Lulu Xing
About Lulu Xing
Lulu Xing is Chief Executive Officer and Chairman of the Board of Rising Dragon Acquisition Corp. (RDAC) and has served since March 2024; he is 32 years old and serves as the company’s principal executive officer and a director.
He holds a bachelor’s degree in electrical engineering and automation from Shanghai Institute of Technology (2015) and is an MBA candidate at ASCENCIA Business School, Collège de Paris.
RDAC is a blank-check company formed to consummate a business combination; traditional revenue/EBITDA growth and TSR-based performance metrics are not meaningful pre-merger.
Xing controls RDAC’s sponsor, Aurora Beacon LLC, and has voting and dispositive power over securities held by the sponsor, creating significant alignment to complete a deal before the SPAC deadline.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Shanxi Qianmeng Construction Engineering Co. | Chairman | Oct 2019–present | Oversees company management; executive leadership experience cited as relevant to RDAC strategy. |
| Shanxi Qianmeng Electromechanical Intelligent Engineering Co. | Chairman | Oct 2019–present | Leadership in mechatronic engineering company; operational oversight experience. |
| Shanxi Weiye Technology Development Co. | General Manager | Jun 2018–Sep 2019 | Mechanical equipment firm leadership; operating and management experience. |
| Beijing Tianyuan Xingye Technology Development Co. | Assistant to General Manager | Oct 2015–Jun 2018 | Early career role in electronic devices; exposure to corporate operations. |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Shanxi Qianmeng Construction Engineering Co. | Chairman | Oct 2019–present | Ongoing external chairmanship. |
| Shanxi Qianmeng Electromechanical Intelligent Engineering Co. | Chairman | Oct 2019–present | Ongoing external chairmanship. |
Fixed Compensation
RDAC pays no compensation to its officers and directors prior to or in connection with the initial business combination.
| Component | FY 2024/FY 2025 Status | Notes |
|---|---|---|
| Base Salary | $0 (pre-business combination) | RDAC does not pay officer/director compensation prior to deal close. |
| Target Bonus % | N/A | No pre-combination bonus program. |
| Actual Bonus | $0 | No bonuses paid pre-combination. |
| Director Cash Retainer | $0 | No director pay pre-combination. |
| Perquisites | None disclosed | Not disclosed in filings. |
Performance Compensation
No equity or cash incentive compensation is paid to officers/directors before RDAC’s initial business combination; post-combination compensation will be determined by the combined company’s board/committees.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| None (pre-business combination) | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Amount/Detail | Source/Context |
|---|---|---|
| Founder shares (Sponsor) | 1,437,500 RDAC ordinary shares issued to Aurora Beacon LLC (sponsor) on Mar 29, 2024 for $25,000; Xing controls the sponsor and has voting/dispositive power. | |
| Private units (Sponsor) | 254,375 RDAC Units purchased for $2,543,750 at IPO close. | |
| Market value reference (RDAC shares) | Approx. $14.92 million for 1,437,500 RDAC shares at $10.38 (as of Sep 5, 2025). | |
| Market value reference (rights) | Approx. $40,675 for RDAC Rights at $0.1599 (as of Sep 5, 2025). | |
| Market value reference (private units) | Approx. $2.71 million at $10.65 per RDAC Unit (as of Sep 5, 2025). | |
| Expected PubCo Class A shares to Sponsor | 1,717,312 PubCo Class A Ordinary Shares would equate to ~$17.83 million at $10.38 (illustrative, as of Sep 5, 2025). | |
| Initial shareholders’ collective ownership | Approximately 22.56% of RDAC ordinary shares as of the proxy record date. | |
| Beneficial owner | Sponsor is record holder; Xing controls Sponsor and thus beneficially controls voting/disposition. | |
| Lock-up (target shareholders) | 6-month lock-up for certain HZJL shareholders (initially proposed 12 months; agreed 6 months). | |
| Shares eligible for future sale (Rule 144) | Affiliates may sell up to the greater of 1% of outstanding shares or average weekly trading volume in any three-month period, subject to Rule 144 and other conditions. |
Key alignment/pressure:
- If no business combination by Jan 15, 2026 (or up to Jul 15, 2026 if extended), sponsor’s founder shares and private units become worthless; creates strong incentive to complete a deal.
- Sponsor or designees must deposit $189,750 per month to extend the SPAC deadline; recoverable if deal closes, otherwise at risk—adding capital at risk and timing pressure.
