Richard Li
About Richard Li
Richard Li is Chief Financial Officer of Emerson Radio Corp. (MSN), appointed effective January 16, 2022; he was 58 years old as of February 7, 2025 and holds a BA (Honours) in Accountancy from Hong Kong Polytechnic University, with associate memberships in HKICPA, ACCA, and The Hong Kong Chartered Governance Institute . He previously served as CFO at Sansui Electric (China) Co., Ltd. (2014–present at time of 2022 filing), Sansui Manufacturing Services Limited (2012–2013), and Lafe Corporation Limited (2005–2011), following four years with Deloitte Touche Tohmatsu and ten years as a manufacturing industry financial controller . Company TSR improved across recent years (value of initial fixed $100 investment: $57.89 in FY2022 and $72.97 in FY2023; $98.15 in FY2024), while net income moved from losses to profit ($(3,626)k in FY2022, $(1,360)k in FY2023, $766k in FY2024) . Revenues increased from $7.18M in FY2023 to $9.07M in FY2024 and $10.79M in FY2025*, though EBITDA remained negative over the period*, indicating mixed profitability momentum during his tenure* [GetFinancials: Revenues*, EBITDA*]. Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sansui Electric (China) Co., Ltd. | Chief Financial Officer | 2014– (per 2022 filing) | Accounting, corporate finance, public company reporting experience |
| Sansui Manufacturing Services Limited | Chief Financial Officer | 2012–2013 | Corporate and strategic planning finance leadership |
| Lafe Corporation Limited (formerly listed on SGX) | Chief Financial Officer | 2005–2011 | Public company finance and reporting leadership |
| Deloitte Touche Tohmatsu | Auditor | ~4 years | Audit foundation in controls and reporting |
| Manufacturing industry | Financial Controller | ~10 years | Operational finance and controls in manufacturing |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hong Kong Institute of Certified Public Accountants (HKICPA) | Associate Member | Not disclosed | Professional standards and ethics |
| Association of Chartered Certified Accountants (ACCA) | Associate Member | Not disclosed | International accounting proficiency |
| The Hong Kong Chartered Governance Institute | Associate Member | Not disclosed | Governance and compliance proficiency |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $101,000 | $123,383 |
| Bonus Paid ($) | $3,125 | $3,125 |
| All Other Compensation ($) | $2,307 | $2,308 |
| Total ($) | $106,432 | $128,816 |
- Contracted base salary: $100,000 per year with annual discretionary bonus; term runs until earlier of retirement (first day of month after 65th birthday) or termination by either party with not less than one month’s prior written notice .
- No equity compensation plans in existence as of March 31, 2023 and March 31, 2024 .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout Mechanism | Vesting |
|---|---|---|---|---|---|---|
| Discretionary Cash Bonus | None specified | N/A | N/A | $3,125 (FY2023); $3,125 (FY2024) | Board discretionary | Not disclosed |
- The company did not use “financial performance measures” to link executive compensation for the most recent fiscal years under Item 402(v); pay-versus-performance disclosure was provided for context but not used in pay decisions .
Equity Ownership & Alignment
| As-of Date | Shares Beneficially Owned | % of Outstanding | Options (Exercisable/Unexercisable) | RSUs/PSUs (Vested/Unvested) | Pledged Shares |
|---|---|---|---|---|---|
| Feb 15, 2024 | 0 | 0% | None outstanding | None outstanding | Not disclosed |
| Feb 7, 2025 | 0 | 0% | None outstanding | None outstanding | Not disclosed |
- Insider trading policy prohibits hedging transactions for directors and executive officers .
- Section 16(a) reports for directors and executive officers were timely filed for FY2023 and FY2024 .
Employment Terms
| Term | Detail |
|---|---|
| Start date | Appointed CFO January 7, 2022; effective January 16, 2022 |
| Contract | Annual base salary $100,000; annual discretionary bonus; terminable by either party on ≥1 month’s notice; ends earlier of retirement date (first day of month after 65th birthday) |
| Severance | Not disclosed (no severance multiples or guaranteed severance terms) |
| Change-of-control | Not disclosed (no single/double-trigger or accelerated vesting provisions disclosed) |
| Equity awards | None outstanding at FY2023 and FY2024 year-end |
| Indemnification | Company indemnifies officers/directors to fullest extent under Delaware law; expense advancement provided |
| Hedging/Pledging | Hedging prohibited; pledging not disclosed |
| Related party transactions | None involving Mr. Li requiring disclosure under Item 404(a) at appointment |
Performance & Track Record
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| TSR – Value of fixed $100 investment | $72.97 | $98.15 |
| Net Income (Loss) ($ thousands) | $(1,360) | $766 |
Company fundamentals (for context):
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($) | $7,177,000* | $9,070,000* | $10,785,000* |
| EBITDA ($) | $(2,095,000)* | $(3,337,000)* | $(4,430,000)* |
| Values retrieved from S&P Global. |
Board Governance
- Emerson is a “controlled company” (Nimble Holdings via subsidiaries controls ~72.4%); Emerson relies on exemptions from certain governance requirements, with the full Board (not a separate compensation committee) reviewing and approving executive compensation and incentives .
- Audit Committee consists of two independent directors; Board combines CEO and Chairman roles .
Investment Implications
- Alignment: Mr. Li holds no Emerson shares and has no equity awards, reducing direct stock-price alignment and eliminating near-term insider selling pressure from vesting events .
- Incentive structure: Compensation is primarily fixed salary plus small discretionary bonuses; there are no disclosed performance-tied financial metrics (e.g., TSR, revenue or EBITDA) driving payouts, which can dilute pay-for-performance rigor .
- Governance risk: As a controlled company without a dedicated independent compensation committee, executive pay and retention strategy are overseen by the full Board, potentially concentrating decision-making and reducing external benchmarking transparency .
- Operating backdrop: While net income improved to a profit in FY2024 and TSR rebounded, EBITDA remains negative per S&P Global*, pointing to ongoing profitability challenges that could constrain variable compensation and talent retention if sustained*. Values retrieved from S&P Global [GetFinancials: Revenues*, EBITDA*].