Huan Liu
About Huan Liu
Huan Liu, 44, is Chief Executive Officer, Director, and Chairman of the Board of Cheetah Net Supply Chain Service Inc. (CTNT), roles he has held since August 2016; he holds a master’s in Finance from Brandeis University (2012) and a bachelor’s in Finance and Law from Harbin Engineering University (2005) . Under his tenure, CTNT exited its parallel-import vehicle business in 2025 and shifted to logistics and warehousing via the Edward (Feb 2024) and TWEW (Dec 2024) acquisitions, with Q3 2025 revenue of $361,935 vs. $61,208 in Q3 2024 (+491.3%), and nine-month 2025 revenue of $1,195,860 vs. $231,605 in 2024 (+416.3%), though the company remained loss-making and recorded a $731,307 impairment (Edward) in Q3 2025 . Liu controls CTNT through super-voting Class B stock and also serves as Chairman of Elite Express Holding Inc. (NASDAQ: ETS), a California-based last-mile delivery contractor (since June 2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cheetah Net Supply Chain Service Inc. | CEO; Chairman; Director | 2016–present | Leads day-to-day operations, strategy, and public-company transition . |
| Beijing Xinyongjia Technology Co. | Chief Executive Officer | 2014–2015 | Led expansion and operational reorganization per company bio . |
| Beijing Wanze Investment Management Co. Ltd. | Senior Investment Manager | 2012–2013 | Developed risk-based asset allocation models and performance analytics . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Elite Express Holding Inc. (NASDAQ: ETS) | Director; Chairman | Since 2024 | California-based last-mile delivery contractor; board leadership role . |
Fixed Compensation
| Year | Base Salary ($) | Cash Bonus ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 72,000 | — | — | — | 333,666 |
| 2023 | 72,000 | — | — | — | 72,000 |
Notes:
- Employment agreement (effective Mar 1, 2022): base salary $72,000; three-year term; auto-renewal; equity rewards dependent on company annual performance .
Performance Compensation
| Grant/Year | Instrument | Shares/Value | Vesting | Notes |
|---|---|---|---|---|
| 2025 Award | RSUs (Class B) | 144,000 shares | Fully vested at grant (effective Oct 15, 2025) | Issued Oct 15, 2025 pursuant to Plan . |
| 2024 Award | RSUs (Class A) | 45,938 shares | Issued Sep 30, 2024 (appears immediate) | Subsequently disposed on Dec 3, 2024 . |
| 2024 Award | RSUs (Class B) | 31,250 shares | Issued Sep 30, 2024 (appears immediate) | Held directly or beneficially post-issuance . |
| 2024 | Stock Awards (grant-date fair value) | $261,666 | Not disclosed (value recognized) | Reported in executive comp table . |
| 2023 | Stock/Option Awards | $0 | — | No equity awards reported . |
Incentive plan design and metrics:
- Non-equity incentive plan compensation was $0 in 2023–2024, and the proxy does not disclose specific quantitative performance metrics, weightings, or payout curves for executive incentives .
Vesting/selling observations:
- 2025 Award of 144,000 Class B vested immediately, increasing freely transferable stock upon issuance .
- Huan Liu disposed of 45,938 Class A shares received in 2024 on December 3, 2024 .
Equity Ownership & Alignment
| As of Date | Security | Beneficially Owned | % of Class | Voting Power % |
|---|---|---|---|---|
| Sep 29, 2025 | Class A | 0 shares | — | — |
| Sep 29, 2025 | Class B | 546,875 shares (31,250 direct; 515,625 via Fairview Eastern International Holdings Ltd.) | 100% of Class B | 75.13% aggregate voting power |
Notes:
- Class B carries 15 votes/share and is convertible 1:1 into Class A; Class A has 1 vote/share .
- On Oct 15–16, 2025, an additional 144,000 Class B shares were granted and issued to Huan Liu (fully vested), which would increase his holdings after the 9/29/2025 record date .
Pledging/hedging:
- Company’s Insider Trading Policy prohibits hedging and short-term/speculative transactions (e.g., short sales, publicly traded options); pledging is not expressly discussed in the cited policy .
Employment Terms
| Term | Summary |
|---|---|
| Effective date | March 1, 2022 |
| Role | Chief Executive Officer |
| Term and renewal | Three-year term; automatically renews unless terminated |
| Compensation | Base salary $72,000; equity rewards depending on annual company performance |
| Executive termination rights | After 12 months: (a) 30 days’ prior written notice, or (b) immediate if materially diminished duties/responsibilities |
| Company termination rights | For cause: immediate without further obligation; without cause: 30 days’ written notice |
| Severance/change-in-control | Not disclosed in the proxy summary |
| Non-compete / non-solicit | Not disclosed in the proxy summary |
| Clawback | Compensation Recovery Policy effective Nov 20, 2023 (SEC Rule 10D-1 compliant); applies to incentive-based comp for three years preceding any material restatement; SOX clawback applies to CEO/CFO for misconduct-related restatements |
| Anti-hedging | Hedging and certain speculative transactions prohibited |
Board Governance
- Role/independence: Huan Liu is CEO and Chairman; the Board does not have a policy requiring separation of roles and currently has no Lead Independent Director .
- Board composition: 5 directors; 3 independent (60% independent) per proxy summary .
