Bin Wang
About Bin Wang
Bin Wang (age 67) is an independent director of Maison Solutions Inc. (MSS) serving since June 2023; he is Chair of the Audit Committee and Chair of the Nominating & Corporate Governance Committee, and sits on the Compensation Committee . He is designated the audit committee financial expert, with over 30 years in financial services; his education includes B.S. from Northwestern Polytechnic University (1980), M.S. Mechanical Engineering from Xi’an Jiaotong University (1983), and M.A. Economics from Illinois State University (1992) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Eon Capital International Ltd. | Managing Director | 2007–present | Corporate advisory; financial services expertise |
| Alberton Acquisition Corp. (Nasdaq: ALAC) | Chairman & CEO | 2018–2020 | SPAC leadership; capital markets experience |
| Sky Digital Stores Corp. (OTC: SKYC) | Independent Director | 2010–2012 | Participated in public listing process |
| JPMorgan Chase & predecessors | Vice President/Team Lead; various roles | 1994–2006 | International financial services management |
External Roles
| Company | Exchange/Ticker | Role | Start Date | Committees/Notes |
|---|---|---|---|---|
| Fly-E Group, Inc. | Nasdaq: FLYE | Director | May 2024 | Board service; industry network |
Board Governance
- Independence: Bin Wang is independent under Nasdaq standards and Exchange Act Rule 10A-3 .
- Committee assignments: Audit (Chair), Nominating & Corporate Governance (Chair), Compensation (member) .
- Audit expertise: Board determined he is the audit committee financial expert and financially sophisticated .
- Board activity and attendance: Board held three meetings and seven actions by written consent in FY ended Apr 30, 2024; each director attended ≥75% of Board and applicable committee meetings .
- Committee activity: Audit Committee held three meetings and one unanimous written consent in FY2024 ; Compensation Committee held no meetings and one unanimous written consent ; Nominating & Corporate Governance Committee held no meetings .
- Board leadership: Company is a Controlled Company with combined CEO/Chairman (John Xu) and a Lead Independent Director (Mark Willis) .
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer (non-employee director) | $50,000 | Paid quarterly in arrears per Director Service Agreements |
| Committee fees | Not disclosed | No separate committee fees disclosed |
| Meeting fees | Not disclosed | Not disclosed |
Performance Compensation
| Component | Grant Date | Shares/Units | Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| Equity awards to directors | Not established | — | — | — | None disclosed |
The company notes equity incentive plans “have yet to be established” for directors, and there were no options/awards outstanding for named executive officers; no director equity awards are disclosed .
Other Directorships & Interlocks
| Person | External Board | Potential Interlock/Conflict |
|---|---|---|
| Bin Wang | Fly-E Group, Inc. (Nasdaq: FLYE) | No specific supplier/customer interlocks with MSS disclosed |
Expertise & Qualifications
- Financial services leadership across Chemical Bank/Chase/JPMorgan and corporate advisory (Eon Capital) .
- Audit committee financial expert designation; financial sophistication per Nasdaq rules .
- Advanced degrees spanning engineering and economics (Northwestern Polytechnic University; Xi’an Jiaotong University; Illinois State University) .
Equity Ownership
| Holder | Class A Shares | % of Class A | Class B Shares | % of Class B | Voting Power % |
|---|---|---|---|---|---|
| Bin Wang | — | — | — | — | — |
The security ownership table lists no beneficial ownership for Bin Wang; “* Represents less than 1%” footnote applies generally to small holdings, but no Bin Wang holdings are shown .
Governance Assessment
- Strengths:
- Independent director with deep finance background; chairs Audit and Nominating committees and is the designated audit committee financial expert—supportive of oversight of reporting and governance frameworks .
- Documented clawback policy in compliance with SEC/Nasdaq (focuses on executives), and established codes/guidelines/insider trading policy—signals formal governance infrastructure .
- Concerns / RED FLAGS:
- Controlled Company status with exemptions from majority independent board, CEO pay determination solely by independents, and independent-only nominations—can weaken board independence and investor protections .
- Significant related-party transactions concentrated around the CEO and affiliates (purchases/sales, payables, shared entities), increasing conflict-of-interest risk; audit committee oversight (chaired by Wang) is critical .
- Derivative shareholder litigation in 2024 naming the full board including Bin Wang (cases consolidated; range of losses not estimable)—an indicator of governance/internal control scrutiny .
- Material weaknesses in internal control over financial reporting noted in the March 17, 2025 Form 10-Q—elevated risk that requires robust audit committee remediation .
- Dilutive financing structure (convertible notes, exchange cap removal) and authorized share increase proposals—shareholder dilution risk; governance oversight on financing terms is essential .
- Alignment:
- No disclosed share ownership or equity awards for Bin Wang; director pay is cash-only ($50,000), which limits equity alignment with shareholders .
- Engagement:
- Board and audit committee met during FY2024, with Wang’s committees active (audit) but Nominating and Compensation showing limited formal meetings—monitor sustained committee cadence as company scales .
Implications: While Wang’s finance expertise and committee leadership are positives, the Controlled Company exemptions, related-party intensity, internal control weaknesses, and dilution-related proposals collectively present governance risk. Ownership alignment appears limited without disclosed shareholdings; investors should watch remediation progress on controls, committee activity, and the audit committee’s handling of related-party oversight and financing structures .