Xiao Jiangping (Gary)
About Xiao Jiangping (Gary)
Independent director at Addentax Group Corp. (ATXG) since May 12, 2021; age 47. MBA from the Ross School of Business (University of Michigan) and B.S. in Accounting from Tsinghua University. Current and prior roles include CFO and senior finance positions across multiple companies, bringing deep finance, audit, and governance experience to ATXG’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| deGiulio Kitchen Design, Inc. | Chief Financial Officer | Aug 2023–present | Senior finance leadership |
| Big Red Rooster Flow, LLC | Chief Financial Officer | Jun 2021–Aug 2023 | Senior finance leadership |
| Hilco IP Merchant Bank | VP Finance & Accounting | Jul 2019–Apr 2021 | Finance and accounting leadership |
| Professional Diversity Network, Inc. (Nasdaq: IPDN) | Chief Financial Officer | Mar 2017–Mar 2019 | Public company CFO |
| Petstages Inc. | CFO & Controller | Jun 2013–Apr 2016 | Controllership and CFO responsibilities |
| The Jordan Company | Operations Mgmt Group – Operation Financial Controller | Aug 2008–May 2013 | PE portfolio operations finance |
| United Airlines, Inc. | Senior Finance Associate (FP&A) | Jun 2006–Aug 2008 | Corporate FP&A |
External Roles
| Company | Exchange | Role | Tenure | Committee Positions |
|---|---|---|---|---|
| Embrace Change Acquisition Corp | Nasdaq: EMCG | Independent Director; Audit Committee Chair | Nov 2021–present | Audit Chair |
| Takung Art Co. Ltd. | NYSE: TKAT | Independent Director; Audit Committee Chair | Jul 2019–Nov 2021 | Audit Chair |
| Wunong Net Technology Co. Ltd. | Nasdaq: WNW | Independent Director; Nominating & Governance Committee Chair | Dec 2020–Jul 2021 | Nominating Chair |
Board Governance
- Independence: Board affirmatively determined Gary is independent under Nasdaq Rule 5605(a)(2) .
- ATXG Committee assignments (current): Audit Committee member; Compensation Committee member; Nominations and Corporate Governance Committee Chair. Audit Committee financial expert is Alex P. Hamilton .
- Meetings and attendance: Board held 1 meeting in fiscal 2024, attended virtually by all directors; independent directors attended the 2023 Annual Meeting; in fiscal 2023 the Board held 8 meetings with 100% director attendance .
- Committee activity: Audit Committee held 5 meetings in 2024; Compensation Committee held 0 meetings in 2024; Corporate Governance and Nomination Committee held 1 meeting in 2024; independent directors held executive sessions regularly in 2023 .
Fixed Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Annual cash retainer ($) | $15,000 | $15,000 |
- Payment terms: Quarterly in advance on the first business day of each calendar quarter .
Performance Compensation
| Component | FY 2023 | FY 2024 |
|---|---|---|
| Stock awards ($) | $0 | $0 |
| Option awards ($) | $0 | $0 |
| Non-equity incentive plan compensation ($) | $0 | $0 |
- Equity plan context: ATXG adopted a 2024 Equity Incentive Plan (share reserve: 1,345,000; change-in-control default immediate vesting; clawback applies), but to date no grants or outstanding equity awards are reported for directors/executives .
Other Directorships & Interlocks
- No ATXG-related party transactions disclosed involving Gary; family relationships exist among Hong brothers but none for Gary .
- No disclosed interlocks with ATXG competitors/suppliers/customers .
Expertise & Qualifications
- Financial leadership: multiple CFO roles and VP Finance; strong audit oversight background with prior Audit Committee chair roles .
- Education: MBA (Ross School of Business, University of Michigan); B.S. Accounting (Tsinghua University) .
- Governance: Chair of ATXG Nominations and Corporate Governance Committee; member of Audit and Compensation Committees .
Equity Ownership
| Metric | As of May 29, 2024 | As of March 9, 2025 |
|---|---|---|
| Shares beneficially owned | 0 (— shown) | 0 (— shown) |
| % of shares outstanding | 0.00% | 0.00% |
| Shares outstanding (reference) | 6,043,769 | 6,043,769 |
- Hedging policy: Company prohibits hedging/monetization transactions for insiders .
- Clawback policy: Company has adopted a clawback for erroneously awarded compensation .
Insider Filings
| Filing Type | Status | Note |
|---|---|---|
| Form 3 (initial ownership) | Late | Filed late due to administrative oversight (Gary and other directors) |
Governance Assessment
- Strengths: Independent director with deep finance background; chairs Nominations & Governance; active Audit Committee member; Board confirms independence; company has hedging prohibition and clawback policy .
- Alignment concerns: No reported share ownership (0%); director pay is cash-only with no equity component, limiting “skin-in-the-game” alignment .
- Process/attendance: Board and committee activity disclosed; Audit Committee met 5 times in 2024; Compensation Committee did not meet in 2024—monitor compensation oversight cadence given absence of meetings .
- RED FLAGS:
- Late Section 16 Form 3 filings (administrative oversight) .
- Equity plan includes single-trigger change-in-control vesting by default—could accelerate vesting without performance continuity (shareholder-unfriendly if broadly applied) .
- No related-party transactions or legal proceedings disclosed for Gary .
Implications: Gary’s financial and audit committee experience supports board effectiveness, but zero ownership and cash-only compensation reduce alignment signals. Monitoring future equity grants under the 2024 plan (and any move to add director equity) and Compensation Committee activity should inform governance quality and investor confidence .