Xiaobin Wu
About Xiaobin Wu
Dr. Xiaobin Wu is President, Chief Operating Officer and General Manager, China at ONC (BeiGene), age 63, serving as a key executive since April 2018. He holds a Ph.D. in Biochemistry and Pharmacology (1993) and a Diploma in Biology (1990) from the University of Konstanz, Germany . Company performance under his leadership includes 2024 total revenue of US$3.8B (constant currency) vs a US$3.6B target resulting in a 123% PSU earnout for the 2024 tranche, and 5-year TSR of 11.4% (38th percentile of peer group), with TSR since IPO at 486% (85th percentile); management also guided to positive GAAP operating income and operating cash flow in 2025 . BRUKINSA generated US$2.6B revenue in 2024, up 105% year over year, exemplifying commercial execution in hematology .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pfizer China | Country Manager | Not disclosed | Led China operations across commercial and strategy functions |
| Pfizer Essential Health, Greater China | Regional President | Not disclosed | Regional leadership in Essential Health portfolio |
| Wyeth China & Hong Kong | President & Managing Director | Not disclosed | P&L leadership across China/HK |
| Bayer Healthcare, China | General Manager | Not disclosed | Commercial leadership in China |
| Bayer, Germany | Sales & Marketing | Not disclosed | Core commercial training and execution |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| China National Association of Industry & Commerce | Vice Chairman, Pharmaceutical Chamber of Commerce | Not disclosed | Industry policy engagement |
| Research Center of National Drug Policy & Ecosystem, China Pharmaceutical University | Research Fellow | Not disclosed | Policy research contribution |
| Pharmaceutical Association Committee, China | Vice Chairman | Not disclosed | Sector governance participation |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary (US$) | $721,642 | $756,345 | $790,978 |
| Target Bonus (%) | — | — | 75% |
| Actual Bonus Paid (US$) | $757,724 | $737,437 | $830,527 |
| All Other Compensation (US$) | $212,688 | $206,604 | $216,690 |
- 2025 Base Salary adjustment: US$835,273 effective March 1, 2025 (+5.6%) .
- Stock Ownership Guideline: President must hold equity ≥3x base salary; all executives and directors were in compliance as of Dec 31, 2024 .
Performance Compensation
Annual Incentive (Cash)
| Item | 2024 Target Award (% of Base) | 2024 Target (US$) | 2024 Actual (US$) | Payout vs Target |
|---|---|---|---|---|
| Annual Cash Incentive | 75% | $593,234 (RMB translated) | $830,527 | 140% |
2024 Equity Grants (Grant date: June 5, 2024)
| Award Type | Shares (# Ordinary) | Exercise Price (US$) | Grant Date Fair Value (US$) |
|---|---|---|---|
| Options | 477,386 | $12.23 | $3,099,954 |
| RSUs | 506,818 | — | $3,099,972 |
| PSUs (Total Revenue metric) | Threshold: 253,259; Target: 506,518; Max: 1,013,036 | — | $3,099,972 |
PSU Plan Design and 2024 Outcome
| Metric | Weighting | Target (2024) | Actual (2024) | Earnout | Vesting |
|---|---|---|---|---|---|
| Total Revenue (constant currency) | 100% of PSU component | US$3.6B | US$3.8B | 123% | Earned PSUs vest after 3-year period end (2024–2026) upon GAAP revenue finalization |
Vesting Mechanics
- Options: 10-year term; 25% vest on first anniversary, then monthly over 36 months; change-in-control and/or qualifying termination acceleration applies per plan; Dr. Wu’s contract provides specific acceleration (see Employment Terms) .
- RSUs: 25% per year over four years; subject to acceleration upon change-in-control and/or qualifying termination per plan; Dr. Wu’s contract provides specific acceleration (see Employment Terms) .
- Equity mix: 2024 grants were 1/3 PSUs, 1/3 options, 1/3 RSUs; from 2025, senior VPs and above move to 50% PSUs, 25% options, 25% RSUs .
