Felix Yun Pun Wong
About Felix Yun Pun Wong
Felix Yun Pun Wong, age 59, is Chief Financial Officer and a Director of Inception Growth Acquisition Limited (IGTA), serving as CFO since April 9, 2021; he holds a Masters of Business (Curtin University, 2003) and a Professional Diploma in Company Secretaryship and Administration (Hong Kong Polytechnic University, 1989) . IGTA is a SPAC and a “shell company,” so traditional operating performance metrics like revenue/EBITDA growth and TSR during his tenure are not applicable to core business operations; IGTA had 2,917,490 shares outstanding as of March 26, 2025 . Mr. Wong’s background includes extensive CFO and investment roles across SPACs, private equity, and venture capital, with a track record in listings and fund management .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inception Growth Acquisition Limited (IGTA) | Chief Financial Officer; Director | CFO since Apr 9, 2021; Director as of Feb 7, 2025 | Principal financial & accounting officer; SEC Section 302 SOX certification signer |
| Tottenham Acquisition I Limited (NASDAQ: TOTA) | Chief Financial Officer | Nov 2017–Dec 2020 | Led SPAC finance; completed merger with Clene Nanomedicine (NASDAQ: CLNN) in Dec 2020 |
| Raytron Technologies Limited | Chief Financial Officer | Aug 2015–Sep 2017 | Oversaw finance; corporate venture setup; deal origination |
| Tsing Capital | CFO & Executive Director | Jan 2012–Jul 2015 | Managed four funds totaling US$600M focused on clean tech |
| Spring Capital | Senior Director & CFO | Oct 2008–Jun 2011 | Managed US$250M fund; senior finance leadership |
| Natixis Private Equity Asia | Chief Financial Officer | Nov 2006–Oct 2008 | Regional private equity finance leadership |
| JAFCO Asia | Associate Director | Mar 2002–Oct 2006 | Investment leadership; deal execution |
| Icon Medialab | Finance Manager | Jul 2000–Dec 2001 | Corporate finance management |
| Nielsen | Senior Finance Manager | Aug 1998–Jul 2000 | Corporate finance |
| PricewaterhouseCoopers | Auditor | Aug 1989–Mar 2000 | Audit and assurance groundwork |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ascent Partners Advisory Service Limited | Principal | Since Mar 2020 | Finance advisory leadership; public market entry expertise |
No other current public company directorships for Mr. Wong are disclosed in IGTA filings .
Fixed Compensation
| Component | FY 2024 | FY 2025 (Proxy disclosed status) |
|---|---|---|
| Base Salary | $0 – no cash compensation paid to executive officers prior to business combination | $0 – none of our directors or executive officers received compensation |
| Administrative Fee to Sponsor (context) | $10,000/month to affiliate of Sponsor until business combination or liquidation (not paid to executives) | $10,000/month to affiliate of Sponsor (context unchanged) |
| Benefits/Perqs | None; no benefit plans or deferred compensation maintained | None; unchanged |
Performance Compensation
| Incentive Type | Grant/Eligibility | Performance Metrics | Vesting | Payout/Status |
|---|---|---|---|---|
| Short-term bonus | Not paid prior to business combination | N/A (no metrics disclosed) | N/A | None |
| Equity awards (RSUs/PSUs/Options) | Not granted | N/A | N/A | None |
| Clawback | Adopted Nov 2023; covers incentive compensation for three fiscal years preceding a required restatement | Financial reporting measures under Exchange Act §10D | Board/Comp Committee administered | Enables recovery of excess incentive comp upon restatement |
Compensation committee retains authority and independence to set executive compensation post-business combination; prior to closing, no compensation of any kind is paid to insiders for effecting the business combination, aside from reimbursable out-of-pocket expenses .
