Min Li
About Min Li
Min Li is Chief Financial Officer of Gulf Resources, Inc. (GURE) and CFO of Shouguang City Haoyuan Chemical Company Limited; he has served as CFO since December 2006 and previously served as a director from October 2007 to June 2009 . He is 48 years old and holds a bachelor’s degree in accounting from Weifang College . The company does not disclose executive TSR, revenue growth, or EBITDA growth targets tied to compensation for Min Li; bonuses are discretionary and were not paid in 2023–2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| China Construction Bank (Shandong branch; Yangkou Office) | Accounting roles; Accounting Manager (Yangkou Office) | 1998–2000; 2000–2004 | Financial management and accounting oversight in banking operations |
| Shouguang City Yuxin Chemical Co., Ltd. | Manager, Financial & Asset Management Department | 2004–2006 | Led corporate finance and asset management; prepared for CFO responsibilities |
External Roles
None disclosed beyond internal CFO roles at the company and subsidiaries .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | Employment Agreement (as of Jan 1, 2025) |
|---|---|---|---|
| Base Salary (USD) | $16,943 | $16,693 | Approximately $18,500 (subject to FX and market conditions) |
| Target Bonus (%) | Not disclosed | Not disclosed | Not disclosed |
| Actual Bonus Paid (USD) | $0 | $0 | $0 (no guaranteed bonus policy) |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Restricted Stock Award (RS) – Grant Date Dec 27, 2023 | N/A | N/A | 40,000 shares | $61,200 grant-date fair value | Vests immediately; RS becomes transferable per plan |
| Stock/Option Awards FY 2024 | N/A | N/A | No grants | $0 | N/A |
- Equity incentive awards are granted at the Compensation Committee’s discretion; exercise price equals closing market price on grant date; timing avoids material non-public information .
Equity Ownership & Alignment
| Metric | As of Oct 31, 2024 | As of Jul 15, 2025 |
|---|---|---|
| Beneficial Ownership (shares) | 58,115 | 138,115 |
| Ownership (% of outstanding) | <1% | 1.0% |
| Unvested Stock Awards (FY 2023 YE) | 0 | — |
| Exercisable/Unexercisable Options (FY 2023 YE) | 0 / 0 | — |
| Shares pledged as collateral | Not disclosed | Not disclosed |
Related party balances with the company (company payables owed to executive):
| Metric | Dec 31, 2023 | Dec 31, 2024 |
|---|---|---|
| Amount due to Min Li (USD) | $641,480 | $636,264 |
Ownership policy/guidelines for executives are not disclosed; independent directors receive 1,000 restricted shares annually and no cash retainers .
Employment Terms
- Start/tenure: CFO since December 2006; prior director service (Oct 2007–Jun 2009) .
- Current contract: Renewed Jan 1, 2025 for one year; cash compensation approximately $18,500 and eligibility for equity under company plan .
- Severance/change-of-control: As of Dec 31, 2024, cash payment $0 upon termination without cause/for good reason or change in control for named executive officers, including Min Li .
- Non-compete/non-solicit/garden leave: Not disclosed.
- Clawback/tax gross-ups: The 2025 Stock Incentive Plan allows for award agreement provisions, including potential excise tax “gross-up” language and change-of-control adjustments/accelerations; it prohibits option/SAR repricing without shareholder approval .
- Equity plan capacity: 2025 Stock Incentive Plan reserves 2,000,000 shares inclusive of outstanding awards under the 2019 Plan; max 1,000,000 options/SARs per participant per calendar year .
Board Governance
- Compensation Committee: Independent directors Dongshan Wang (Chair), Shitong Jiang, Shengwei Ma; chartered committee oversees CEO pay and recommends CFO and other executive compensation .
- Independence: Majority independent board; audit/compensation/nominating committees comprised of independent directors .
- Board/committee meetings: 2024 – Board 4; Audit 4; Compensation 1; Nominating 1; all directors attended ≥75% .
Say-on-Pay & Shareholder Feedback
- 2024 annual meeting say-on-pay: For 4,247,422; Against 585,843; Abstain 10,607; broker non-votes 2,793,791 (advisory approval) .
Compensation Structure Analysis
- Year-over-year mix: 2023 included immediate-vesting restricted stock ($61,200) alongside low cash salary; 2024 had no equity grants and minimal cash salary, emphasizing cost containment and absence of guaranteed bonuses .
- Pay-for-performance: No disclosed quantitative performance metrics (e.g., revenue/EBITDA/TSR) tied to payouts; bonuses are subjective and were not paid .
- Equity design: Immediate vesting of 2023 RS awards reduces retentive value; 2024 shows pause in grants; 2025 plan expands capacity, enabling future RSU/option grants with potential change-of-control accelerations but forbids repricing without shareholder approval .
- Related party balances: Company owes Min Li ~$636k–$641k at year-end 2024/2023, indicating material payables to executives; these are approved per related party transaction policies .
Investment Implications
- Alignment and retention: Min Li’s ownership increased to 138,115 shares (1.0%), signaling skin-in-the-game; however, immediate vesting on prior RS grants weakens retention incentives, and no severance cash reduces departure costs but may raise retention risk if market compensation is higher .
- Governance oversight: An independent Compensation Committee, strong say-on-pay support, and repricing prohibitions mitigate pay inflation risk; absence of disclosed performance metrics limits pay-for-performance transparency .
- Dilution/plan mechanics: The 2025 plan’s 2,000,000-share capacity (inclusive) and broad award types could increase equity-based compensation and potential dilution; change-of-control provisions may accelerate awards, and award agreements may include tax gross-up language, which is typically shareholder-unfriendly if used .
- Related party dynamics: Material company payables to executives (including Min Li) warrant monitoring for governance optics and cash flow alignment; historical repurchase of 80,000 shares from the CFO in 2022 illustrates prior insider liquidity events .