- Committees and composition (all independent members; chairs noted): Audit (Chair: Huibo Deng; Members: Xiangan Ruan, Huiping Chen); Compensation (Chair: Huiping Chen; Members: Xiangan Ruan, Huibo Deng); Nominating & Corporate Governance (Chair: Xiangan Ruan; Members: Huibo Deng, Huiping Chen) .
- Meetings (2024): Board held no meetings; Audit Committee held three; Compensation and Nominating committees held none .
- Director compensation: Employee directors are not paid for board service; independent directors received cash retainers (e.g., $50,000 Huang; $20,000 Chen; $10,000 Deng pro rata) in 2024 .
Related Party Transactions
- “Due to a related party”: Repayment of $13,423 to Huan Liu in 2024, settling prior working capital advances; balance $0 as of Dec 31, 2024 .
- Office lease guarantee: July 19, 2024 lease for ~15,000 sq ft in Irvine, CA with monthly base rent $42,000–$45,000 (2024–2027) is guaranteed by West Buy Media Inc. (now Pacific Storage Holdings Inc.), 100% owned by Huan Liu .
Performance & Track Record
- Strategic repositioning: Board approved discontinuation of parallel-import vehicles on Mar 3, 2025; CTNT shifted into logistics/warehousing via the Edward (Feb 2024) and TWEW (Dec 2024) acquisitions; HQ relocation to Irvine, CA to leverage LA/Long Beach ports .
- Financial outcomes: Q3 2025 revenue $361,935 vs. $61,208 in Q3 2024 (+491.3%) with net loss from continuing operations of $(1,314,650); nine-month 2025 revenue $1,195,860 vs. $231,605 (+416.3%) with net loss from continuing operations of $(2,581,087); recognized $731,307 impairment (Edward) in Q3 2025 .
- Financing/dilution backdrop: In 2025 proxy, CTNT sought approval to issue >20% upon conversion of up to $200 million notes (9% coupon) potentially below Nasdaq “Minimum Price,” creating dilution/change-of-control risks per Listing Rules 5635(d)(2) and 5635(b) .
- Capital markets actions: Reverse stock split (1-for-16) approved/implemented in Oct 2024 to maintain Nasdaq listing; reverse split proposals again put to shareholders in 2025 .
Compensation Structure Analysis
- Mix shift: Equity became the primary component of 2024 pay ($261,666 in stock awards vs. $72,000 salary), up from $0 equity in 2023; cash bonuses and non-equity incentives were $0 in both years, indicating no disclosed annual bonus plan payouts .
- Vesting risk: 2024 and 2025 awards were issued/vested immediately (2024 RSUs issued; 2025 144,000 Class B vested at grant), which can reduce long-term performance linkage and create near-term liquidity for the executive .
- Governance mitigants: Clawback policy compliant with Rule 10D-1; anti-hedging policy in place .
Equity Ownership & Alignment Details
- Control via super-voting shares: As of Sep 29, 2025, Huan Liu beneficially owned 546,875 Class B shares (100% of Class B), equating to 75.13% of total company voting power; he held no Class A shares at that date .
- Insider sale: Disposed of 45,938 Class A shares on Dec 3, 2024 that were granted in 2024 .
- Post-record grant: Received 144,000 fully vested Class B shares effective Oct 15, 2025 .
Director Compensation (for Huan Liu)
| Item | Amount |
|---|---|
| Director fees/retainers | $0 (employee directors not paid) |
Compensation Committee Analysis
- Composition: Three independent directors; Chair Huiping (Catherine) Chen .
- Meetings: Compensation Committee did not meet in fiscal 2024; Board held no meetings in 2024 .
- Consultant use/conflicts: Not disclosed; company qualifies as a smaller reporting company and did not provide Item 407(e) interlocks/report .
Board Service History and Dual-Role Implications
- Board service: Director since 2016; currently Chairman and CEO .
- Dual-role governance: Board explicitly allows combined CEO/Chair; no Lead Independent Director, which can concentrate authority; however, a majority of the board is independent and all committee chairs are independent .
Risk Indicators & Red Flags
- Concentrated control: 75.13% voting power via Class B (15 votes/share), effectively controlling outcomes, including director elections and major proposals .
- Immediate-vesting equity: 2024 and 2025 grants vested immediately; combined with prior sale of 45,938 Class A shares in Dec 2024, watch for potential future selling if Class B is converted to Class A .
- Related party exposure: CEO’s wholly owned company guarantees corporate lease obligations (large fixed rent), introducing counterparty linkage .
- Board process: Board held no meetings in 2024; Compensation and Nominating committees also did not meet, reducing formal oversight cadence (Audit met three times) .
- Dilution risk: 2025 proposal to issue >20% upon note conversions and repeated reverse split proposals raise ongoing dilution/market structure risks .
Investment Implications
- Alignment vs. liquidity: Very low cash salary and reliance on equity can align incentives; however, immediate vesting combined with prior share disposal reduces long-dated performance linkage and may elevate near-term selling risk if conversions occur .
- Control profile: Super-voting structure (75.13% voting power) entrenches management control, limiting activism but providing decisiveness in executing strategy; investors should underwrite governance risk premium accordingly .
- Capital and dilution overhang: Reverse splits and authorization for potentially highly dilutive convertible notes signal reliance on external capital, with implications for per-share economics and trading dynamics .
- Execution risk: Strategy pivot to logistics/warehousing shows initial revenue traction but remains loss-making with recent impairment; monitoring customer concentration, margin progression, and committee/board engagement cadence is critical .