Equity Ownership & Alignment
| Metric | As of May 10, 2024 | As of Sep 15, 2025 |
|---|---|---|
| Felix Wong beneficial ownership (shares) | 30,000 | 30,000 |
| Approximate % of outstanding shares | Less than 1% (denoted “*”) | Less than 1% (denoted “*”) |
| Shares outstanding (company) | 5,588,391 | 2,814,162 |
| Pledged shares | Not disclosed | Not disclosed |
| Stock ownership guidelines | Not disclosed | Not disclosed |
All officers/directors as a group held 107,500 shares (1.9% in 2024; 3.82% in 2025), indicating low insider ownership vs. float .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreements | None with executive officers; no agreements to provide termination benefits |
| Severance / Change-of-control | Not established; no severance or CIC benefits disclosed |
| Non-compete / Non-solicit / Garden leave | Not disclosed |
| Post-termination consulting | Potential consulting/fees may be determined by the combined company after business combination; amounts generally unknown pre-combination and would be disclosed when known |
| Clawback policy | Adopted Nov 2023; recovery of incentive compensation in case of restatement tied to financial reporting measures over prior three years |
| Indemnification & D&O insurance | Company provides indemnification agreements; maintains D&O insurance for officers and directors |
Board Governance
- Roles: Mr. Wong serves as CFO and Director; he is not disclosed as a member or chair of Audit, Compensation, or Nominating committees, which are composed solely of independent directors .
- Committee composition: Audit (Yan Xu, Chair; Coyne, Chang members; all independent); Compensation (Albert Chang, Chair; Coyne, Xu members; all independent); Nominating (Michael Coyne, Chair; Chang, Xu members; all independent) .
- Independence: Majority of the Board is independent (Coyne, Chang, Xu); independent directors will have regularly scheduled meetings (executive sessions) .
- Dual-role implications: CEO Cheuk Hang Chow also serves as Chairman, which consolidates leadership and may raise independence oversight considerations; the presence of three independent directors and independent committee chairs mitigates this risk .
Director Compensation
| Component | Status |
|---|---|
| Annual cash retainer | None paid to directors prior to business combination |
| Committee membership fees | None |
| Committee chair fees | None |
| Meeting fees | None |
| Equity compensation to directors | None granted |
| Director ownership guidelines | Not disclosed |
Compensation Committee Analysis
- The Compensation Committee is fully independent and authorized to engage independent advisors; prior to consummation of the initial business combination, no compensation is paid to insiders for effecting the deal, and the committee’s role is largely preparatory for post-combination arrangements .
- Executive compensation policies emphasize post-Business Combination determinations; any future pay structures will be set by the combined company’s board/committee and disclosed when known .
Related Party Transactions & Controls
- Administrative fee: $10,000/month paid to an affiliate of Sponsor (Soul Venture Partners LLC) for office, utilities, and support until business combination or liquidation .
- Procedures: Audit Committee responsible for reviewing and approving related party transactions; company uses D&O questionnaires; formal policy not yet adopted, but code of ethics requires avoidance of conflicts except under board-approved guidelines .
Performance & Track Record
- Company status: IGTA is a SPAC focused on business combination execution; it confirmed shell-company status and detailed listing/compliance context, including delisting from Nasdaq in Dec 2024 and subsequent OTC trading, with ongoing efforts tied to business combination listing conditions .
- Mr. Wong’s execution history: Successfully oversaw finance at Tottenham Acquisition I Limited culminating in a merger with Clene Nanomedicine (Dec 2020), indicating experience in de-SPAC transactions .
Investment Implications
- Pay-for-performance alignment: No executive or director compensation has been paid, and no equity awards have been granted prior to the business combination—limiting near-term cash burn and reducing misalignment risk but also providing limited retention hooks tied to performance until a deal closes .
- Retention risk: Absence of employment agreements, severance, and CIC provisions implies flexibility but also potential turnover risk around a transaction; post-combination compensation will be set by the combined company, adding uncertainty to future incentives .
- Insider selling pressure: Mr. Wong’s beneficial ownership (30,000 shares, <1%) is modest, suggesting limited personal selling pressure; no pledged shares or hedging policy disclosure is available, reducing visibility into alignment risks .
- Governance: Independent committees and a majority-independent board are positives; CEO also serving as Chairman is a governance watchpoint, partially mitigated by independent committee leadership and executive sessions .
- Clawback enforcement capacity: A compliant clawback policy covering incentive compensation tied to financial reporting measures provides mechanisms to recoup excess pay if a restatement occurs—important once post-combination performance-based pay is implemented .
Overall, Mr. Wong’s deep SPAC and fund CFO background is a positive for transaction execution. Compensation clarity and alignment will hinge on post-combination structures, with current disclosures signaling low pre-close cash/equity incentives and minimal insider ownership, thereby lowering near-term selling/overhang risks but increasing uncertainty on retention and performance-linked pay after the deal closes .