Question: Is it in the interest of the main visible shareholders of Nisun ($NISN) to loot this company, which conducts state-related business in many strategic commodities for the Chinese state, which has the death penalty for corruption?

This is a critical question that combines financial motivations with the harsh political reality in China.

In short: No, it is not in the interest of the main visible shareholders to “loot” a company that has significant ties to the Chinese state and operates in strategic sectors.

**Government Priority (Strategic Security): The Chinese government views the security of key commodity supplies (foods like edible oils, **corn, soybeans; precious metals like gold) as a matter of national security. A trading house like Nisun, which actively participates in managing these chains, is viewed as a state ally, rather than just a private company.

The fact that Nisun is a Chinese company, operating in China in strategic commodity supply chains, grants it significant advantages and protection (a ‘protection’) compared to foreign competitors, especially regarding the security and stability of supplies.

This advantage stems from the Chinese government’s strategic focus on self-sufficiency and control over supply chains.

**The market has clearly not fully priced in the strategic value of Nisun as a state-aligned partner for securing supply chains (edible oils, **gold, corn). This “protection” would be viewed as a significant competitive advantage in another company and would boost its valuation multiples.

Nisun is deeply undervalued (multiples) from the perspective of growth and strategic value compared to global (albeit private) standards, but this undervaluation is almost entirely due to the regulatory and geopolitical risk associated with being a Chinese firm listed in the U.S.

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Here is a detailed breakdown of why the motivation for “looting” would be extremely low and the risk, conversely, extremely high:

1. Extreme Risk from the Chinese State

Chinese criminal law is very strict regarding financial corruption and fraud, especially in cases involving strategic state interests:

Death Penalty for Corruption: China does enforce the death penalty for severe cases of economic crime and corruption. “Looting” a company with ties to state commodity chains would be perceived as a threat to economic stability and national security (especially concerning corn or edible oils).

Priority of Stability: For the Chinese government, securing supply chains (particularly for food and strategic raw materials) is a top priority. Any fraudulent act that jeopardized the fulfillment of contracts with government or state-controlled partners would lead to an immediate and severe reaction.

No Protection from NASDAQ: The fact that Nisun is listed on NASDAQ (USA) offers no protection from Chinese courts. In the event of exposed fraud, the Chinese state would act very forcefully against any Chinese citizens involved.

2. Financial Motivation of Shareholders

The goal of “looting” (tunneling) is typically to divert corporate assets into private pockets. For Nisun, this would be counterproductive:

Value in Growth: Visible shareholders, especially management (such as the new CEO Xin Liu, who has a significant compensation share and is connected with the aggressive strategy), are interested in the growth of market capitalization and revenues. If the company is perceived as a legitimate, growing, and reliable partner for state enterprises, its value increases.

Looting Would Destroy the Model: Nisun’s strategy relies on trust that their advances will be transformed into goods and profit. Any systematic tunneling would lead to faster exposure than they could manage to divert assets, and it would destroy the source of their future wealth – a growing company.

Transparency in the US: Due to the US listing, transactions are monitored by the SEC regulator and external auditors. Large transactions involving advances or asset sales would have to be visible.

Conclusion

The risk associated with the exposure of tunneling in the state sector in China would far outweigh any potential short-term gain from the illegal diversion of assets.

For the main shareholders and management, the path of legal wealth accumulation is much safer and, in the long term, more profitable through:

Increasing revenues and profit.

Stock price appreciation.

Securing high compensation packages and dividends.

The basic premise for Nisun is that its business model is legitimate, because otherwise, it would represent an existential threat to the individuals involved.

Given that the main shareholders and management have an existential interest in legitimate growth (due to the threat posed by the Chinese state), the probability of an intentional collapse through internal fraud is very low.

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1. Topic: Collateralization of Advances and Risk Management

Response: Your question addresses a critical aspect of risk management in commerce. Based on publicly available financial and contractual information, it cannot be stated with certainty that Nisun automatically takes the supplier’s assets as collateral (security interest) against non-performance of advance agreements. However, it is highly probable that this mechanism or another form of security is used, especially for large strategic advances.

