Jing Hao
About Jing Hao
Jing Hao is Chief Financial Officer of IT Tech Packaging (appointed November 3, 2014; previously CFO November 2007–April 2009). She also serves as CFO of Hebei Baoding Dongfang Paper Milling Company Limited (Dongfang Paper) since 2006, and was Manager of Finance at Dongfang Paper from 2005–2006. Age 43 per the 2025 proxy . Company performance under her finance tenure shows declining revenues and persistent net losses over 2022–2024, with positive EBITDA; details below.
Company Performance (FY 2022–FY 2024)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $100,352,434 | $86,546,950 | $75,837,943 |
| EBITDA ($USD) | $9,483,509* | $6,150,400 | $6,112,853* |
| Net Income ($USD) | -$16,571,308* | -$9,946,035* | -$9,843,094* |
| EBITDA Margin (%) | 9.45%* | 7.11%* | 8.06%* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IT Tech Packaging, Inc. | Chief Financial Officer | 2014–present | Leads corporate finance and reporting; SOX certifications evidencing oversight of controls |
| IT Tech Packaging, Inc. | Chief Financial Officer | 2007–2009 | Initial CFO tenure during public company phase |
| Hebei Baoding Dongfang Paper Milling Co., Ltd. | Chief Financial Officer | 2006–present | Long-standing finance leadership at operating entity |
| Hebei Baoding Dongfang Paper Milling Co., Ltd. | Manager of Finance | 2005–2006 | Early finance management role |
External Roles
| Organization | Role | Years | Note |
|---|---|---|---|
| Not disclosed | — | — | The proxy/10-K list external directorships for certain directors but none are disclosed for Jing Hao |
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($USD) | $35,519 | $34,016 | $36,042 |
| Target Bonus (%) | Not disclosed | Not disclosed | Not disclosed |
| Actual Bonus ($USD) | $0 (no bonus disclosed) | $0 (no bonus disclosed) | $0 (no bonus disclosed) |
| Stock Awards ($USD) | $0 | $0 | $0 |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting | Notes |
|---|---|---|---|---|---|---|
| Discretionary service bonus (2020) | N/A | N/A | N/A | $40,000 | Immediate (cash) | Approved by Compensation Committee for 2020 services |
Equity Grants History (Named Executive)
| Grant Date | Award Type | Shares | Fair Value per Share | Total Fair Value | Vesting |
|---|---|---|---|---|---|
| 2018-09-13 | Common stock under 2015 Omnibus Equity Incentive Plan | 1,000 | $8.80 | $8,800 | Not disclosed |
No outstanding equity incentive awards at FY 2024 year-end for named executive officers .
Equity Ownership & Alignment
| Item | Detail | As-of |
|---|---|---|
| Total beneficial ownership | 1,000 common shares (less than 1%) | Proxy dated Sept 8, 2025 |
| Options (exercisable/unexercisable) | None outstanding at FY 2023–2024 year-end | 2024/2023 disclosures |
| RSUs/Unvested awards | None outstanding at FY 2024 year-end | FY 2024 proxy |
| Shares pledged as collateral | Not disclosed | — |
| Ownership guidelines | Not disclosed | — |
Implication: Minimal personal equity stake; no near-term vesting overhang due to absence of outstanding awards .
Employment Terms
| Term | Disclosure | Source |
|---|---|---|
| Employment start (current CFO term) | Appointed Nov 3, 2014 | |
| Severance | No severance or enhanced benefits upon termination | |
| Change-of-control agreements | None with executive officers | |
| Clawback (historical) | “Recovery of Erroneously Awarded Compensation: None” | |
| Clawback (2025 Plan) | Performance-based awards subject to reduction/repayment per applicable law | |
| Equity plan capacity | 2023 Plan and proposed 2025 Plan each reserve 1,500,000 shares | |
| Change-of-control treatment (2025 Plan) | Committee may accelerate vesting, cash out, assume, or terminate awards | |
| Tax gross-ups (plan feature) | Option agreements may include gross-up payments for excise taxes upon CoC | |
| Pension/SERP | None (other than PRC social security contributions) | |
| Non-compete / Non-solicit / Garden leave | Not disclosed | — |
Performance & Track Record
- SOX certifications: Jing Hao signed Section 302 certification on FY 2024 10-K, attesting to controls and disclosure procedures .
- Company financial trajectory 2022–2024 detailed above (revenues declined; EBITDA positive; net losses)*. See performance table and note below.
*Values for EBITDA, net income and margins, where marked with an asterisk, retrieved from S&P Global.
Investment Implications
- Alignment: Personal share ownership is de minimis (1,000 shares; <1%); absence of outstanding awards suggests limited near-term selling pressure tied to vesting events .
- Pay-for-performance: Recent compensation is primarily fixed cash salary with no disclosed annual incentive metrics or payouts; last disclosed bonus was discretionary (2020), indicating weak linkage to explicit financial KPIs .
- Governance and change-of-control economics: Company states no severance or change-of-control agreements for executives, reducing parachute liabilities . However, the 2025 Omnibus Plan allows change-of-control acceleration/cash-out and contemplates potential excise tax gross-ups in option agreements—a shareholder-unfriendly feature to monitor if options are granted .
- Clawback evolution: Historical disclosure indicates no clawback; the 2025 Plan adds a clawback framework for performance-based awards per law, improving governance posture if implemented .
- Execution backdrop: Revenues declined from FY 2022 to FY 2024; EBITDA positive but net losses persist, underscoring operational turnaround needs under the current finance leadership*. See performance table above.
*Values retrieved from S&P Global.