Lijun Chen
About Lijun Chen
Lijun Chen, 57, is Chairman of the Board and an independent director of LQR House Inc. (NASDAQ: YHC), appointed effective December 19, 2024; he holds a Bachelor’s degree in Industrial Economics from the Central University of Finance and Economics (1989) and has multi-industry leadership experience across trade, real estate, biotech, and e-commerce . The Board has formally determined Mr. Chen to be independent under Nasdaq rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Shijiazhuang Changlu Trading Co. | Head of Import & Export; later General Manager | Oct 1989 – May 2004 | Led coal trading and essential goods operations |
| Fuli Real Estate Development Co. Ltd. | Co‑founder; Executive Director | 2004 – May 2014 | Drove strategic development and sales initiatives |
| Hebei Jiujiukang Biotechnology Development Co. Ltd. | Founder | 2014 – July 2018 | Focused on biotech R&D and pharmaceutical production |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Shenzhen Yihu Tea Technology Innovation Group Co. Ltd. | Chairman | Aug 2018 – Present | E‑commerce and technology promotion leadership |
Board Governance
- Appointment and roles: Chairman of the Board; member of the Audit Committee; member of the Nominating & Corporate Governance Committee (effective Dec 19, 2024) .
- Director independence: Board determined Mr. Chen is independent under Nasdaq rules .
- Board activity: The Board met 6 times in FY2024; the Audit Committee met 3 times (attendance rates by individual directors not disclosed) .
- Nominating & Corporate Governance Committee oversees related-party transaction approvals; Jing Lu serves as Committee Chair (Mr. Chen is a member) .
Fixed Compensation
| Component | Amount | Terms |
|---|---|---|
| Annual retainer (cash) | $36,000 | Paid in monthly installments per independent director agreement |
| Expense reimbursement | Pre‑approved, reasonable business expenses | Reimbursed upon submission of documentation |
Performance Compensation
| Grant Date | Instrument | Quantity | Grant-Date Fair Value | Vesting | Conditions/Other |
|---|---|---|---|---|---|
| Dec 19, 2024 | Restricted Stock Units (RSUs) | 50,000 | $79,500 | Vests in 8 equal quarterly installments starting Q1 2025 | Market stand‑off lock‑up during offerings; independence requirement maintained |
Other Directorships & Interlocks
- No other public company directorships disclosed for Mr. Chen; biography and press release list private company roles only .
Expertise & Qualifications
- Education: B.A. Industrial Economics, Central University of Finance and Economics (1989) .
- Sector experience: International trade, real estate development, biotechnology, and e‑commerce .
- Governance: Independent; service on Audit and Nominating & Corporate Governance Committees .
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % | Shares Issuable Within 60 Days | Notes |
|---|---|---|---|---|
| Lijun Chen | 357 | <1% | 179 (RSUs vesting by Jun 30, 2025) | RSU grant corresponds to 50,000 pre‑split units (1,429 post‑split shares); insider policy prohibits pledging/hedging |
Governance Assessment
- Strengths and alignment: Independent Chair with committee roles improves oversight; RSU-heavy director pay ($79.5k fair value vs $36k cash) increases equity alignment; quarterly vesting over two years and market stand‑off restrictions are retention and alignment positives .
- Independence and conflicts: No Item 404(a) related‑party transactions disclosed for Mr. Chen at appointment; Board explicitly affirmed independence .
- Oversight context: Company disclosed material weaknesses in internal control and going‑concern emphasis; auditor changed to Enrome LLP in April 2025—heightened need for Audit Committee engagement where Mr. Chen serves .
- Company-level related party exposure: Multiple related‑party transactions (e.g., KBROS/CWS arrangements; large settlements; executive retention bonuses) warrant vigilant governance; Mr. Chen’s committee memberships (including NCGC with RPT approval responsibility) position him to address conflicts rigorously .
- Shareholder votes and capital structure signals: December 2024 meeting approved plan share increases and reverse split; 2025 proxy seeks a major increase in authorized shares to 350,000,000—potential dilution risk requiring strong board communication and capital discipline; Mr. Chen signed the proxy as Chairman, signaling stewardship responsibility .
RED FLAGS
- Material weaknesses in internal control and going‑concern emphasis in audit reports .
- Extensive related‑party arrangements at the company level (not attributed to Mr. Chen personally) that require strong independent oversight .
- Planned large increase in authorized shares may signal future dilution risk .
Notes
- Independence status, committee roles, and compensation terms are as disclosed; director‑specific attendance rates, meeting fees, clawbacks, CO‑C provisions, and ownership guidelines are not disclosed in the cited materials and therefore omitted .