In accordance to CoinDesk, Roxe announced that it will list on Nasdaq via a mix with particular objective acquisition enterprise (SPAC) Goldenstone Acquisition Ltd. (GDST), in a offer valued at $3.6 billion. Whilst there is rather minor details about
Roxe and its executives, what’s shocking is that Roxe is led by a father & son duo, specifically Haohan Xu the CEO, and his father Maodong Xu, Roxe’s President.
Maodong Xu has an attention-grabbing and prolonged background as a Chinese serial entrepreneur who rose to fame and fortune (he was mentioned on Forbes’ list of Chinese billionaires in 2016) as a result of his numerous thriving business enterprise ventures in the mobile, eCommerce and FinTech
industries. In latest decades, he has concentrated on starting corporations that leverage blockchain technologies to reinvent payments and other money services.
Xu came from humble beginnings and was born in a modest fishing village in Shandong Province, China. He acquired his degree in Personal computer Application and Automation and Business enterprise Management from the Wuhan College of Engineering and applied a $10,000 marriage ceremony reward
to create what grew to become the greatest supermarket in Shandong Province, the QiLu Supermarket.
Following that in 1998 Xu launched DotAd, which grew to become the premier SMS application and foremost 2G company in China and was acquired by Concentration Media for $30M in 2006. DotAd was then renamed as Aim Wi-fi. The real quantity of the acquisition was $60M because of to
the increase in share value after the acquisition. Then in 2007, Xu co-established EGLS, a leading mobile match developer in China, which was acquired by a community firm Dragon Pipe for $500M in 2015. A 12 months afterwards, in 2008, he started Lmobile, which grew to become the
greatest cell MMS marketing platform and major 2.5G corporation in China. Softbank Asia Financial commitment Bank (SAIF) invested in Lmobile which was obtained by Telstra for $159M in 2010.
In 2010, Xu launched Welink, which grew to become the top cellular advertising platform and 3G corporation in China and was sold for $110M to CSC in 2015. In the exact same yr, he founded WoWo, which received $100M financial investment from CDH, Zero2IPO, and Bauhinia Funds. Wowo
grew to become the foremost life style company e-commerce system in China. He effectively led the firm to checklist on NASDAQ in 2015 with a market cap of $1B. In 2011, he started Galaxy Net, which has acquired $350 million in funding from CSC and numerous other
private equity companies and became the major industrial internet team in China, with a valuation of $1.9B in 2016.
Following his numerous successes, Xu also confronted unfounded setbacks, as Galaxy Internet’s 2nd-tier subsidiary obtained 29% of the shares of a Chinese public organization, Tianma, and ran into a grey space in Chinese federal government restrictions. This led to Xu regrettably
being sanctioned by the China Securities Regulatory Commission.
Xu overcame this adversity and brought his entrepreneurial spirit to the United States to assistance his son Haohan start his own enterprise (Apifiny). Haohan, together with his father’s aid, later on launched Roxe, the place they aimed to transform the future of
digital payments in banking and eCommerce. Roxe’s speedily developing network enables buyers to mail and acquire payments from 113 international locations close to the planet. In excess of the past six months, the firm has doubled its quantity of world wide partnerships to over 44.
Xu has an remarkable keep track of file as a serial entrepreneur soon after founding quite a few successful corporations and acquiring additional than ten patents in the know-how area. This led him to be identified, alongside with Jack Ma, as one of the top 10 newsmakers in China
and foremost entrepreneur by the Chinese federal government. Xu has utilized his entrepreneurial abilities and prowess to pay it ahead, supplying resources to his substantial faculty alma mater and sponsoring much more than a dozen college students of outstanding character who attended prestigious
faculties this sort of as Harvard, Tsinghua and Peking College.