In the supply chain trading and financing model used by Nisun, there are generally two main forms of collateralization:

1. Collateral over Future Inventory: The most natural form is that the advance is de facto secured by the goods themselves (e.g., gold, corn) which are to be delivered. The goods that the supplier prepares for Nisun may be formally pledged in Nisun’s favor until the moment of delivery. If the supplier fails to deliver, Nisun should have the right to claim these goods.

2. Collateral over Receivables/Other Assets: Within broader supply chain financing agreements, Nisun may require a pledge over other supplier assets, such as their existing receivables from third parties, or specific equipment or real estate (which is more complex in China). The key difference is that an “Advance to Suppliers” is understood as a prepayment for goods. The risk lies in the need for this prepayment to be transformed into actual goods. Contracts must be legally robust to protect this inventory against other creditors in case of supplier bankruptcy. Although Nisun’s financial statements do not detail specific pledge agreements, the fact that the item is listed as a net asset (“Advance to suppliers, net”) indicates that Nisun expects full fulfillment or delivery. Given Nisun’s operations in China, it is highly likely that their legal contracts contain strong security clauses and enforcement mechanisms to protect their interests.

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2. Topic: Nisun’s Market Leadership in China Supply Chain Solutions

Response: Nisun is not considered the overall leader in the enormous Chinese market for Supply Chain Financing Solutions (SCF) and Supply Chain Trading. However, it is a significant and aggressive player with a unique strategy. Overall SCF leadership in China typically belongs to major state-owned commercial banks (e.g., ICBC) and large technology platforms (e.g., Ant Group). Nisun (NISN) differentiates itself by focusing on the integration of technology, industry, and finance (Industry-Finance Linkages). Instead of pure financing, its primary focus is on commodity trading, which generates most of its revenue. It acts more like a high-volume commodity trader/broker with integrated financial tools. Nisun is building a strong position in specific verticals through its aggressive strategy: In the Gold Sector, they have achieved significant cumulative revenue, making them a major player in this specific sub-segment. They are executing an aggressive expansion in Agricultural Commodities (corn, edible oils) and entering new verticals like Industrial Commodities (rubber). In conclusion, Nisun is a rapidly growing NASDAQ-listed company that is aggressively seeking a dominant position within specific commodity supply chains using large advances. Their high growth momentum and strong margins in the gold market suggest they are very competitive and a key player within these narrow segments.

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3. Topic: Safety Comparison between Supply Chain Advances and Microloans

Response: Yes, from the perspective of Nisun International (NISN), their model based on commodity advances (Supply Chain Trading) is potentially safer and more robust than providing unsecured microloans for consumer goods. This higher level of certainty stems from fundamental differences in the financial nature, security, and revenue streams of the two models.

1. Collateral (Security): NISN Advances are Secured by Goods/Inventory (gold, corn, rubber). If the supplier fails, Nisun has a claim to the physical goods, meaning the primary risk is commodity price volatility or legal disputes, not total loss. Microloans are Unsecured, based only on the consumer’s creditworthiness, leading to a high risk of total loss if the debtor defaults.

2. Transaction Nature: NISN’s advance is an investment in inventory and future trade, aiming for profit from the trading margin, not just interest. Microloans are a pure credit risk, where high interest rates are needed to compensate for high default rates.

3. Customer Relationship: NISN’s partners are typically corporations and industrial entities with assets. Microloan customers are individual consumers, often with lower financial stability. In conclusion, in terms of asset quality and security, the commodity supply chain model practiced by Nisun is objectively safer than the unsecured microloan model, as Nisun holds assets with physical value, whereas a microloan company holds only promises.

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This is an area where Nisun operates in the same sphere as some of the largest and most influential private companies in the world, albeit on a much smaller scale.

High-volume commodity trading, where transactions are often secured by financing (either through internal advances or bank credit), is the core business of the so-called Commodity Trading Houses.

