Jiewei Li
CBAK Energy TechnologyAbout Jiewei Li
Jiewei Li, 35, serves as CBAT’s Chief Financial Officer and Secretary since August 2023 and joined the Board as a director in May 2025; he has also been the Company’s investor relations manager since 2021 . He holds a Master’s Degree in Political and Public Administration from the Chinese University of Hong Kong (2014) and previously worked at fund management firms in China (2018–2021) and in capital markets roles at American real estate developers (2014–2018) . Company performance during his leadership tenure shows net losses in 2022 and 2023 shifting to net income in 2024, while cumulative TSR on a $100 investment fluctuated (2022: $63.46, 2023: $67.31, 2024: $60.26) . His compensation includes performance-based options tied to operating results, with vesting occurring in periods where targets were met (2021 vested; 2022–2024 did not) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CBAK Energy Technology, Inc. | Chief Financial Officer and Secretary | Aug 2023–present | — |
| CBAK Energy Technology, Inc. | Investor Relations Manager | 2021–present | Investor relations leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Multiple fund management companies (China) | Structured investment products | 2018–2021 | Investment product structuring |
| Renowned American real estate developers | Capital markets responsibilities in fund management departments | 2014–2018 | Capital market affairs |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 67,958 | 91,047 |
Notes:
- Salary figures are USD converted from RMB at $1.00=RMB7.0719 (2023) and $1.00=RMB7.1913 (2024) .
- Target bonus % and actual bonus are not disclosed for Mr. Li .
Performance Compensation
| Award Type | Grant Date | Size | Strike | Expiration | Performance Metric | Actual/Status | Vesting Schedule |
|---|---|---|---|---|---|---|---|
| RSUs | Apr 11, 2023 | 10,000 shares | — | — | Service-based | Vested 50% Jun 30, 2023 and 50% Dec 31, 2023 | Two equal installments: Jun 30, 2023; Dec 31, 2023 |
| Stock Options | Nov 29, 2021 | 20,000 options | $1.96 | Sep 26, 2027 | Operating results per FY 2021–2025 | 2021 met → 2,000 vest on May 30, 2022 and 2,000 on Nov 30, 2022; 2022–2024 not met; remaining unearned outstanding | 10 equal semi-annual installments over 5 years starting May 30, 2022 |
| Stock Options | Apr 11, 2023 | 20,000 options | $0.978 | Jun 22, 2029 | Time-based semi-annual installments | 5,000 vested Jun 30, 2024; 5,000 vested Dec 31, 2024; next tranche Jun 30, 2025 | Four equal semi-annual installments: Jun 30, 2024; Dec 31, 2024; Jun 30, 2025; Dec 31, 2025 |
Notes:
- The Company describes the 2021 grant for Mr. Li as performance-based, contingent on “operating results” each fiscal year; specific targets/weightings are not disclosed .
- Option fair values recognized in compensation: $7,529 (2024); no option value shown for Mr. Li in 2023; RSU grant-date fair value $11,350 (2023) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 24,000 shares; less than 1% of outstanding |
| Shares Outstanding (Record Date) | 88,645,836 |
| RSUs (Status) | 10,000 granted on Apr 11, 2023; fully vested by Dec 31, 2023 |
| Options – Exercisable | 4,000 at $1.96 exp 9/26/2027; 10,000 at $0.978 exp 6/22/2029 |
| Options – Unexercisable/Unearned | 8,000 (performance) at $1.96 exp 9/26/2027; 10,000 at $0.978 exp 6/22/2029 |
| Stock Pledging | Company reports no arrangements known, including any pledge, that may result in a change in control |
| Section 16 Compliance | Company believes all required insiders filed timely in FY 2024 |
Insider selling pressure watch:
- Two option tranches became exercisable in 2024 totaling 10,000 shares with strike $0.978, with additional 5,000 scheduled for Jun 30, 2025 under the 2023 grant; monitor Form 4s for exercises and sales around these dates .
