Yang Li

About Yang Li

Yang Li, 43, is Chief Operating Officer (since August 2023) and a Director of Lakeside Holding Limited (LSH) as of October 14, 2025; he holds a BA in Computing Science from Simon Fraser University and served as an Adjunct Lecturer at Fudan University (2016–2018) . During FY2024, LSH revenue grew 42.3% to $18.3M with airfreight up 117.6% to $10.4M; gross profit rose to $3.7M and the company recorded a net loss of $0.23M (gross margin improved from 19.9% to 20.3%) . As of the October 16, 2025 record date, the beneficial ownership table shows Yang Li with no LSH shares, and his Form 3 on November 18, 2025 reported “No securities are beneficially owned” .

Past Roles

External Roles

Fixed Compensation

• Yang Li is not included among the named executive officers in the FY2024–FY2025 Summary Compensation Table; no base salary, target/actual bonus, or equity awards are itemized for him in the company’s executive compensation disclosure .
• As of the FY2024 10-K, the company had not adopted an equity incentive plan and reported no equity-based compensation to employees (subsequently proposing the 2025 LTIP at the November 2025 special meeting) .

Performance Compensation

• No performance metric framework (weightings, targets, or payouts) is disclosed for Yang Li in FY2024–FY2025; the 2025 Long‑Term Incentive Plan (subject to shareholder approval) allows options, RSUs, restricted shares, and SARs but does not set company-wide performance metrics in the plan text .
• The plan includes standard administrative provisions (e.g., fair market value definition, award types, and term through December 31, 2035) but no award-specific performance targets are disclosed in filings to date .

2025 LTIP – Key Mechanics (context)

• Share reserve: up to 5,000,000 shares; awards include ISOs/NSOs, RSUs, RS, SARs; plan sunsets 12/31/2035 .
• Repricing requires shareholder approval; clawback provision allows cancellation/recoupment in accordance with company policy .

Equity Ownership & Alignment

Implications: Zero beneficial holdings and no disclosed equity awards to date indicate limited direct equity alignment for Yang Li; monitor for initial LTIP grants and subsequent Form 4s post-special meeting .

Employment Terms

Note: NEO terms are disclosed for Henry Liu, Long (Leo) Yi, Lan Su, and Shuai Li; Yang Li’s contract terms are not specifically filed—do not assume equivalency beyond what’s disclosed .

Board Governance

• Service: Director and COO; signed the FY2024 10-K as “Director and Chief Operating Officer” on October 14, 2025 .
• Independence: Not independent (employee-director); independent directors are Zhengyi (Janice) Fang, Xiaoou Li, and Aik Siang Goh per board independence disclosure .
• Committees: Current committees comprised of independent directors—Compensation (Fang, Li, Goh; chair: Li) and Nominating & Corporate Governance (Fang, Li, Goh; chair: Goh); Yang Li is not listed as a committee member .
• Board activity baseline: From June 27, 2024 through FY2024 year-end, the (then-current) Board held no board meetings (early public-company stage context) .
• Dual-role implications: Executive-director roles can compress independence at the board level; LSH offsets via fully independent audit, compensation, and nominating committees .

Director Compensation (context)

• Independent directors received $20,000 in FY2025 (Zhou, Fang, Vuong). The filing notes that director compensation for certain executive directors is included in the SCT; Yang Li’s director fee is not itemized .

Performance & Track Record

• Management highlighted 42.3% revenue growth to $18.3M, with airfreight revenue up 117.6% to $10.4M; gross margin improved from 19.9% to 20.3% .

Compensation Structure Analysis

• Year-over-year mix remains predominantly cash salary—no bonuses or equity awards were reported for NEOs in FY2024–FY2025; this implies low at‑risk pay and limited pay‑for‑performance correlation pending LTIP deployment .
• The newly proposed 2025 LTIP introduces equity components (options, RSUs, RS, SARs), signaling a shift toward equity-based alignment once approved and granted; repricing would require shareholder approval, reducing repricing risk .
• Clawback now formalized via LTIP, aligning with investor expectations for recoupment mechanisms .
• No tax gross-ups or deferred comp plans are disclosed for executives; retirement benefits limited (no company matching currently) .

Risk Indicators & Red Flags

• Large share authorization and issuance capacity: Proposal to increase authorized common shares to 2,000,000,000; authorize 1,000,000,000 blank‑check preferred; and pre‑approve non‑public issuances up to 100M shares/$100M over 10 months—introduces material prospective dilution/overhang .
• Crypto treasury policy: Board seeks approval to hold Bitcoin and Ethereum (per‑asset cap 5% of crypto market cap) and potentially raise capital to fund positions—adds volatility and non‑core asset exposure to treasury .
• Board turnover: Resignations of independent directors (Cynthia Vuong on Aug 15, 2025 and Yiye Zhou on Sept 30, 2025) followed by appointment of Aik Siang Goh; turnover can heighten governance continuity risks .
• Insider alignment: Yang Li reports no beneficial ownership and no securities on Form 3 as of 11/18/2025; monitor initial grant cadence under the LTIP for alignment trajectory .
• Anti-hedging policy mitigates misalignment from hedging but no explicit pledging restrictions are disclosed .

Related-Party Transactions (context)

• The company disclosed transactions with related parties (Weship, ABL Wuhan, Intermodal) including revenues, costs, and rental income; the audit committee is tasked with oversight of such related-party transactions .

Compensation Committee Analysis

• Composition: All independent—Fang, Xiaoou Li (chair), Goh—responsible for executive/director pay and incentive plans; executive officers are not present when their pay is deliberated .
• Use of independent compensation consultant is not disclosed in filings .

Say-on-Pay & Shareholder Feedback

• No say‑on‑pay voting results are disclosed in the reviewed filings .

Expertise & Qualifications

• BA in Computing Science (Simon Fraser University); adjunct lecturer experience at Fudan University; senior operating/technology leadership across multiple companies, including CEO and CTO roles .

Work History & Career Trajectory

• COO of LSH since August 2023; director as of October 14, 2025, following prior senior roles in technology and investment firms (see Past Roles table) .

Investment Implications

• Alignment and retention: With no disclosed equity holdings and no equity awards to date, Yang Li’s alignment is currently low; the 2025 LTIP (if approved) is the key lever to drive alignment and retention—watch for initial award size, mix (RSU vs options/PSUs), vesting, and performance conditions .
• Near-term dilution/overhang risk: Share authorization increases, blank‑check preferred, and pre‑approved private issuance authority up to 100M shares/$100M could pressure valuation and signal funding needs (including for the crypto treasury strategy) .
• Governance stability: Dual role (COO + Director) reduces independence but is balanced by independent committees; recent board turnover merits monitoring for continuity and oversight robustness .
• Trading signals: Track the special meeting outcomes (equity plan, share authorizations, crypto treasury policy), subsequent Form 4 filings for initial equity grants to Yang Li, and any 8‑Ks regarding non‑public issuances or digital asset purchases .