Xiaocheng Peng
About Xiaocheng Peng
Xiaocheng Peng, 35, is Chief Financial Officer and a director of Healthcare AI Acquisition Corp. (HAIA) since September 5, 2023. He holds an MBA (California State University Long Beach, 2015), an MEng in Environmental Engineering (Oregon State University, 2013), and a BS in Food Safety and Quality (Jilin University, 2011). Prior roles include CFO of Orisun Acquisition Corp (Dec 2019–Nov 2020) and investment professional/director at Everpower International Holdings Co., Ltd (since Dec 2015), with experience in strategic planning, due diligence, deal negotiation, and post-investment management. HAIA is a shell company pre-business combination; Peng has executed 302/906 certifications on HAIA’s 10-K and 10-Q filings, while company operating performance metrics like TSR/revenue/EBITDA are not meaningful at this stage.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Orisun Acquisition Corp | Chief Financial Officer | Dec 2019–Nov 2020 | Led finance for SPAC; experience in diligence, investment materials, negotiations, and post-investment management. |
| Everpower International Holdings Co., Ltd | Investment professional and Director | Since Dec 2015 | Focused on high technology and entertainment; strategic planning and deal execution. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Shanghai Dezhi Enterprise Consulting Co., Ltd | Founder and Director | Since Sep 2022 | Enterprise consulting; strategic planning and analysis for target companies. |
Fixed Compensation
HAIA discloses no cash compensation paid to executive officers or directors prior to consummation of the initial business combination. Administrative service fees were historically accrued to the former sponsor (waived at handover), and executives may be reimbursed for out-of-pocket expenses. Compensation for executives after a business combination will be determined by the post-combination board/compensation committee.
| Metric | FY 2024 | FY 2025 YTD |
|---|---|---|
| Base Salary ($) | $0 (no cash compensation pre-business combination) | $0 (no cash compensation as of report date) |
| Target Bonus (%) | N/A (no program disclosed) | N/A (no program disclosed) |
| Actual Bonus Paid ($) | $0 | $0 |
| Perquisites (cash) | None disclosed to executives (admin fee applied to sponsor, later waived) | None disclosed to executives |
Performance Compensation
No equity or performance-based awards are disclosed for executive officers prior to the business combination; post-combination compensation may include consulting/management fees and equity plans determined by the combined company.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| None disclosed pre-business combination | — | — | — | — | — |
Equity Ownership & Alignment
Beneficial ownership tables show no direct Class A or Class B holdings reported for Mr. Peng (less than 1%). Sponsor entities hold controlling founder shares; certain management members have indirect sponsor interests totaling less than 1% of PubCo Class A (125,000 shares), not broken out by individual. No pledging or hedging by Mr. Peng is disclosed, and executive ownership guidelines are not disclosed.
| Item | Value |
|---|---|
| Direct Class A shares beneficially owned | — (none reported) |
| Direct Class B shares beneficially owned | — (none reported) |
| Ownership % of outstanding | Less than 1% |
| Indirect interests via Sponsor | Management team collectively has <1% (125,000 PubCo Class A) economic interests through Spiral G LLC; not allocated by person |
| Options/Warrants (personal) | None disclosed; private placement warrants not exercisable within 60 days and not reflected in ownership table |
| Shares pledged as collateral | None disclosed |
| Stock ownership guidelines | Not disclosed |
Employment Terms
| Term | Details |
|---|---|
| Appointment date/role | Appointed CFO and director on Sep 5, 2023 |
| Compensation agreement | No executive cash compensation prior to business combination; reimburse out-of-pocket expenses |
| Employment contract | Not disclosed; post-combination arrangements may be negotiated |
| Severance provisions | None; “not party to any agreements… that provide for benefits upon termination” |
| Change-of-control provisions | Not disclosed; no pre-combination benefits |
| Clawback policy | No restatements requiring recovery analysis under 10D-1; clawback policy not specifically disclosed |
| Indemnification | Indemnification agreements executed similar to IPO-era forms |
| Non-compete/Non-solicit | Not disclosed |
Additional Context (Company Status During Tenure)
- HAIA is a shell company; securities suspended from Nasdaq on Dec 17, 2024 due to SPAC-imposed deadline, now trading OTC as HAIAF/HAIUF/HAIWF.
- Shareholder-approved extensions and redemptions reduced trust account; ~$1.91 million remained in trust as of Sep 17, 2025. A proposed business combination with Leading Partners Limited/Leading Group Limited was announced Aug 15, 2024.
Investment Implications
- Pay-for-performance alignment currently minimal: no base salary, bonus, or equity grants until business combination; cash exposure limited to expense reimbursement—reduces misalignment risk but may elevate retention risk if post-combination packages are uncertain.
- Insider selling pressure appears low near term given no disclosed direct shareholdings by Mr. Peng; indirect sponsor-linked exposure exists but is small relative to outstanding shares.
- Governance protections: indemnification is standard; absence of severance and change-of-control benefits pre-combination lowers golden-parachute risk but offers limited retention guarantees.
- Execution risk remains elevated until transaction close: OTC trading, trust account depletion, and multiple extensions reflect timeline risk; CFO’s certifications signal control-focus but do not substitute for operating performance.