent; Shu Wang and Jiangang Luo are “audit committee financial experts” .
- Compensation Committee: Li (Helen) Wei (Chair), Shu Wang, Jiangang Luo; all independent; committee may retain independent advisors .
- Meeting attendance rate, lead independent director, and executive session frequency: not disclosed.
Director Compensation
- No cash compensation to directors prior to the initial business combination; only expense reimbursement and administrative services paid to an affiliate of the Sponsor .
Performance & Track Record
- Transaction leadership: On March 18, 2024, Yan (as CEO) delivered the termination notice for a prior Wanshun business combination agreement due to counterparty breaches, evidencing transaction discipline under SPAC time constraints . ATMV subsequently signed a business combination agreement with AMC Corporation on August 16, 2024 .
- Corporate actions and liquidity: Nasdaq listing tier transfer to Capital Market on Nov 14, 2024 (no change in tickers) . Going concern disclosure reflects limited cash ($4,215) and a $1.75M working capital deficit at 12/31/2024, with reliance on additional capital/loans pending a business combination .
- Shareholder economics context: At the Sept 2025 extension meeting, trust redemption price was ~$11.99 per public share vs $11.97 market price (tight spread), highlighting typical SPAC arbitrage dynamics over operating performance metrics .
Related Party Transactions (governance risks/controls)
- Administrative services: $10,000/month to TenX Global Capital LP (Sponsor affiliate); $120,000 incurred/paid in 2024 .
- Sponsor/officer financing: Potential non‑interest loans from Sponsor/affiliates/officers; up to $150,000 convertible into working capital units at $10.00, identical to Private Placement Units; terms beyond stated cap not predetermined .
- Promissory notes tied to AMC combination costs increased to $350,000 limit (amendments Jan 6, 2025 and Apr 13, 2025), reflecting reliance on target support during process .
- Related‑party transaction review policy administered by the Audit Committee with independence safeguards .
Compensation Structure Analysis (incentive alignment signals)
- Cash vs equity mix: Pre‑combination, no cash comp to executives; primary insider economics are via low‑basis founder shares held by the Sponsor/initial holders .
- At‑risk vs guaranteed: Insider economics are highly contingent on completing a deal; founder shares are worthless in liquidation, creating completion pressure .
- Discretionary awards/repricing: No equity awards or option repricings disclosed pre‑combination .
- Peer group, targets, metrics: No compensation peer group, targets, or pay‑for‑performance metrics disclosed pre‑combination .
Equity Ownership & Alignment Detail
| Metric | Value |
|---|---|
| Yan direct beneficial ownership | 0 shares; 0% |
| Sponsor/initial holders Founder Shares | 1,850,000 shares (approx. 48% at record date) |
| Founder shares cost basis | $25,000 aggregate for Sponsor/directors/officers; worthless if no business combination |
| Pledging/hedging | No pledging disclosed for Yan |
Employment & Contracts (Retention risk)
- No employment agreement, severance, or change‑of‑control protections pre‑deal; retention depends on transaction completion and post‑close roles determined by an independent compensation committee .
- Directors/officers have waived liquidation rights on founder shares; failure to complete a deal causes founder equity to be worthless, strengthening deal incentives but potentially creating misalignment risk vs public holders .
Say‑on‑Pay & Shareholder Feedback
- No say‑on‑pay votes disclosed pre‑de‑SPAC; director elections/comp typically addressed post‑combination .
Expertise & Qualifications
- Education: Ph.D. in Finance (University of Alabama); CFA charterholder .
- Domain expertise: Fintech, securitization, structured products, PE/VC; leadership roles across sell‑side, fintech operators, and PE .
- Industry affiliations: Former TCFA President; ZVCA Vice President .
Work History & Career Trajectory
- Progression from Wall Street research leadership (Credit Suisse; Merrill Lynch) to fintech operator roles (Lufax), then multi‑industry investments (Fosun) and PE (V‑Stone), culminating in SPAC CEO/Director role at ATMV (since at least Dec 2022) .
Investment Implications
- Alignment and incentives: Yan has no disclosed direct share ownership; insider economics are driven by Sponsor founder shares with a de‑SPAC completion incentive (founder shares become worthless in liquidation), elevating risk of deal‑quality vs deal‑completion bias .
- Retention risk: No employment/severance protections pre‑deal; post‑close roles/compensation are uncertain and at the discretion of an independent compensation committee; retention hinges on transaction completion and combined‑company decisions .
- Governance mitigants: Separate Chairman (Pengfei Zheng) and independent audit/comp committees; Yan is not on committees, reducing dual‑role conflicts though he remains a non‑independent director as CEO .
- Trading signals to monitor: 8‑K Item 5.02 changes; Form 3/4 updates; extension/redemption outcomes and Sponsor financing; progress on AMC combination and any revised economics; going‑concern/liquidity updates and any additional related‑party financing .
Document citations: Corporate biography, governance, compensation policy, committees, beneficial ownership and related‑party transactions from ATMV 10‑K FY2024 and DEF 14A (Sept 2025); transaction timeline from S‑4/As; listing and corporate actions from 8‑Ks.