On April 15, industry reports revealed that Xu Mingxing had stepped down from his core role at Beijing OK Lianchuang Network Technology Co., Ltd. (hereafter "OK Lianchuang"). This company is the parent firm of the digital currency exchange OKCoin. Previously, Xu Mingxing had always been the legal representative.
According to Tianyancha data, on April 11, 2019, changes occurred in both the legal representative and investor sections of OK Lianchuang. Xu Mingxing resigned from his positions as legal representative, executive director, and manager, succeeded by Li Guangpeng. However, Xu remains a shareholder of OK Lianchuang, while Li Guangpeng and Life Link Limited joined as new shareholders.
Who Is Li Guangpeng?
Unlike the high-profile Xu Mingxing, the newly appointed leader maintains a relatively low profile. According to insiders at OK Group, "he is a veteran figure."
"He is very mysterious. I haven’t even seen him; I don’t know what he looks like," one OK Group insider commented about the new leader.
Indeed, there are almost no public reports about Li Guangpeng online.
LinkedIn profiles indicate that Li Guangpeng previously worked in operations at OKCoin. From 2010 to 2013, he studied Food Engineering at Tianjin University of Science and Technology.
Tianyancha data shows that Li Guangpeng holds executive roles—such as legal representative, executive director, or supervisor—in 10 companies. Six of these are fully funded by OK Lianchuang. Among the remaining four, Hangzhou Lianxi Technology Co., Ltd., Beijing Jike Futong Technology Co., Ltd., and Beijing Oubao Caizhi Technology Co., Ltd. are all closely related to Xu Mingxing, who is the ultimate beneficiary of these three firms.
An informed source who previously worked at OK Group confirmed to reporters that they had worked with Li Guangpeng and described him as a veteran member: "Li Guangpeng joined very early and has been with OK Group all along."
"We usually call Li Guangpeng 'the Bank President.' He is like our digital currency general manager, reportedly overseeing all digital currency-related operations—essentially, everything related to money except for fiat business handled by finance," the OK Group insider revealed, adding that reimbursement matters also require Li Guangpeng’s approval.
As both a longstanding member of OK and someone responsible for finance-related operations, industry observers note that Li Guangpeng is likely a highly trusted figure by Xu Mingxing.
Besides Li Guangpeng, the new shareholder list includes Life Link Limited. Business data shows that this company is fully funded by Giant Investment Co., Ltd., which was established by Shi Yuzhu in April 2001.
Back in April 2017, the listed company Giant Network (stock code: 002558.SZ) invested in OKCoin. In 2018, Giant Network transferred its 14% stake in OKCoin to a company under Shi Yuzhu to protect the interests of public market investors. Correspondingly, Giant Network also transferred its 14% stake in OK Lianchuang, the domestic VIE affiliate of OKCoin.
Previous analyses of OK Group’s shareholder structure have noted that, aside from Xu Mingxing personally, Shi Yuzhu’s daughter Shi Jing holds 13% of OKC Holdings, the holding company of OK Group.
Where Is Xu Mingxing Now?
Founded in 2013, OKCoin once firmly held a top position among domestic digital exchanges, handling the largest trading volumes for Bitcoin and Litecoin. It even set a peak monthly trading record of nearly $2.6 billion.
After the "94" regulatory event in China, OKCoin spun off its crypto-to-crypto trading business to OKEx. Its market share was divided between Binance and Huobi, forming a tripartite balance among the three major exchanges.
Although OK still retains a place among top domestic exchanges, Xu Mingxing’s 2018 was undoubtedly challenging.
Due to OKEx’s launch of futures trading, which became highly popular, forced liquidation incidents occurred frequently. The forced liquidation incident during Bitcoin’s surge in 2018 led Xu Mingxing and OK Group into various disputes with users seeking compensation.
Protesters gathered at OK Group’s offices and hotels where Xu Mingxing stayed, even leading to his temporary detention at a police station for investigation.
At the height of the protests, OK Group stationed numerous security personnel throughout its offices, with at least two guards at every elevator and staircase exit on each floor.
At the beginning of 2019, OK Group officially announced that it had completed the acquisition of a controlling stake in the Hong Kong-listed company Advance Holdings Group (stock code: 1499, hereafter "Advance Holdings"). Some industry practitioners commented that OK Group aimed to achieve a backdoor listing.
Of course, backdoor listings are not new in the crypto exchange space.
Earlier, crypto merchant bank Galaxy Digital successfully listed in Canada, followed by Huobi’s investment of HK$600 million to acquire a 73% stake in Hong Kong-listed company Pantronics Holdings (stock code: 01611.HK), restructuring its board with Huobi-affiliated members.
Just before the leadership change at OKCoin’s parent company was disclosed, on April 11, Xu Mingxing and Pu Xiaojiang were officially appointed as non-executive directors of Advance Holdings.
The change in legal representative at OKCoin’s parent company has sparked widespread speculation. Some netizens conjectured that Xu Mingxing had "fled."
In reality, although the CEO changed, Xu Mingxing remains the largest shareholder of OK Lianchuang with 78.92% ownership. Business data shows he is still the ultimate beneficiary.
Moreover, as a non-executive director (also known as an external director) at Advance Holdings, Xu Mingxing—aside from his directorial role—has no other contractual relationship with the company. His primary function is to supervise, inspect, and balance the executive directors.
So far, OK Group has not restructured the board of Advance Holdings. While Xu Mingxing’s plans remain unknown, how OK Group will use Advance Holdings for a transformative makeover in 2019 is something the industry will watch closely.
Frequently Asked Questions
Who is Li Guangpeng?
Li Guangpeng is a veteran member of OK Group, having joined early and worked in operations. He is known internally as "the Bank President" for his role in managing digital currency operations and financial approvals.
Why did Xu Mingxing step down?
Xu Mingxing resigned from his executive roles at OK Lianchuang but remains the majority shareholder and ultimate beneficiary. The move is likely part of a broader strategic restructuring.
What is the significance of the new shareholder Life Link Limited?
Life Link Limited is fully owned by Giant Investment, founded by Shi Yuzhu. Its inclusion reflects continued investment ties between OK Group and entities linked to Shi Yuzhu and Giant Network.
Will OK Group pursue a backdoor listing?
OK Group’s acquisition of Advance Holdings suggests interest in public market access. However, no board restructuring has occurred yet, leaving specific plans unclear.
How did regulatory events impact OKCoin?
After China’s "94" regulations, OKCoin shifted crypto-to-crypto trading to OKEx. This reduced its market share but allowed it to remain a key player alongside Binance and Huobi.
What are non-executive directors?
Non-executive directors like Xu Mingxing at Advance Holdings provide oversight without day-to-day management roles. They ensure balance and supervision within the board.
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