In a quiet but significant corporate reshuffle, Xu Mingxing, the founder of OKCoin, has stepped down from key leadership roles at Beijing OKLink Innovation Technology Co., Ltd. (referred to as "OKLink"), the parent company of the cryptocurrency exchange OKCoin. The change, confirmed on April 15 via BoChain Financial, marks a pivotal moment in the evolution of one of China’s earliest and most influential digital asset platforms.
According to public records from Tianyancha, Xu Mingxing relinquished his positions as legal representative, executive director, and manager of OKLink on April 11, 2019. He has been succeeded by Li Guangpeng, who now holds all three roles. While Xu is no longer in an operational leadership capacity, he remains the largest shareholder of OKLink with a 78.92% stake, maintaining his status as the ultimate beneficiary of the company.
This transition has sparked widespread speculation within the crypto community — is Xu stepping back permanently? And more importantly, who is Li Guangpeng?
Who Is Li Guangpeng?
Unlike Xu Mingxing, who has long been a visible figure in the blockchain space, Li Guangpeng operates with notable discretion. There are no public interviews, media appearances, or social media footprints tied to his name. To many, he remains a mystery.
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However, internal sources from OK Group reveal that Li is far from an outsider. In fact, he’s considered a “founding-era figure” within the organization. One former employee described him as someone who “joined very early” and has remained deeply embedded in the company’s operations ever since.
Professionally, Li Guangpeng studied Food Engineering at Tianjin University of Science and Technology between 2010 and 2013. His career path later shifted into tech and finance, where he took on operational roles within OKCoin. According to LinkedIn data, he has held executive positions — including legal representative, executive director, and supervisor — in 10 companies. Six of these are wholly owned subsidiaries of OKLink, while the remaining four — Hangzhou Lianxi Technology, Beijing GeekPay Technology, and Beijing Oubao Caizhi Technology — are closely linked to Xu Mingxing himself, with Xu listed as the ultimate beneficiary.
Insiders have even referred to Li Guangpeng as “the行长 (Bank President),” a nickname reflecting his central role in managing all digital currency-related operations at OK Group. This includes oversight of fund flows, internal financial processes, and even employee reimbursements — essentially every monetary function except fiat-based financial management.
“He handles everything related to money in the crypto side,” said an OK Group insider. “If it involves digital assets or internal funding approvals, it goes through him.”
Given this level of control over financial infrastructure, industry analysts believe Li Guangpeng must be someone Xu Mingxing trusts implicitly. His appointment signals not a departure from control, but a strategic delegation — a shift toward operational privacy rather than relinquishing power.
Strategic Shareholding: The Role of Lifestyle Link Limited
The leadership transition wasn’t the only structural change. Alongside Li Guangpeng’s appointment, a new shareholder emerged: Lifestyle Link Limited. Public filings show this entity is fully owned by Giant Investment Co., Ltd., founded in 2001 by renowned Chinese entrepreneur Shi Yuzhu.
This isn’t the first connection between OKCoin and Giant Group. In April 2017, publicly listed Giant Network (stock code: 002558.SZ) invested in OKCoin. However, by 2018, citing investor protection concerns, Giant Network transferred its 14% stake in OKCoin and its associated VIE entity — OKLink — to companies under Shi Yuzhu’s control.
Further research by ChainNews previously revealed that Shi Yuzhu’s daughter, Shi Jing, holds a 13% stake in OKC Holdings — the offshore holding company for the broader OK Group ecosystem.
These interlocking ownership structures suggest a complex but deliberate web of institutional backing and risk mitigation — especially important for crypto firms navigating regulatory uncertainty.
What Happened to Xu Mingxing?
Xu Mingxing co-founded OKCoin in 2013, quickly establishing it as a dominant force in China’s early cryptocurrency market. At its peak, OKCoin processed nearly $2.6 billion in monthly trading volume and led in Bitcoin and Litecoin trades.
However, after China’s sweeping crypto crackdown in September 2017 — commonly known as the “94 Event” — OKCoin exited domestic RMB trading and restructured its international operations under OKEx, focusing on global markets and derivatives.
The move came amid rising controversy. In 2018, amid Bitcoin’s volatile surge, OKEx faced backlash over its futures trading platform. Frequent liquidations triggered user complaints and mass维权 (rights protection) campaigns. Protesters camped outside OK Group offices and even followed Xu Mingxing to his hotel stays. At one point, he was reportedly taken in for police questioning.
At the height of the unrest, OK Group deployed heavy security across its premises — with at least two guards stationed at every elevator and staircase entrance on each floor.
Despite these challenges, Xu remained active strategically. In early 2019, OK Group announced it had acquired controlling interest in Forward Fashion Holdings (stock code: 1499.HK), a Hong Kong-listed company. This move was widely interpreted as an attempt at a backdoor IPO — a common tactic among crypto firms seeking market legitimacy without direct listing hurdles.
On April 11, 2019 — the same day Xu stepped down from OKLink — he and Pu Xiaojiang were officially appointed as non-executive directors of Forward Fashion Holdings. As non-executive (or external) directors, they do not manage day-to-day operations but serve oversight functions, monitoring executive decisions and safeguarding shareholder interests.
Notably, OK Group has not yet restructured Forward Fashion’s board — leaving observers wondering about Xu’s next move.
Frequently Asked Questions
Q: Did Xu Mingxing leave OKCoin completely?
A: No. Although he stepped down from management roles at OKLink, Xu retains 78.92% ownership and remains the ultimate beneficiary. His influence is structural and financial.
Q: Why did Li Guangpeng take over?
A: Likely for operational discretion and regulatory resilience. Appointing a low-profile internal leader allows continued control while reducing public exposure during uncertain regulatory times.
Q: Is OKEx related to OKCoin?
A: Yes. After the 2017 Chinese ban on RMB-crypto trading, OKCoin shifted its international business to OKEx, which now serves as the primary global trading platform under the OK ecosystem.
Q: What is a non-executive director?
A: A board member who doesn’t participate in daily management but provides oversight, governance, and strategic guidance — often used to maintain influence without operational visibility.
Q: Can OK Group go public via Forward Fashion?
A: It’s possible. Acquiring a listed shell company is a known path to public markets. However, no official announcement has been made yet.
Q: Is Li Guangpeng involved with OKX?
A: While not publicly confirmed, given his deep ties to OK Group’s financial systems and subsidiaries, it's likely he plays a behind-the-scenes role in broader ecosystem operations.
While Xu Mingxing may have stepped out of the spotlight, his strategic positioning — through shareholding, offshore holdings, and board appointments — suggests he remains very much in control behind the scenes.
The appointment of Li Guangpeng reflects a maturation phase for OK Group: moving from founder-led visibility to institutionalized governance. It's a shift seen across mature tech firms — prioritizing stability, compliance, and long-term positioning over individual prominence.
As global regulations tighten and competition intensifies among exchanges like Binance, Huobi, and OKX (the evolved form of OKEx), such structural refinements could prove crucial for longevity.
The crypto world watches closely — not because Xu is gone, but because his exit from operational roles may signal not an end, but a recalibration for what comes next.
Core Keywords:
- OKCoin
- Xu Mingxing
- Li Guangpeng
- OKEx
- cryptocurrency exchange
- leadership transition
- Forward Fashion Holdings
- digital asset management