Mingyong Hu
Future FinTech GroupAbout Mingyong Hu
Mingyong Hu, age 47, is an independent director of Future FinTech Group Inc. (FTFT), serving as Chairman of the Audit Committee and a member of the Compensation Committee; the board identifies him as an audit committee financial expert under SEC rules . He was appointed to the board and these committee roles to fill the vacancy following the resignation of Johnson Lau, effective September 30, 2024, with service noted since October 2024; he maintained full attendance in FY2024 board and committee meetings . His background includes senior finance and investment roles and founding experience in supply chain technology .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Beijing Xiaowu Supply Chain Technology Co., Ltd. | Founder and CFO | Aug 2021 – Apr 2024 | Finance leadership in supply chain technology |
| Zhenghua Guotai International Trading Co., Ltd. | Executive Vice President | Mar 2019 – Jul 2021 | Trading operations and executive management |
| Zhongrong Dinghui (Beijing) Equity Investment Fund Management Co., Ltd. | General Manager | Oct 2017 – Mar 2019 | Fund management, investment oversight |
| Zhongsheng Wantong Equity Investment Fund Management (Beijing) Co., Ltd. | Executive Vice President | Jan 2016 – Oct 2017 | Private equity execution |
| Zhonghao Investment Group Co., Ltd. | Partner and Executive Deputy GM | Jun 2007 – Dec 2015 | Investment group operations |
External Roles
- No other public company directorships are disclosed for Mr. Hu in the proxy biography .
Board Governance
| Body | Role of Mingyong Hu | Other Members | Independence Status | FY2024 Meetings | Attendance |
|---|---|---|---|---|---|
| Board of Directors | Independent Director | 5-member board (majority independent) | Independent under NASDAQ rules (Hu, Xu, Zhao) | 12 | 100% (all directors) |
| Audit Committee | Chair | David Xu, Mingjie Zhao | All independent; Hu is “financial expert” | 4 | 100% (all members) |
| Compensation Committee | Member | Chair: Mingjie Zhao; David Xu | All independent | 3 | 100% (all members) |
- Board leadership: Independent Chairman of the Board (David Xu) enhances oversight separation from the CEO .
- Independence: The board determined Mr. Hu is independent under NASDAQ rules .
- Annual meeting engagement: All directors attended the December 5, 2024 shareholder meeting .
Fixed Compensation
| Year Ended 12/31 | Fees Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 3,000 | — | — | — | 3,000 |
- Notes: The proxy enumerates chair/member annual fees for other directors (e.g., audit chair prior to resignation: $25,000; compensation chair: $25,000; board chair: $18,000), but Mr. Hu’s annual rate is not disclosed beyond the $3,000 cash paid in 2024 (partial-year service) .
Performance Compensation
- No performance-based equity awards (RSUs/PSUs/options) are disclosed for Mr. Hu in 2024; the director compensation table shows no stock or option awards for him .
- The company’s Omnibus Equity Plans (2024, 2025) authorize director eligibility with performance-based awards and guardrails:
- Prohibition on repricing without shareholder approval .
- Individual annual limits: cash tied to performance up to $1,000,000 and up to 1,000,000 shares per participant (pre-split plan units) .
- Potential acceleration upon certain reorganizations/change-of-control scenarios .
| Equity Plan Performance Measures (available under 2025 Plan) | Defined in Plan |
|---|---|
| EBITDA, EBIT, EBT, Net Income | Yes |
| EPS, TSR, Stock Price | Yes |
| Revenue/Sales, Market Share, Growth | Yes |
| ROE, ROA, ROI, Working Capital, Cash Flow | Yes |
| Profit Margins, Operating Income/Margin | Yes |
| Capex, Cost, Expense Ratios | Yes |
| Peer Group/Industry Indices, Regulatory Ratings | Yes |
Other Directorships & Interlocks
- No public company directorships or named interlocks disclosed for Mr. Hu; the biography lists private-company roles only .
- No committee interlocks reported for FTFT’s compensation committee (company-wide disclosure) .
Expertise & Qualifications
- Audit Committee Financial Expert designation under SEC rules, supporting oversight of financial reporting and auditor independence .
- Senior finance, investment fund management, and trading/supply chain leadership experience across multiple organizations .
Equity Ownership
| As of Date | Shares Beneficially Owned | Percent of Shares Outstanding |
|---|---|---|
| April 11, 2025 | 0 (no beneficial ownership disclosed) | 0% |
- Section 16(a) compliance: Company states all applicable insiders complied with filing requirements in FY2024 .
- No outstanding equity awards for named executive officers as of December 31, 2024; director equity positions for Mr. Hu are not disclosed (none shown) .
Governance Assessment
- Board effectiveness and independence: Mr. Hu strengthens board independence and financial oversight as audit chair and SEC-defined financial expert; committees met regularly with full attendance, indicating high engagement .
- Alignment: Mr. Hu held no FTFT shares as of April 11, 2025, and received only $3,000 cash fees in 2024, with no equity awards disclosed—suggesting limited direct “skin in the game” vs. potential future equity participation via omnibus plans .
- Conflicts and related-party exposure: Company-level related-party transactions (e.g., consultancy fees of ~$3.0M to Nice Talent Partner and ~$6.933M to JKNDC) were approved by the audit committee; as audit chair, Mr. Hu’s oversight is central to mitigating governance risk here . Loans/advances among senior personnel were small and disclosed (e.g., amounts due to/from related parties) .
- RED FLAGS:
- Zero disclosed ownership may reduce alignment with shareholder outcomes; monitor for future equity grants or purchases .
- Material related-party transactions necessitate rigorous audit committee review and transparent rationale; continued volume could pressure investor confidence if not tightly controlled .
- Positive signals:
- Independent chair of audit; audit committee independence; explicit “financial expert” determination .
- Full attendance at board/committee meetings and annual meeting .
- Equity plan contains shareholder-friendly features (no repricing without approval; defined metrics; award limits) .
Monitoring priorities for investors: track future proxy disclosures for Mr. Hu’s equity awards, any ownership changes, audit committee handling of related-party transactions, and continued independence/attendance, as these are key signals of governance quality and alignment .