Employment Terms
| Term | Provision |
|---|---|
| Contract Term | Standard employment agreement with 3-year initial term; auto-extends by 1 year repeatedly until terminated |
| Termination – Without Cause | One month notice; salary continuation up to 3 months based on tenure (1 month <1 year; 2 months <2 years; 3 months ≥3 years) |
| Severance Participation | Executives will not participate in any separate severance plan/policy/program of the Company |
| Change-of-Control Economics | Not disclosed |
| Covenants | Confidentiality, IP assignment, non-disclosure |
| Non-Compete | During employment and for 1 year post-termination; restrictions on joining competitors and interfering with relationships |
| Non-Solicit | Restrictions on soliciting Company employees post-termination |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income (Loss) ($) | (11,327,811) | (8,539,327) | 9,585,150 |
| Company TSR ($100 investment) | 63.46 | 67.31 | 60.26 |
Key observations:
- Performance-based option vesting for Mr. Li occurred only for FY 2021 criteria; FY 2022–2024 criteria were not met, constraining realized value from performance awards to date .
Board Governance
- Board Service: Director since May 2025; dual role as CFO+Director. The Board has no designated Chair, with directors operating on a collegial, rotating basis for meeting leadership .
- Committee Roles: All Board committees are fully independent; chairs are Martha C. Agee (Audit), J. Simon Xue (Compensation), Jianjun He (Nominating & Corporate Governance). Mr. Li is not listed as a committee member, consistent with independence standards .
- Independence: Non-employee directors (Xue, Agee, He) are independent under SEC and NASDAQ rules; Mr. Li, as an executive, is not independent .
- Attendance: In FY 2024, each director attended at least 75% of Board and committee meetings; Board held 2 meetings and acted by unanimous written consent 4 times .
Dual-role implications:
- CFO serving on the Board reduces overall board independence by one seat; however, committee decision rights remain with independent directors, mitigating compensation and audit governance risks .
Director Compensation
- Independent directors received fees ($20,000 cash each) and option awards ($3,900 grant-date fair value) in FY 2024; non-independent directors are not compensated for Board service beyond expense reimbursement .
Compensation Structure Analysis
- Mix shift: Mr. Li’s 2023 RSU grant fully vested within the year, providing immediate equity value, while performance options from 2021 have limited vesting due to unmet criteria in 2022–2024, indicating stronger linkage of option value to operating outcomes than RSUs .
- Performance link: The Company emphasizes performance-based compensation; Mr. Li’s performance options vest only when annual operating results targets are satisfied, and several recent years did not meet criteria .
- Governance safeguards: CEO compensation deliberations exclude the CEO; Compensation Committee is independent, chaired by Dr. Xue .
Risk Indicators & Red Flags
- Legal/Regulatory: Company reports no adverse legal proceedings for directors/officers over the past 10 years .
- Pledging/Hedging: No arrangements known, including pledges, that may lead to change of control; hedging not addressed in proxy .
- Related Parties: Numerous related-party transactions primarily involving former subsidiaries and affiliates; no transactions specifically attributed to Mr. Li disclosed .
- Section 16: Insider filings believed timely in FY 2024 .
Equity Plan Context
- 2015 Equity Incentive Plan expired; legacy grants include Mr. Li’s 2021 performance options and 2023 RSUs/options; outstanding options as of Dec 31, 2024 totaled 2,890,128 across the Company, with weighted-average exercise price $1.33 and 3,850,311 shares remaining available for issuance when the plan was active .
Investment Implications
- Alignment: Mr. Li’s performance options vest only on achievement of annual operating targets; missed criteria in 2022–2024 constrain realized option value, signaling pay-for-performance alignment. Near-term vesting from the 2023 time-based option grant creates potential incremental exercisable supply in 2025; monitor Form 4 activity around scheduled vest dates .
- Retention: Employment terms offer modest severance (up to 3 months salary) and 1-year non-compete/non-solicit; absence of change-of-control protections suggests limited golden parachute risk and moderate retention protections typical of small-cap structures .
- Governance: Dual role (CFO+Director) reduces board independence by one seat, but committees remain fully independent and led by seasoned chairs, mitigating compensation and audit risks; no Chair role may slow decision-making but fosters collegial oversight per the Board’s stated rationale .
- Performance backdrop: Profitability improved in 2024 vs. prior losses; TSR is volatile and below the $100 baseline referenced, increasing the importance of tracking compensation realizations vs. multi-year performance recovery under Mr. Li’s finance leadership .