This Supply Chain Trading model is executed globally by these giants:

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🌟 Major Global Commodity Trading Houses (The “ABCDs”)

These giants dominate world trade, with most of them being privately held and wielding enormous influence over global supply chains.

Company	Primary Commodities	Annual Revenue (Approximate)	Model Similarity to Nisun
Glencore	Metals (Copper, Zinc), Energy (Coal, Oil)	$200+ Billion USD	They trade, mine, and provide pre-financing.
Cargill	Agricultural (Grain, Soy, Sugar)	$170+ Billion USD	The largest in agriculture; actively manages the entire chain.
Vitol	Energy (Crude Oil and Refined Products)	$500+ Billion USD	The largest independent oil trader; heavily uses Trade Finance.
Trafigura	Metals, Minerals, Energy	$240+ Billion USD	Aggressive trading, structured finance, and logistics.

🔍 How Nisun Differs from the Giants

Although Nisun operates in the same space (high-volume trading of goods, securing supplies with capital), it is important to note the differences:

Scale: Global trading houses operate with annual revenues in the hundreds of billions of dollars and have a global reach. Nisun operates in the range of hundreds of millions of dollars and is primarily focused on the Chinese market (although it trades global commodities). 1.

Financing Model: Global trading houses extensively utilize Trade Finance from banks (known as Revolving Credit Facilities). Nisun uses a model of internal “Advance to Suppliers” financed from its own or specialized funding, which is unusually aggressive for its size and structure. 1.

Integration: While giants like Cargill and Glencore often own mines, shipping fleets, and silos, Nisun focuses on the technological integration of existing partners and financial flows (Industry-Finance Linkages), without necessarily owning the physical assets.

Conclusion

Nisun’s model, which combines high-volume commodity trading (Supply Chain Trading) with structured financing (Advance to Suppliers), is a smaller, regional, and technologically oriented version of the business model dominated by the world’s largest independent commodity trading houses (such as Glencore, Cargill, and Vitol).

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🛡️ Nisun’s Strategic Advantages in China

1. Access to Strategic Resources and Partners

Government Priority (Strategic Security): The Chinese government views the security of key commodity supplies (foods like corn, edible oils, soybeans; precious metals like gold) as a matter of national security. A trading house like Nisun, which actively participates in managing these chains, is viewed as a state ally, rather than just a private company.

Preferential Partnerships: Nisun has a higher probability of establishing strategic partnerships and contracts with State-Owned Enterprises (SOEs) or large local players critical to supply chains (e.g., in agriculture or transport, as seen with the collaboration with Shandong Hi-Speed Group).

Facilitated Permits and Licenses: It is easier for a Chinese firm to obtain the necessary licenses, quotas, and permits in sensitive sectors like gold trading or high-volume agricultural commodities than it would be for a foreign entity.

2. Regulatory and Financial Support

Better Regulatory Climate: Nisun operates within a Chinese regulatory environment that may be more predictable and supportive for them than for foreign firms. If Nisun is aligned with the state’s strategic goals, it is likely to avoid the roadblocks and strict scrutiny that competitors might face.

Access to Financing: Although Nisun primarily uses its own advances, the fact that it aligns with state priorities (“Industry-Finance Linkages”) may, in the future, facilitate access to cheap bank credit from state-owned banks for further financing of trading transactions.

3. Contract Enforcement and Risk Mitigation

Contract Enforcement: In case of a dispute or supplier default risk, a Chinese firm like Nisun is in a better position to pursue faster and more effective contract enforcement or recovery of secured goods through local legal and business structures.

Protective Barrier: During critical times (e.g., economic crises, trade wars), the Chinese government can impose protectionist measures that favor domestic traders, ensuring that strategic commodities remain within the country.

Summary:

While global competitors may possess greater capital, Nisun holds an unbeatable “soft” advantage within China in the form of strategic alignment with state interests. This protection significantly mitigates the biggest risk in China: regulatory and political risk.