Equity Ownership & Alignment
| Item | Amount |
|---|---|
| Total Beneficial Ownership (Ordinary Shares) | 3,302,819; includes 554,983 direct, 160,745 held as ADSs, 52,000 ADSs held by spouse, and 2,535,091 shares via exercisable options/RSUs within 60 days |
| Ownership % of Shares Outstanding | <1% (*) |
| 2024 Option Exercises | None |
| 2024 RSU Vesting | 150,137 shares vested; value realized US$1,845,998 |
| Stock Ownership Policy Compliance | All directors/executives compliant as of Dec 31, 2024 |
| Hedging/Pledging | Prohibited unless approved; policy bans short sales, derivatives and margin pledges; no pledging disclosed for Wu |
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreements | Effective April 30, 2018; amended March 1, 2020 |
| Base Salary & Bonus Target | RMB 6,004,838 (US$835,273) with target bonus 75% of salary; eligible for merit increases |
| Allowances | Annual car allowance RMB 1,360,182 (US$189,201) and housing allowance RMB 36,000 (US$5,008); tax advisory/prep reimbursements |
| Initial Equity | Options for 766,599 ordinary shares (5-year vest); RSUs for 1,149,899 shares (5 equal installments) |
| Ongoing Equity Eligibility | Annual equity grants targeted at minimum US$1,000,000, vest over four years, in same proportion (options/RSUs/PSUs) as CEO awards, subject to HK Listing Rules limits |
| Termination Without Cause / Good Reason | 18 months base salary continuation and health/dental premiums; acceleration of initial option and RSU vesting by 18 months; broader acceleration applies if termination occurs within 12 months post change-in-control; subject to compliance with confidentiality, non-compete, non-solicit |
| Change-in-Control Treatment | If terminated without cause or resigns for good reason within 12 months after change-in-control: full acceleration of initial and subsequent option/RSU awards; PSUs addressed per plan |
| Policies | Robust clawback policy per Nasdaq (restatement and misconduct recovery); no option re-pricing without shareholder approval; no excise tax gross-ups; Rule 10b5-1 trading plans permitted under policy |
Potential Payments on Termination or Change-in-Control (as of Dec 31, 2024)
| Scenario | Base Salary (US$) | Cash Incentive (US$) | Options Accelerated (US$) | RSUs/PSUs Accelerated (US$) | Healthcare (US$) | Total (US$) |
|---|---|---|---|---|---|---|
| Voluntary Resignation for Good Reason or Termination without Cause | 1,186,467 | — | — | — | 16,995 | 1,203,462 |
| Termination without Cause or Good Reason within 12 months of Change-in-Control | 1,186,467 | — | 1,841,707 | 11,425,976 | 16,995 | 14,471,145 |
| Death or Disability | — | 593,234 | 954,038 | 7,201,104 | — | 8,748,376 |
Performance & Track Record
- Hematology leadership: BRUKINSA class leadership in CLL new patient starts; backbone for next-gen combinations (sonrotoclax, BTK degrader) .
- R&D productivity: advanced 13 NMEs into clinic in 2024; industry-leading speed and scale across >150 trials and 24,000+ patients .
- Globalization and operations: re-domiciliation plan to Switzerland (BeOne Medicines), new Hopewell manufacturing site, diversified supply chain; expected positive GAAP operating income and operating cash flow in 2025 .
- Strategic BD: licensing for SYH2039 (MAT2A inhibitor) and internal pipeline progress in solid tumors (ADCs, multispecifics, degraders) .
Compensation Structure Analysis
- Cash vs equity mix: 2024 equity grants used 1/3 PSUs, 1/3 options, 1/3 RSUs; moving to 50% PSUs in 2025 increases at-risk, performance-linked pay .
- Pay-for-performance: 2024 corporate performance scored 140% of target; Wu’s bonus paid at 140% of target consistent with company result .
- Clawback and governance: comprehensive clawback; no option repricing; no excise tax gross-ups; hedging/pledging restrictions mitigate misalignment risks .
- Say-on-pay support: 88.2% approval at 2024 AGM; independent consultant Pay Governance engaged in 2024 to calibrate peer benchmarking .
Investment Implications
- Alignment: Strong revenue-linked PSU design (payout up to 200%) and increased PSU weighting in 2025 tie upside directly to top-line execution; Wu meets stock ownership guidelines (≥3x salary) with no disclosed pledging/hedging, supporting alignment .
- Retention and selling pressure: Significant unvested equity and acceleration protection only upon qualifying termination/change-in-control; no option exercises in 2024 and standard 10b5-1 allowances suggest controlled liquidity and limited near-term selling pressure .
- Change-in-control economics: CIC termination would deliver ~US$14.47M, largely from RSU/PSU acceleration; investors should monitor CIC triggers and PSU earnout trajectories as potential catalysts for executive liquidity .
- Execution risk: Continued delivery on BRUKINSA leadership and solid tumor pipeline is critical; 2025 targets and guidance toward positive GAAP operating income increase pressure to sustain revenue growth underpinning PSU outcomes .