Chris Hsieh
About Chris Hsieh
Chris Hsieh is a finance executive and investor who served as a director of Picard Medical, Inc. (PMI) prior to its September 2, 2025 IPO; he agreed to resign effective at the closing of the offering . He is Managing Partner at Hunniwell Lake Ventures (HLV) since January 2021 and CEO of The Women’s Clinic Group in Hong Kong since April 2021, following a 20+ year investment banking career including Managing Director at Goldman Sachs (2013–2019) and prior roles at J.P. Morgan . He holds a Bachelor’s degree in Economics from The University of Chicago and resides in Hong Kong .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Goldman Sachs | Managing Director | 2013–2019 | Led major M&A and IPOs in Asia |
| J.P. Morgan | Investment banking roles | Not disclosed | Transaction leadership in Asia |
| Shenzhen IVPS Technology | CEO and Advisor | Not disclosed | Senior operating advisory |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hunniwell Lake Ventures (HLV) | Managing Partner | Jan 2021–present | Investment leadership in medtech; HLV is PMI’s controlling investor |
| The Women’s Clinic Group (Hong Kong) | CEO | Apr 2021–present | Executive oversight of women’s health services |
Board Governance
- Status and tenure: Director of PMI prior to the IPO; resigned effective at the closing on September 2, 2025 .
- Independence: Not independent—affiliated with Hunniwell Lake Ventures, which controls PMI (54.8% post‑IPO), qualifying PMI as a “controlled company” relying on corporate governance exemptions .
- Committee assignments/chair roles: Not disclosed for Hsieh; PMI’s bylaws permit Audit, Compensation, and Nominating committees, but composition and Hsieh’s membership are not specified .
- Attendance/engagement: Not disclosed in filings reviewed.
- Indemnification: PMI entered into indemnification agreements with directors and officers at IPO .
Fixed Compensation
- Director cash retainer, committee fees, meeting fees: Not disclosed for Hsieh in reviewed filings.
Performance Compensation
- Equity awards (RSUs/PSUs/options) and performance metrics: Not disclosed for Hsieh in reviewed filings.
- PMI’s 2021 Equity Incentive Plan was amended post‑IPO to increase the share reserve to 18,000,000 and include warrants; plan supports performance‑based awards with broad metrics (e.g., revenue, EBITDA, TSR, ROE) .
Other Directorships & Interlocks
- Public company directorships: None disclosed for Hsieh .
- Interlocks: Managing Partner at HLV, which manages Hunniwell Picard I, LLC—the controlling shareholder of PMI—creating a governance interlock between the board and controlling investor prior to his resignation .
Expertise & Qualifications
- Education: BA Economics, The University of Chicago .
- Technical/functional expertise: Capital markets, M&A, IPOs; operating leadership in healthcare services; medtech investing .
- Geographic experience: Asia/Hong Kong, with residence in Hong Kong (relevant to enforcement of civil liabilities) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding Shares | Notes |
|---|---|---|---|
| Chris Hsieh | 0 | 0.00% | Not deemed a beneficial owner under Hunniwell “rule of two/three” voting model |
| Hunniwell Picard I, LLC | 39,618,919 | 54.8% | Manager‑managed VC fund; dispositive decisions require unanimous partner vote (including Hsieh), but partners not deemed beneficial owners |
Governance Assessment
- Controlled company governance: PMI is a “controlled company” post‑IPO and intends to rely on NYSE American exemptions (e.g., non‑majority independent board; committees not fully independent), reducing minority shareholder protections; HLV (managed by partners including Hsieh) controls voting outcomes .
- Affiliation conflict: Hsieh’s dual role at HLV (controlling investor) and PMI board presents a structural conflict until his IPO‑effective resignation; investors should scrutinize related‑party oversight and committee independence .
- Civil liabilities enforcement: Hsieh’s residence in Hong Kong introduces uncertainty for enforcement of U.S. securities law judgments; Hong Kong requires separate proceedings and recognition standards for foreign judgments .
- Company‑level red flags impacting board effectiveness:
- Material weaknesses in internal controls and ineffective disclosure controls (segregation of duties; related‑party controls) as of Q3 2025 .
- Going concern substantial doubt and dependence on future financing post‑IPO .
- CE mark suspension under MDD, ongoing MDR transition; European market access risk .
- Extensive related‑party financing and transactions with entities affiliated to another PMI director (Fang Family loans, conversions, security interests), underscoring need for robust independent oversight .
RED FLAGS: Controlled company governance reliance , affiliation with controlling shareholder , internal control weaknesses , EU regulatory status uncertainty , and concentration of ownership at Hunniwell .
Notes on Data Availability
- Committee assignments, attendance, and director‑specific compensation for Hsieh are not disclosed in reviewed filings; PMI amended and ratified its equity plan (including performance award capabilities), but individual director grants are not specified .
- Hsieh resigned at IPO closing; current governance posture should be evaluated against PMI’s post‑IPO board composition and committee independence as disclosed in future filings .