Mao Zhang
About Mao Zhang
Mao Zhang (age 42) is an independent Class I director at Harvard Apparatus Regenerative Technology (HRGN), appointed on August 26, 2024; his term runs through the 2026 annual meeting. He is the Founder and CEO of StellarS Capital (est. 2016) with 15+ years in hedge funds and private equity, and began his career at Magnetar Capital leading its Asian business. Zhang holds a Bachelor of Science from the University of Pennsylvania.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Magnetar Capital | Led Asian business | Began 2007 (prior to founding StellarS Capital in 2016) | Leadership in Asian markets; finance expertise |
| Harvard Apparatus Regenerative Technology (HRGN) | Independent Director (Class I) | Aug 26, 2024–2026 AGM | Governance oversight; no committee assignments |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| StellarS Capital | Founder & CEO | 2016–present | Multi-billion AUM alternative asset manager |
Board Governance
- Committee assignments: None currently; Zhang is not listed as a member of the Audit, Compensation, or Governance Committees.
- Independence: Board determined seven of eight directors are independent; Zhang was appointed as an independent director.
- Class and term: Class I director; term expires at the 2026 annual meeting.
- Attendance: The Board held 13 meetings in 2024; each director attended at least 75% of Board and committee meetings. Non-employee directors meet regularly in executive sessions.
- Board leadership: CEO also serves as Chairman; Vice Chairman is Jason Jing Chen.
- Governance changes proposed: Declassification to annual elections by 2028 and special-meeting rights for holders of 35%+ voting power were proposed for stockholder approval.
Fixed Compensation
| Component | Amount/Structure | Vesting/Timing |
|---|---|---|
| Initial option grant at appointment | $25,000 grant-date value | Vests in equal quarterly increments over one year from grant date |
| Annual director compensation (current policy) | Stock options with $20,000 grant-date value in lieu of cash fees, plus $25,000 annual option grant | Each vests in equal quarterly increments over one year; annual grant made on 5th business day after the annual meeting |
| Cash/fees | No cash fees paid in 2024 (equity-only) | — |
| Expense reimbursement | Reimbursed for Board/committee meeting-related expenses | Ongoing |
2024 Director compensation (actual):
| Item | Amount |
|---|---|
| Fees earned or paid in cash | $0 |
| Option awards | $25,000 (grant-date fair value) |
| Total | $25,000 |
Performance Compensation
- No performance-based director compensation disclosed (director options vest time-based).
| Performance Metric | Target/Definition | Result/Status |
|---|---|---|
| None disclosed for directors | Not applicable | Not applicable |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards (current/past 5 years) | None disclosed in HRGN proxy biography for Zhang |
| Significant shareholder affiliation | StellarS Capital beneficially owns 2,113,784 HRGN shares (13.3%); Zhang is Founder & CEO of StellarS Capital |
| Family relationships | None with HRGN directors/officers disclosed for Zhang |
Expertise & Qualifications
- Finance and investment expertise (hedge fund/private equity), business innovation, strategy, and finance.
- Education: B.S., University of Pennsylvania.
Equity Ownership
| Item | Amount | Notes |
|---|---|---|
| Beneficial ownership (as of Apr 21, 2025) | Options to acquire 5,398 shares exercisable within 60 days; ownership <1% of outstanding | “*” indicates <1% per proxy table |
| Aggregate director options outstanding (as of Dec 31, 2024) | 7,198 options | Director compensation table |
| Vested vs unvested (indicative) | 5,398 vested exercisable vs remaining unvested | Based on exercisable within 60 days vs total outstanding |
| Pledging/hedging | Anti-hedging policy prohibits hedging and short sales; no pledging disclosures noted | Insider Trading Policy/Anti-Hedging Policy |
Insider Trades and Filings
| Date/Period | Filing | Subject | Notes |
|---|---|---|---|
| Sept 26, 2024 | Form 4 | Option grant reported (granted Sept 3, 2024) | Filed late relative to grant; noted under Section 16(a) compliance |
Governance Assessment
-
Strengths: Independent status; deep capital markets and strategic experience; equity-based director pay aligns with shareholder value; solid attendance; regular executive sessions support independent oversight.
-
Watch items:
- Significant-shareholder affiliation: StellarS Capital’s 13.3% stake creates potential influence/interlock; monitor related-party matters and voting/committee independence.
- Late Section 16 filing in 2024: Minor compliance lapse; monitor future timeliness.
- Committee engagement: Not currently serving on key committees (Audit/Comp/Governance); limits direct influence on controls/comp/governance processes.
- Board chair/CEO combined: Concentration of leadership; declassification and special-meeting proposals are positive governance signals but leadership separation remains a consideration.
-
Red Flags:
- Affiliation with a 13.3% holder (potential conflict if decisions disproportionately benefit that holder).
- Late Form 4 filing (process rigor).