Peng Lei
Future FinTech GroupAbout Peng Lei
Peng Lei served as Future FinTech Group Inc.’s Chief Operating Officer from July 28, 2023 until his resignation effective June 15, 2025; his resignation was not due to any disagreement with management or the Board . He was age 46 at appointment and holds a Ph.D. and Master’s in Finance (2011, 2009) and a Bachelor’s in International Finance (1999) from Xi’an Jiaotong University . During his tenure, FTFT disclosed pay-versus-performance data showing cumulative TSR “value of initial $100” of 3.76 in 2023 and 83.43 in 2024, alongside net losses, indicating challenging performance context for executive pay decisions . His cash compensation was modest ($50,753 in 2024; $51,213 in 2023) with equity awards primarily in unrestricted stock that vested immediately, limiting explicit pay-for-performance ties .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Future FinTech Group Inc. | Chief Operating Officer | Jul 28, 2023 – Jun 15, 2025 | Led operations; aimed to grow supply chain financing/services and support strategic transformation into a fintech ecosystem |
| Future Commercial Management Co., Ltd. (FTFT subsidiary) | General Manager | Jul 2022 – Jul 2023 | Managed subsidiary operations prior to COO appointment |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Xi’an Dingtaiheng Supply Chain Mgmt Co., Ltd.; Ningbo Tielin Supply Chain Mgmt Co., Ltd. | Founder & General Manager | Jul 2019 – Jul 2022 | Developed coal supply chain finance businesses |
| Changan Parking Investment Mgmt (Shanghai) Co., Ltd. | Director & General Manager | Mar 2014 – Jul 2019 | Led corporate restructuring and operations in parking investments |
| Shanghai Pudong Development Bank, Xi’an Zhonglou Sub-branch | Branch Manager | Apr 2010 – Mar 2014 | Banking operations; equity investment fund development in Shaanxi |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $51,213 | $50,753 |
| Target Bonus % | Not disclosed (eligible at Board’s discretion) | Not disclosed (eligible at Board’s discretion) |
| Actual Bonus Paid ($) | Not disclosed | Not disclosed |
Key employment agreement terms:
- Base salary: $50,000/year; one-year term starting Aug 1, 2023; renewable by mutual agreement (renewed until Aug 1, 2025 per 10-K) .
- Bonus eligibility: At Board’s discretion (cash or equity) .
- Vacation: 8 days/year; increases to 12 days after one year .
- Duty of full-time service; reports to CEO .
Performance Compensation
| Award Type | Grant Date | Shares (pre-split) | Fair Value ($) | Performance Metric | Payout | Vesting | Notes |
|---|---|---|---|---|---|---|---|
| Unrestricted Stock (2023 Plan) | Dec 23, 2023 | 40,000 | $49,600 | None (unrestricted stock) | Shares granted | Vested immediately on grant | Unrestricted Stock Award Agreement executed Dec 23, 2023 |
| Stock Award (2020 Plan) | Jul 12, 2022 | 109,400 | Not disclosed | Not disclosed | Shares granted | Not disclosed | Reported on Form 3; adjusted for prior reverse split |
- The Company’s equity plans permit performance-based awards with metrics including revenue, EBITDA, EPS, ROE, TSR, and others, but Peng Lei’s 2023 grant was unrestricted and immediately vested, indicating limited direct metric linkage for that award .
