Zhechen Wang
About Zhechen Wang
Zhechen Wang (age 31) serves as Chief Financial Officer of Eureka Acquisition Corp (EURK) since June 2024, with a background in audit (PwC) and finance leadership at Hercules Capital Group; he holds a Bachelor of Commerce (Professional Accounting) from Macquarie University . EURK is a blank check company formed in 2023, completed its IPO in July 2024, and has no operating revenues prior to a business combination, so conventional performance metrics (revenue/EBITDA/TSR) are not applicable at this stage .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Hercules Capital Group | Finance Manager → VP Finance | Aug 2021–present | Administered financial operations, process oversight, and risk control |
| PwC | Senior Associate (Audit) | Oct 2016–Aug 2021 | Audited IPOs and public-company reporting across Nasdaq/NYSE/Shanghai/HK exchanges |
External Roles
- No public company board roles or external directorships were disclosed in the officer biography section of the latest 10-K .
Fixed Compensation
| Component | FY2024 status | Notes |
|---|---|---|
| Base salary (USD) | $0 | “None of our officers or directors has received any cash compensation” |
| Target bonus % | Not disclosed | No cash incentive framework disclosed pre-business combination |
| Actual bonus paid | $0 | No cash bonuses paid |
| Other cash/perks | Expense reimbursement only | Officers reimbursed for out-of-pocket expenses; company pays $10,000/month to Sponsor for admin services (company obligation, not executive pay) |
Performance Compensation
| Incentive type | Grant/metric design | Weighting | Target | Actual/payout | Vesting |
|---|---|---|---|---|---|
| RSUs/PSUs | None disclosed | — | — | — | — |
| Stock options | None disclosed | — | — | — | — |
| Cash performance bonus | None disclosed | — | — | — | — |
Context: Independent directors received 10,000 founder shares each at cost from the Sponsor; no such equity grant is disclosed for the CFO .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 0 |
| Ownership % of outstanding | 0.0% (based on 6,436,000 ordinary shares at table date) |
| Vested vs unvested shares | N/A (no holdings) |
| Options (exercisable/unexercisable) | None disclosed |
| Shares pledged/hedged | Not disclosed |
| Ownership guidelines/compliance | Not disclosed |
Sponsor context: Hercules Capital Management Corp (controlled by CEO Fen Zhang) owns ~21.4% of outstanding shares; Wang is not disclosed as a beneficial owner of Sponsor or company shares .
Employment Terms
| Term | Status |
|---|---|
| Start date / tenure | CFO since June 2024 |
| Employment agreement, term, auto-renewal | Not disclosed |
| Severance / Change-in-control | Not disclosed |
| Non-compete / non-solicit | Not disclosed |
| Indemnification | Company entered into indemnity agreements with officers and directors |
| Clawback policy | Adopted effective July 1, 2024; Compensation Committee can seek recovery of erroneously awarded compensation tied to restated financials due to misconduct |
Related Party Transactions and Governance Context
- Administrative Services Agreement: Company pays the Sponsor $10,000 per month for office space, utilities, and admin support; not paid to executives directly .
- Promissory note: Sponsor provided up to $500,000 pre-IPO; $481,511 was repaid at IPO close; note terminated .
- Working capital/extension financing: Sponsor, officers, directors, or affiliates may provide loans; up to $1.5 million convertible into units upon business combination; extension fees for deadline extensions may also be loaned and convertible; no borrowings outstanding as of 9/30/2024 .
- Beneficial ownership concentration: Initial shareholders (Sponsor, officers, directors) together held ~21.78% and intend to vote for extension-related proposals; beneficial ownership table shows Wang with no holdings .
Risk Indicators and Red Flags
- Jurisdictional enforceability: CFO is a Chinese citizen; some officers/directors reside in China; company notes difficulties for U.S. investors to effect service of process or enforce U.S. judgments, given lack of reciprocal enforcement treaties with the PRC .
- Stage and incentives: As a SPAC with no officer cash or equity compensation pre-deal, there is limited disclosed pay-for-performance alignment at the officer level pre-business combination . Clawback policy exists but would apply only if incentive compensation were later awarded and then restated due to misconduct .
Investment Implications
- Alignment: With no disclosed cash salary, bonus, or equity for the CFO pre-business combination, direct pay-for-performance alignment is minimal at this stage; the Sponsor (not the CFO) holds economic exposure via founder/private securities .
- Retention and selling pressure: No vesting schedules, options, or holdings are disclosed for Wang, implying no foreseeable insider selling pressure tied to vesting events for the CFO; however, Sponsor-related securities have lock-up and extension economics that influence overall deal timelines .
- Governance risk: Cross-border officer base (including the CFO) elevates enforcement risk and may complicate recourse in adverse scenarios; clawback and indemnity frameworks partly mitigate, but only if/when at-risk compensation exists .
- Bottom line: Until a business combination closes and a post-merger compensation program is adopted, Wang’s disclosed incentives are neutral-to-low for shareholder alignment; monitoring Form 4 filings post-deal and the first proxy with new comp plans will be critical to reassessing alignment and retention risk .