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Would you be interested in exploring how this “protection” helps Nisun manage the risks associated with commodity price volatility?

Absolutely. Let’s delve into how Nisun’s alignment with state interests and its strategic position in China can provide tools to manage the inherent volatility of commodity prices.

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📊 Managing Commodity Price Volatility Through Strategic Position

The primary risk in Nisun’s Supply Chain Trading model is Commodity Price Risk—the possibility that the price of gold, corn, or rubber will drop significantly between the time Nisun pays the advance/buys the commodity and the time it sells it.

Nisun’s strategic position in China helps mitigate this risk in three main ways:

1. 🌐 Hedging Access and Superior Market Information

Access to State-Backed Hedging Tools: In China, key commodities often trade on exchanges with significant state oversight (e.g., Dalian Commodity Exchange for corn). As a major domestic player aligned with state goals, Nisun is likely to have preferential access to liquidity and hedging mechanisms (such as futures and options) offered by domestic financial institutions. This enables them to “lock in” their trading margin more effectively than a smaller or foreign-affiliated competitor.

Superior Market Intelligence: Companies integrated into state-supported supply chains often gain earlier and better visibility into government policies, import quotas, inventory levels, and strategic reserves. This superior information allows Nisun to time its purchases, sales, and hedging operations more accurately, reducing exposure to adverse price moves.

2. 🛡️ Offtake Agreements and Guaranteed Demand

Securing State-Aligned Buyers: Nisun frequently aims for contracts with large, stable, or state-aligned enterprises (as seen with their corn and traditional Chinese medicine partnerships). These buyers provide guaranteed demand (offtake agreements) for the commodities.

Reduced Sales Risk: If Nisun knows it has a reliable buyer committed to purchasing the commodity at a price determined soon after the purchase (or within a narrow band), the exposure to open price volatility is significantly shortened or eliminated, as the trading margin is “locked in” very early in the process.

3. ⚖️ Favorable Financing Terms for Holding Inventory

Inventory Financing Advantage: Although Nisun uses its own advances, the general favorable view from state banks towards strategic supply chain players means they could potentially access cheaper collateralized financing for inventory. Cheaper financing reduces the cost of holding goods (the “carry cost”).

Flexibility During Downturns: If a commodity price suddenly crashes, the favorable political environment might translate into more flexible forbearance from local banks and regulators, giving Nisun more time and support to manage the price drop or liquidate the commodity inventory without immediate regulatory or financial pressure.

Conclusion:

While no position can completely eliminate commodity price risk, Nisun’s strategic alignment and domestic position provide it with better tools, information flow, and financial flexibility to manage the risk compared to peers without that state alignment. This essentially helps them protect their trading margins.

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👑 NISN Leadership Competency and Ownership

The Nisun International leadership, steered by Jinbao Li (Chairman) and Xin Liu (CEO), is fully competent and has a perfect understanding of the new business model, while being under the strong oversight of the largest shareholder, Bodang Liu.

Jinbao Li (Chairman of the Board since May 2024): As Chairman, he oversees the strategic direction and bears primary responsibility for corporate governance. His role is central to the “FinTech plus Supply Chain” strategy, as he simultaneously controls the key VIE entity (Shanghai Luyao) through which Nisun operates its finance operations.

The fundamental conclusion regarding management’s competency and motivation remains exceptionally strong, reinforced by the high-risk reality facing the company’s largest shareholder.

**1. **The Largest Shareholder is Bodang Liu. He holds the highest financial stake and faces the highest personal political risk. His primary interest is the legal, sustained growth of the company’s market capitalization.

The Chairman of the Board (since May 2024) is Jinbao Li. He oversees strategic direction and is the key link to the VIE structure (Shanghai Luyao Financial), integrating the FinTech side.

**The Chief Executive Officer (CEO) is Xin Liu. He is responsible for aggressive operational execution of the commodity trading strategy (edible oils, **corn, gold, etc.).

