Zhiguang Hu
CBAK Energy TechnologyAbout Zhiguang Hu
Zhiguang Hu is Chief Executive Officer and President of CBAK Energy Technology (CBAT), appointed on October 24, 2024; he is 42 and has been with the company since 2004 in progressively senior sales and marketing roles across subsidiaries, with a Business Administration degree from Lanzhou Business College (now Lanzhou University of Finance and Economics) earned in July 2004 . Management cites his leadership of sales and marketing and “significant” contribution to recent battery revenue growth as core credentials supporting his elevation to CEO . Company performance context: CBAT’s net income was a loss of $11.33M in 2022, a loss of $8.54M in 2023, and a loss of $9.59M in 2024; total shareholder return (value of $100 investment) tracked at $19.57 (2022), $20.75 (2023), and $18.58 (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CBAK Energy Technology, Inc. | CEO & President | Oct 2024–present | Leads corporate strategy and operations; appointed for revenue execution track record |
| CBAK Energy (Sales & Marketing Dept.) | Deputy GM | Jun 2023–Oct 2024 | Oversaw company-wide sales execution |
| Dalian CBAK Power Battery Co., Ltd. | Director of Sales & Marketing | Jan 2014–May 2023 | Led subsidiary commercial growth |
| BAK International (Tianjin) Co., Ltd. | Director, Sales & Marketing | Jan 2012–Dec 2013 | Drove sales operations in Tianjin |
| BAK International (Tianjin) Co., Ltd. | Sales Manager | Jan 2008–Dec 2011 | Advanced key customer sales |
| Shenzhen BAK Battery Co., Ltd. | Overseas Business & Key Accounts | Jul 2004–Dec 2007 | Managed international accounts; early commercial roles |
External Roles
No external directorships or public company board roles disclosed for Mr. Hu .
Fixed Compensation
Multi-year compensation (reported in USD, RMB converted at annual average rates per proxy footnotes):
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $43,585 | $121,387 |
| Stock Awards ($) | $17,025 | — |
| Option Awards ($) | — | $11,294 |
| Total ($) | $60,610 | $132,681 |
Base salary terms at appointment:
| Item | Value |
|---|---|
| Annual base salary set on 10/24/2024 | RMB308,230.33 (≈$43,301.72) |
Note: 2024 proxy-reported salary exceeds the appointment base; variance likely reflects timing, role transitions and exchange-rate footnotes in the proxy; the proxy explicitly uses $1.00 = RMB7.1913 for FY2024 .
Performance Compensation
Mr. Hu’s recent incentives are primarily time-based equity awards; the company uses performance-based options for some executives under legacy plans but Mr. Hu’s 2023 grants vest on schedule without disclosed performance hurdles.
| Metric/Instrument | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| RSUs (15,000 granted 4/11/2023) | N/A | Service-based | Service met | 15,000 shares | 7,500 on 6/30/2023; 7,500 on 12/31/2023 |
| Stock Options (30,000, grant 4/11/2023, $0.978 strike) | N/A | Service-based | Service met | Options exercisable per schedule | 7,500 on 6/30/2024; 7,500 on 12/31/2024; 7,500 on 6/30/2025; 7,500 on 12/31/2025; expire 6/22/2029 |
Comp philosophy references: The company emphasizes performance-based compensation alignment and discloses pay-versus-performance analytics annually; 2024 CAP for CEO group and TSR are presented in proxy “Pay vs Performance” (company-wide framework) .
Equity Ownership & Alignment
Beneficial ownership and award status:
| As-of Date | Direct/Beneficial Shares | % of Shares Outstanding | Options – Exercisable | Options – Unexercisable | Equity Incentive Plan (Unearned options) | Strike | Expiration |
|---|---|---|---|---|---|---|---|
| 12/31/2024 | — | — | 15,000 | — | 15,000 | $0.978 | 06/22/2029 |
| 11/10/2025 (Record Date) | 56,138 [incl. 22,500 options outstanding] | ~0.06% (56,138 / 88,645,836) | 22,500 (vested by mid-2025) | 7,500 (scheduled 12/31/2025) | — | $0.978 | 06/22/2029 |
Additional alignment points:
- No pledging or arrangements that may result in change of control are disclosed; company states no such arrangements known .
