People leave money to stay! Xu Xing stepped down as an OKCoin legal person, but still controls nearly 80% of the shares

Xu Xing has settled in the listed "shell" company bought by the OK Group of nearly HK$500 million as a non-executive director. At this point, the first generation of OK leaders almost all left.

Xu Xing has always been the focus of the currency circle, and the industry giant OK Group is the one that Xu Xing has laid down. Today, Xu Xing has stepped down as a legal person of the OK Group and “jumped” into a Hong Kong-listed company acquired by the OK Group as a non-executive director.

Shallot was informed that on April 11th, OK veteran Li Guangpeng became the legal entity of Beijing Ou Kai Lianchuang Network Technology Co., Ltd. (OKCoin), and Xu Jing, founder of OK Group, stepped down. In addition, Li Guangpeng will also serve as executive director and manager of OKCoin. LinkedIn shows that Li Guangpeng graduated from Tianjin University of Science and Technology and was originally engaged in operations in the OK department.

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It is worth noting that Xu Xing is still the largest shareholder of OKCoin, with a capital contribution ratio of 78.92%.

Xu Xing jumped into the listed "shell" company but still listed as a backdoor

On April 11, Hong Kong-listed company Advance Holdings Group (01499) announced that Xu Mingxing and Pu Xiaojiang have been appointed as non-executive directors, an investment holding company principally engaged in foundation-related business.

It has been reported that the Xu Group of OK Group wants to open the way of indirect listing of Hong Kong stocks through backdoors, and the forward holding group is the “shell”. And Xu Ming’s move may indicate that OK Group wants to promote the process of “backdoor” listing of Hong Kong stocks.

On January 23 this year, OK Group announced that it has completed the acquisition of the controlling shareholding of Advance Holdings. According to the documents of the Hong Kong Stock Exchange, OK Group acquired a total of 3.1 billion shares of the Advance Holding Group at a price of HK$ 484 million per share, representing 60.49% of the entire issued share capital of the latter.

The OK Group has issued a statement saying that the acquisition of the controlling shareholding of the Advance Group is another important overseas investment of the OK Group following the acquisition of the controlling stake of the Malta financial group RnFFinance Limited last year. .

However, Scallion was informed that the forward holding group had announced the suspension of trading at 1 pm on January 10 this year because of the company's major acquisition. The company has not resumed trading until now, and the company suspended the company's shares trading on April 11.

According to the all-weather technology report, the net income has been unsatisfactory since the holding of the listing, and with the gradual saturation of public projects in Hong Kong, the main business of Advance Holdings has also been seriously affected.

If the OK Group wants to list on the backdoor, it is likely that the business of blockchain technology will be put into the “shell” company, but in the short term, the exchange business will be put into the market. According to the current situation, it is still very difficult.

Li Lin, the CEO of the successful acquisition of Tongcheng Holdings, has also said that it is very difficult to get listed on the backdoor. "Now the exchange business is not fully compliant on a global scale, and the backdoor listing is very difficult to operate." Li Lin said.

OK first generation leaders almost all exited

In addition to Xu Mingxing’s resignation as OKCoin legal person, the former OKCoin’s sensation was also accompanied by the currency of Zhao Changpeng, the “coin circle one sister” He Yi and the “coin circle Wu Yanzu” Li Shubo and so on.

Zhao Changpeng, who served as the OKCoin CTO in June 2014, said that OKCoin is the best bitcoin exchange in China and the world. However, in May 2015, Zhao Changpeng announced his departure from Okcoin. In July 2017, Zhao Changpeng founded one of the world's largest digital trading platforms, the currency security.

He Yi, co-founder of OKCoin, once brought Zhao Changpeng into the ranks of Xu Mingxing. In 2015, He Yi left the first-established OKCoin to join the technology. In 2017, he was invited by Zhao Changpeng to join the currency and became the co-founder of the currency.

Li Shubing joined the OK Group in 2016 and later served as CEO. He also helped OK Group to complete the B round of financing, establish an international team, and rebuild the group structure. In May 2018, Li Shubo left the OK Group and moved to the Firecoin Group after 7 days.

…… The change of personnel has always been a big knot of OKCoin. Many co-founders and core backbones have successively left their own doors and gradually stepped up the OK Group.

Nowadays, Xu Xing has stepped down as the first-generation CEO of the OK Department, and has also stepped down as a legal person in the OK Group. This has even broken the "group soul" of the OK Group. At this point, the leaders of the first generation of the OK Department almost all left, and I don’t know if the group’s leader is OK, and how the future road will go.

Author: Long Yue

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