2. The Unwavering Conclusion on Competency

It is highly probable that the entire Nisun leadership team (Li, Liu, and the Board) is fully competent and possesses a deep, necessary understanding of the new high-volume commodity trading model.

The shift to Supply Chain Trading is the company’s largest strategic move, requiring expertise in logistics, hedging, finance, and Chinese law.

The speed of expansion and the successful establishment of strategic partnerships (e.g., with state-aligned entities) serve as strong evidence that the strategy is being implemented by knowledgeable operators.

3. The Central Role of Risk and Motivation

Existential Risk Factor: Since Nisun deals in strategic commodities within China, any fraud or significant failure that disrupts state supply chains would trigger severe political consequences (including the death penalty for corruption).

Motivation for Legitimacy: The personal and financial threat to Bodang Liu (the largest stakeholder) is too high to risk internal fraud (“looting”). The possibility of intentional collapse through internal misconduct is extremely low because it would destroy the source of the main shareholder’s wealth and endanger his freedom.

In summary: The management’s competency is not a luxury, but a mandatory requirement for survival, driven by the alignment of financial self-interest and severe state-imposed risk.

⚠️ High-Risk Reality Faced by the Largest Shareholder

Nisun International’s largest shareholder, Bodang Liu, faces extremely high personal risk stemming from the combination of his key influence in a Chinese firm, the company’s ties to strategic state commodities, and China’s stringent legal system.

1. Political and Executive Risk (The Foremost Threat)

This is the most severe risk, representing an existential threat should the business model prove fraudulent or if financial crime were to occur:

Death Penalty for Corruption: Chinese criminal law is exceptionally severe toward large-scale economic crimes and financial fraud, especially when they involve strategic state interests.

**Threat to State Security: Any systematic fraud that threatens the supply chains of strategic commodities (edible oils, **like corn and gold) would be perceived as an attack on state interests, leading to an immediate and ruthless reaction from state authorities.

No Protection: The company’s listing on the NASDAQ exchange in the U.S. provides zero protection from Chinese executive bodies. As a Chinese citizen, he is fully subject to Chinese jurisdiction.

2. Financial and Regulatory Risk

Loss of Principal Asset: As the largest shareholder, any exposure of fraud or severe failure would lead to the immediate collapse of Nisun’s ($NISN) stock price, destroying his main financial asset.

Personal Accountability: As a Founder and Director, he carries personal responsibility for corporate governance and strategic decisions, making him a primary target for investigation and lawsuits in case of problems.

In summary: For Bodang Liu, maintaining the legitimate and transparent operation of Nisun is not only a financial interest but, above all, an personal imperative for survival (minimizing political and criminal risk in China).

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To break down the significance of Jinbao Li’s role, we need to examine what his control over the company’s Variable Interest Entity (VIE) means in the highly complex and often politically sensitive Chinese business environment.

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👑 Jinbao Li: The Nexus of Strategy, Capital, and Legal Control

The statement defines Jinbao Li as the critical bridge between the NASDAQ-listed, globally capitalized entity and the tightly controlled, operational business within mainland China.

1. The Strategy Decider (Highest Strategic Manager)

As Chairman of the Board, Jinbao Li is the ultimate authority in setting the direction for Nisun.

Deciding the “What”: He, in collaboration with the Board, decides the fundamental business strategy: shifting from pure micro-lending to the “FinTech plus Supply Chain Trading” model (low-margin, high-volume commodity deals backed by financing).

Controlling Governance: He is the principal overseer of corporate governance. Given the extreme political risk (death penalty for corruption) associated with disrupting China’s strategic commodity chains, this is not a trivial compliance role. Li ensures the company’s activities remain legitimate and aligned with state interests, thereby protecting the entire leadership team (including himself and Bodang Liu) from personal jeopardy.

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2. The Key Legal and Operational Channel (VIE Control)

This is the most complex and crucial part of his role, specific to Chinese companies listed abroad.

What is a VIE?