- Ownership guidelines for executives are not disclosed in the proxies reviewed.
- No related party transactions involving Mr. Hu are disclosed; 8-K notes none required under Item 404(a) .
Upcoming vesting and potential sell pressure:
- 7,500 options scheduled to vest on December 31, 2025; relatively small versus total shares outstanding and prior vested tranches .
Employment Terms
Standard executive employment agreement terms apply to named executive officers:
| Term | Provision |
|---|---|
| Initial term / renewal | 3-year initial term; auto-extends 1 year at each expiry until terminated per agreement |
| Termination – for cause | Immediate, no remuneration for specified causes (e.g., felony conviction, dishonesty, failure to perform after cure period) |
| Termination – without cause (company) | One month written notice; salary continuation up to 3 months based on tenure (1 month <1 year; 2 months <2 years; 3 months ≥3 years) |
| Executive resignation (good reason triggers) | One month notice for material reduction in authority/duties/salary before next review |
| Severance plan participation | Not eligible for broader severance plans/policies/programs |
| Non-compete / non-solicit | 1-year post-termination non-compete and non-solicit protections; confidentiality and IP assignment obligations |
| Change-of-control (equity) | 2023 Equity Plan allows administrator discretion: acceleration, substitution, cash-out, or cancellation depending on transaction; potential vesting acceleration possible |
| Clawback | Plan-level clawback provision consistent with Dodd-Frank and listing rules; applies to awards and gross proceeds |
Performance & Track Record
Company-level outcomes across recent years:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income (Loss) ($) | (11,327,811) | (8,539,327) | (9,585,150) |
| Value of $100 Investment (Company TSR) | $19.57 | $20.75 | $18.58 |
Highlights and disclosures:
- Management emphasizes Hu’s commercial execution and revenue growth contributions, underpinning succession to CEO .
- No Form 4 insider trading filings were found in the reviewed period; we specifically searched for CBAT Form 4 filings (none returned) to assess recent trading activity.
Compensation Structure Analysis
- Shift to time-based RSUs and options for Hu’s 2023 awards reduces performance risk versus prior performance-based option structures used for other executives under the 2015 plan .
- Guaranteed components (base salary) increased materially in 2024 vs. 2023 per proxy, consistent with transition into CEO role; appointment 8-K indicates initial base at ~$43.3K, while the proxy-reported salary is $121.4K for the fiscal year, reflecting role change and reporting basis .
- Clawback and change-in-control provisions are robust at the plan level, enabling potential recoupment and controlled acceleration to mitigate misalignment risks .
Vesting Schedules and Insider Selling Pressure
| Award | Grant Date | Quantity | Vesting Dates | Notes |
|---|---|---|---|---|
| RSUs | 04/11/2023 | 15,000 | 6/30/2023 (7,500); 12/31/2023 (7,500) | Fully vested in 2023 |
| Options ($0.978 strike) | 04/11/2023 | 30,000 | 6/30/2024 (7,500); 12/31/2024 (7,500); 6/30/2025 (7,500); 12/31/2025 (7,500) | Expire 6/22/2029; 15,000 exercisable at 12/31/2024; 22,500 vested by mid-2025 |
Implication: Remaining 7,500 options vest on 12/31/2025; modest relative to share base, but may create incremental liquidity events depending on exercise and tax obligations .
Investment Implications
- Alignment: Hu’s equity holdings are modest (~0.06% of outstanding) with scheduled time-based option vesting through YE 2025; no pledging disclosed, and clawback/change-of-control mechanics add governance protections .
- Execution vs. pay: 2024 compensation rose with CEO transition; incentives are primarily time-based, which lowers performance risk but reduces direct linkage to financial targets. Consider engagement with the Compensation Committee on introducing explicit revenue/EBITDA/TSR hurdles for future grants to strengthen pay-for-performance .
- Near-term trading signal: One remaining 2025 vesting tranche (7,500 options) suggests limited insider selling pressure potential; monitor for any Form 4 filings around vest dates given small award size vs float .