Wei Zhong
CenntroAbout Wei Zhong
Wei Zhong, 47, has served as Cenntro Inc.’s Chief Technology Officer since 2013, leading development of the company’s electric vehicle technologies, models, and supply chain; he holds a bachelor’s degree in Biotechnology from Zhejiang University . Company performance during his tenure recently showed acceleration: 2024 net revenue rose 200.2% to $31.3M, with Adjusted EBITDA loss improving to $(28.2)M from $(39.3)M, and 1,122 EVs sold in 2024 ; Q1 2025 revenue was $2.1M (down 8.5% YoY) with Adjusted EBITDA of $(4.0)M (improved from $(6.4)M) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hangzhou Jiuru Economic Information Consulting Co., Ltd. | Software developer (enterprise information query platform) | Pre-2013 | Enterprise software development experience prior to Cenntro |
| Zhejiang Guangtong Network Technology Co., Ltd. | Communication technology developer | Pre-2013 | Communications technology development experience |
External Roles
- No external public-company directorships or committee roles were disclosed for Wei Zhong in Cenntro’s 2024 and 2025 proxy statements; biographies list only Cenntro and prior private employers .
Fixed Compensation
| Component | 2024 |
|---|---|
| Base salary ($) | Not disclosed for Wei Zhong in the proxy NEO table (NEOs were CEO, CFO, Treasurer) . |
| Target bonus (%) | Not disclosed . |
| Actual annual bonus ($) | Company disclosed no cash bonuses for executive officers for 2024 . |
| Benefits/perquisites | Executives eligible for broad-based benefits; no executive-specific perquisite programs; 401(k) offered with no company match . |
Performance Compensation
Annual Incentive (Cash)
| Metric | Weighting | Target | Actual (2024) | Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus | — | — | Not offered for 2024 (no executives eligible) | $0 | — |
Long-Term Incentives (Equity)
- Plan architecture:
- Awards under the 2023 Equity Incentive Plan include ISOs/NSOs, restricted shares, share units, SARs, cash-based and performance-based awards; share reserve up to 30,000,000 shares .
- Options must have exercise price ≥ fair market value on grant date; vesting schedules set by compensation committee; max 10-year term; various cashless/net exercise methods permitted .
- Change-of-control: individual award agreements may provide for vesting/exercisability acceleration .
- Repricing/cancellation and re-grant permitted with participant consent (no stockholder approval required under the plan) .
- Performance-based awards may be used at committee discretion (no specific metrics disclosed for Wei) .
- Outstanding/options in the money: Individual grant dates, strike prices, and vesting schedules for Wei Zhong were not disclosed in the proxies; only exercisable options within 60 days are reported under beneficial ownership (see next section) .
Equity Ownership & Alignment
| As of | Beneficial Ownership (shares) | % of Outstanding | Composition |
|---|---|---|---|
| Oct 30, 2024 | 161,017 | <1% (per proxy “*”) | Options exercisable within 60 days under 2023 Plan |
| Jun 25, 2025 | 161,017 | <1% (per proxy “*”) | Options exercisable within 60 days under 2023 Plan |
- Note: Proxy footnote “*” denotes beneficial ownership of less than 1% .
- Hedging/short sales: Insider Trading Policy prohibits directors, Section 16 officers and designated employees from purchasing/selling derivatives of company securities and prohibits short sales (no categories of hedging specifically permitted) .
- Pledging: Policy disclosure addresses hedging and short sales; no explicit pledging prohibition disclosed in the cited section .
- Ownership guidelines: No stock ownership guidelines for executives were disclosed in the proxies .
- Vested vs unvested breakdown and in-the-money value: Not disclosed for Wei beyond options exercisable within 60 days .
Employment Terms
| Item | Details |
|---|---|
| Title | Chief Technology Officer . |
| Start date | CTO since 2013 . |
| Employment agreement | Not disclosed for Wei Zhong in proxies (agreements described for CEO, CFO/Treasurer/others) . |
| Severance | Not disclosed for Wei; CEO and Treasurer agreements include no cash severance (context) . |
| Change-of-control | 2023 Plan allows award-level acceleration if provided in award/other written agreement . |
| Non-compete / non-solicit | Not disclosed for Wei; peer agreements contain customary restrictions . |
| Clawback | Board may recoup incentive compensation tied to restated results; Dodd-Frank compliance intended . |
| Hedging/short sale policy | Hedging (derivatives) and short sales prohibited for covered insiders . |
Performance & Track Record (Company metrics context)
Annual
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Revenue ($) | $10.4M | $31.3M |
| Adjusted EBITDA ($) | $(39.3)M | $(28.2)M |
| Vehicles Sold (units) | 630 | 1,122 |
Quarterly (Q1)
| Metric | Q1 2024 | Q1 2025 |
|---|---|---|
| Net Revenue ($) | $2.34M | $2.14M |
| Gross Profit ($) | $0.17M | $0.32M |
| Adjusted EBITDA ($) | $(6.4)M | $(4.0)M |
- Strategic notes: Management highlights US scaling (Ontario facility), portfolio additions (Avantier models), and large international orders (e.g., 200 LS450P vans in Spain, 500 Metro MR in Japan) as growth drivers .
Compensation Committee and Governance Context
- Compensation Committee independence disclosed; responsible for executive compensation and plan administration (members varied by year; 2024: Benjamin B. Ge and Joe Tong; 2025: Benjamin B. Ge and Guangguang “Steve” Qin) .
- Legal proceedings: No material legal proceedings involving directors or executive officers disclosed .
Investment Implications
- Pay-for-performance: No cash bonuses paid in 2024 and equity focused on stock options suggest high at-risk pay with alignment to longer-term equity value; absence of disclosed performance metrics for Wei’s awards limits visibility into incentive rigor .
- Retention/selling pressure: Wei holds options exercisable for 161,017 shares (<1% ownership). Specific vesting schedules, strike prices, and expirations are undisclosed, constraining assessment of near-term selling pressure; any change-of-control acceleration would depend on award agreements per the 2023 Plan .
- Alignment and risk controls: Hedging (derivatives) and short sales are prohibited; clawback policy exists, which supports alignment and risk mitigation; no explicit pledging prohibition disclosed in the referenced policy section .
- Execution track record: Company-level revenue growth (+200.2% YoY in 2024) and improved Adjusted EBITDA loss indicate operational traction; however, small scale and continued losses (e.g., Q1 2025 net loss from continuing ops of ~$5.4M) suggest ongoing execution risk and capital needs typical of early-stage EV companies .