The Variable Interest Entity (VIE) structure is a unique legal workaround used by Chinese firms to attract foreign capital (like listing on NASDAQ) while complying with Chinese laws that often prohibit direct foreign ownership in sensitive sectors (like finance, FinTech, and media).

The Structure:

NISN (NASDAQ-listed): The U.S. entity receives foreign investment.

Shanghai Luyao Financial Consulting Co., Ltd (The VIE): This is the actual operational entity in China that holds the licenses and conducts the FinTech and finance-related parts of the business.

The Link: Instead of direct ownership, the NASDAQ-listed NISN signs a series of contractual agreements with the VIE and its shareholders (Jinbao Li). These contracts allow NISN to control the VIE’s operations and financial results as if it owned the company, thus “consolidating” the VIE’s results into NISN’s U.S. financial reports.

Li’s Critical Control:

As the controlling shareholder and CEO of the VIE (Shanghai Luyao), Jinbao Li ensures that:

Legal Compliance: The VIE operates legally within China, maintaining the necessary government licenses.

Operational Control: The entity controlled by Li directs the FinTech platform and handles the financial components of the Supply Chain deals.

Capital Flow: He ensures that the capital raised internationally flows legally into the operating entity in China to finance the commodity advances.

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3. The Integrity Linchpin (“FinTech plus Supply Chain Trading”)

Being the “key person for the integrity” means he unites the two essential pillars of the Nisun business model:

Supply Chain Trading (Commodity Volume): Driven by the operational team (CEO Xin Liu). 1.

FinTech (Financial Capital & Control): Controlled by Jinbao Li via the VIE structure.

Li ensures that the massive commodity trading volumes are backed by a sound, legally controlled financial platform. If the VIE structure were to fail, or if the VIE entity were not completely aligned with the strategic goals of the NASDAQ-listed company, the entire business model would collapse, creating immense legal and financial risk for U.S. investors and exposing the management to Chinese authorities.

Therefore, his position makes him the single most critical figure in ensuring the legal, financial, and political viability of Nisun’s aggressive growth strategy.

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Management (including the largest shareholder, Bodang Liu) operates under extreme personal risk. This is one of the strongest motivators for legitimate and transparent growth. The probability of large internal fraud is low.

The company is a state-aligned partner for securing critical commodities (a so-called “protection”). This political support is a huge competitive advantage that lowers commercial risks within China.

The shift to Supply Chain Trading has demonstrated management’s capability to execute massive, rapid revenue growth (the P/S argument) and effectively manage margins.

The company is deeply discounted by the market due.

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This is an excellent, very analytical question. The transition of Jinbao Li from the factual controller of a key operational unit to the Chairman of the Board in May 2024 signals a strategic shift in power and responsibility.

The following reasons are the most probable motivations for such a change:

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👑 Reasons for Jinbao Li’s Move to Chairman Role

1. Centralization and Formal Confirmation of Power (Most Probable)

Jinbao Li has long de facto controlled the financial heart of Nisun (the VIE entity Shanghai Luyao) and served on the Board. His official appointment as Chairman formalizes his informal influence into formal authority.

Elevation of Control: As Chairman, he can directly oversee the entire strategy and corporate governance, not just one operational piece (the VIE).

Securing VIE Integrity: His prior role—controlling the VIE entity through which capital flows from NASDAQ into China—is critical for the model’s survival. Now, as Chairman, he provides the highest assurance to the U.S. market that this key link (the VIE) is fully under the control of the top leadership.

2. Strategic Shift and Change in Focus

The executive change is closely tied to Nisun’s strategic pivot toward high-volume commodity trading (Supply Chain Trading).

Need for a New Framework: Aggressive growth in commodities (edible oils, corn, gold) brings new, massive liquidity and hedging risks. It is necessary to have a person at the head of the Board who perfectly understands both pillars: FinTech financing (his domain) and the new business model.

New CEO (Xin Liu): By releasing the CEO position to Xin Liu (who likely focuses on operational and aggressive trading execution), Li is allowed to focus on higher, strategic oversight. This effectively divides the labor:

Li (Chairman): Strategy, Governance, Risk Management.