Equity Ownership & Alignment
| Ownership Item | As of Date | Amount | Notes |
|---|---|---|---|
| Beneficial ownership (Form 3, direct) | Apr 5, 2024 (event date July 28, 2023) | 109,400 shares | Reported as COO; reflects post 1-for-5 split adjustment |
| Beneficial ownership (Proxy) | Apr 11, 2025 | 14,940 shares | “Less than 1%”; computed ≈0.49% of 3,050,770 shares outstanding |
| Shares outstanding (basis for % calc) | Apr 11, 2025 | 3,050,770 | 1-for-10 reverse split occurred Apr 1, 2025 |
| Vested vs unvested | Dec 31, 2024 | No outstanding equity awards for NEOs | Implies prior grants were vested/unrestricted |
| Options (exercisable/unexercisable) | Dec 31, 2024 | None outstanding | 2024 proxy indicates no outstanding options |
| Pledging/Hedging | N/A | Not disclosed | No pledging disclosure in proxy sections reviewed – |
Interpretation: The reduction from 109,400 to 14,940 shares aligns with the April 1, 2025 1-for-10 reverse split and inclusion of the 4,000-share equivalent from the 40,000 December 2023 grant, not necessarily selling activity .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Effective Date | Aug 1, 2023 (COO appointment July 28, 2023) |
| Term Length | 1 year; renewed to Aug 1, 2025 (per 10-K) |
| Base Salary | $50,000 per year before tax |
| Bonus Eligibility | At Board discretion (cash or equity) |
| Duties | COO; full-time; report to CEO; no other employment during term |
| Severance / Change-of-Control | Not disclosed in summary; equity plan provides for potential accelerated vesting upon recapitalization/reorganization |
| Resignation | Effective Jun 15, 2025; no disagreement with Company |
Performance & Track Record
| Metric/Item | Period | Data |
|---|---|---|
| Tenure | Jul 28, 2023 – Jun 15, 2025 | Appointed COO; later resigned effective Jun 15, 2025 |
| Role focus | 2023–2025 | Manage operations; grow supply chain financing/services; drive fintech strategic transformation |
| Company TSR “$100 value” | 2023; 2024 | 3.76 (2023); 83.43 (2024) per pay-versus-performance table |
| Company Net Income | 2023; 2024 | Net losses disclosed in pay-versus-performance table (see proxy) |
Compensation Structure Analysis
- Mix: Low fixed cash salary with equity grants in unrestricted stock; 2023 award vested immediately, reducing pay-at-risk linkage to measurable performance outcomes .
- Options/PSUs: No outstanding options; no disclosed PSUs or performance-weighted RSUs for Peng Lei, limiting direct metric-based incentives .
- Plan Provisions: 2025 Omnibus Equity Plan allows performance-based awards with wide metric flexibility and prohibits repricing without shareholder approval; permits accelerated vesting on certain reorganizations .
Vesting Schedules and Insider Selling Pressure
- Immediate vesting of 40,000-share grant on Dec 23, 2023 suggests potential near-term liquidity, but subsequent reported holdings reflect reverse split mechanics rather than disclosed selling; no Form 4 transactions cited in reviewed documents .
- No options outstanding as of Dec 31, 2024 reduces future forced-selling timelines tied to option expirations .
Equity Ownership & Alignment (Guidelines and Pledging)
- Stock ownership guidelines and pledging policies for executives are not disclosed in the reviewed proxy sections; no pledging by Peng Lei is disclosed –.
Board Governance (COO)
- Peng Lei was an executive officer, not a director; committee memberships and director compensation are not applicable to him .
Say-on-Pay & Shareholder Feedback
- 2025 proxy includes an advisory say-on-pay proposal; results not provided in the definitive proxy at filing date –.
Investment Implications
- Alignment: Modest personal ownership (<1%) and immediate vesting of unrestricted equity signal limited ongoing performance conditioning of awards; absence of options and PSUs reduces explicit metric tethering .
- Retention/transition: Peng Lei’s resignation (without disagreement) indicates management transition; operating continuity rests with successors; review subsequent 8-Ks and management bios for continuity and execution risk .
- Trading signals: Immediate vest awards in 2023 created potential liquidity, but holdings progression is primarily explained by reverse split effects; no disclosed insider selling pressure in reviewed filings .
- Pay practices: Equity plan allows robust performance-based constructs and prohibits repricing; investors should monitor future grants to senior operators for performance-linked design, vesting conditions, and change-of-control acceleration – .
Additional Company Financial Context (for performance analysis):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | * | * |
| EBITDA ($USD) | * | * |
| Net Income - (IS) ($USD) | * | * |
Values retrieved from S&P Global.*