Employment Terms
| Term | Disclosure |
|---|---|
| Role start date | March 2024 (CEO and Chairman). |
| Contract/agreements | RDAC states it is not party to agreements with officers/directors that provide benefits upon termination. |
| Severance/CoC | No termination benefits; post-combination compensation/arrangements to be determined by combined company’s board/committees. |
| Clawback | Not specifically disclosed in RDAC filings. |
| Non-compete/Non-solicit | Not disclosed for RDAC officers. |
| Insider trading compliance | Xing is RDAC’s Insider Trading Compliance Officer. |
Board Governance
| Attribute | Detail |
|---|---|
| Positions | CEO and Chairman (dual role). |
| Board composition | Independent directors: Kun-Lin Liu, Yucan Zhang, Chengming Dou; regularly scheduled independent-only sessions. |
| Audit Committee | Members: Kun-Lin Liu, Yucan Zhang, Chengming Dou; Chair: Chengming Dou; audit committee financial expert designated. |
| Compensation Committee (RDAC pre-close) | Members: Kun-Lin Liu, Yucan Zhang (Chair), Chengming Dou; charter provides CEO compensation reviewed in executive session without CEO present. |
| Nominating/Governance | RDAC’s nominating process described; PubCo committees to be formed at closing. |
| Dual-role implications | CEO+Chairman concentration mitigated by independent directors and committees, but independence concerns remain; comp reviews exclude CEO presence per charter. |
Director Compensation
| Component | Status |
|---|---|
| Cash retainers/fees | None paid to officers/directors prior to business combination. |
| Equity retainers | None prior to business combination. |
| Expense reimbursement | Reimbursement of reasonable out-of-pocket expenses; reviewed quarterly by independent directors. |
Related Party Transactions and Financing
| Item | Terms/Amount | Notes |
|---|---|---|
| Sponsor promissory note (pre-IPO) | Up to $300,000; non-interest bearing; repaid $249,831 from IPO proceeds by 12/31/2024. | |
| Working capital loans | Up to $1,500,000 may be converted into private units at $10.00/unit at closing; otherwise repaid from non-trust funds if no deal. | |
| Sponsor indemnity to trust | Aurora Beacon LLC (owned by Xing) liable under certain circumstances to ensure trust is not reduced by third-party claims. | |
| Extension deposits | $189,750 ($0.033/share) per month deposited by sponsor or insiders for extensions; repaid if deal closes. |
Performance & Track Record
- RDAC is a SPAC formed to acquire a target; management emphasizes M&A sourcing and governance experience rather than operating metrics; traditional pre-merger TSR, revenue or EBITDA growth for RDAC are not applicable.
- Xing led RDAC’s sourcing and negotiation activities with HZJL, including initiating introductions and due diligence timeline steps.
Board Service History and Committees (Lulu Xing)
- Service: Director and Chairman since March 2024; CEO since March 2024.
- Committees: Not listed as a committee member; compensation and audit committees comprised of independent directors; CEO excluded from his own compensation deliberations by charter.
- Independence: Not independent due to executive role and sponsor control; independent directors hold executive sessions.
- Dual-role considerations: CEO and Chair dual-role increases governance concentration; mitigations include independent committees and charter constraints on CEO presence in compensation sessions.
Investment Implications
- Strong deal-completion incentives: Sponsor founder shares and private units go to zero if no business combination by January 15, 2026 (or up to July 15, 2026 if extended), aligning Xing toward completing a transaction; monthly extension deposits heighten timing pressure.
- Limited pre-deal pay risk: No cash salary/bonus or equity paid pre-merger reduces immediate pay–performance misalignment concerns, but post-close compensation will be set by the new PubCo board, creating uncertainty on future incentives.
- Ownership alignment and potential overhang: Xing controls sponsor holdings (1,437,500 founder shares and 254,375 private units) and would receive PubCo shares post-close, which aligns interests but could create future selling overhang as Rule 144 and lock-up restrictions lapse.
- Governance checks: Independent audit and compensation committees and independent-only sessions provide oversight against CEO/Chair concentration; compensation deliberations exclude CEO presence per charter, partially mitigating dual-role risks.
- Related party financing flexibility: Convertible working-capital loans and sponsor indemnity to the trust facilitate transaction execution but introduce related-party dynamics that require ongoing independent director oversight.