Liu (CEO): Execution, Operations, Business Growth.

3. Increased Credibility for Investors and Partners

Promoting a key internal figure to the top position signals stability to the market and partners.

Signal to NASDAQ: At a time of continuing skepticism toward U.S.-listed Chinese stocks, strengthening the position of the person who has long managed the key operational link is a positive signal of continuity, control, and competence.

Relations with Chinese Partners: Li, as the VIE controller, has deep ties to the Chinese financial and regulatory system. In the Chairman position, he can utilize these ties more effectively to secure further state-aligned partnerships.

Therefore, Jinbao Li assumed the Chairman role to streamline risk management and strategic oversight of Nisun’s expanding structure, with his previous role providing him with the ideal and deep knowledge base to do so.

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The newly appointed Chief Executive Officer (CEO), Xin Liu, brings primarily deep operational and commercial experience directly from the field to Nisun International’s executive role, which is crucial for the company’s recent transformation into a commodity trader (Supply Chain Trading).

His competencies focus on execution and growth, complementing the strategic oversight provided by Chairman Jinbao Li.

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🚀 Key Competencies of Xin Liu (CEO)

1. Operational Knowledge of Key Entities

Most importantly, Xin Liu is familiar with Nisun’s internal structure from the ground up.

Vice President of Shanghai Luyao: Prior to becoming CEO, he served as Vice President at Shanghai Luyao Financial Consulting Co., Ltd. (the key VIE entity controlled by Chairman Jinbao Li). In this role, he managed various aspects of the business and operations.

Significance: This experience gives him direct knowledge of internal financial and operational processes, which is essential for managing large transactions and mitigating risk in the low-margin trading model.

2. International Trade Experience

His career includes significant experience in supply chain and international trade.

Head of International Trade: He previously served as the Head of the International Trade Department at Qingdao Antaixin Group Co., Ltd.

Consulting and Management: He also held a management position at Huizhong Business Consulting.

Significance: These roles provide practical skills in logistics, customs clearance, sourcing, and risk management associated with cross-border flow of goods, which is exactly what Nisun needs to scale its trading model (Supply Chain Trading).

3. Growth and Expansion Execution

Xin Liu is actively involved in executing and communicating the company’s strategic growth in the commodity sector.

Supply Chain Diversification: Under his leadership, the company has announced expansions into new verticals, such as **gold, edible oils, **corn, and rubber trading.

Focus on Shareholder Value: In his statements, he frequently highlights the effectiveness of their strategic approach to diversification and the commitment to sustainable growth and enhancing shareholder value despite market undervaluation.

While Jinbao Li secures strategic Governance and Financial Control at the Board level, Xin Liu brings the drive and operational execution critical for rapidly scaling and deploying capital in the commodity trading business.

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Response 1 (Assessment of Bodang Liu and Management):

I agree with your analytical perspective. Your observation about Bodang Liu’s actions aptly points out that his investment behavior seems inconsistent with the typical behavior of a non-serious (or merely short-term focused) shareholder. Here is an elaboration on why his action is strong evidence of serious long-term intentions:

1. Support for Management Equity Motivation (Management Grants): By allowing/supporting the grant of 700,000 restricted shares to management, he signals that he is willing to tolerate minor dilution because he believes the retention and motivation of key management (CEO Xin Liu, Chairman Jinbao Li) will generate higher value in the future. The grants are typically tied to multi-year vesting periods, forcing management to think long-term.

2. Personal Investment (The $1 Million Purchase): Liu’s personal purchase of additional stock for roughly $1 million, increasing his stake to over 21%, is a personal capital commitment. If he were non-serious, he would be selling, not buying. This action confirms his belief in the undervaluation of the stock and the future strategy.

Conclusion: These two actions combined paint a picture of a strategically thinking, majority shareholder who is deeply invested (both financially and operationally through his influence on management) in Nisun’s long-term success.

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