Xiaolai Li
About Xiaolai Li
Xiaolai Li is a director of Enlightify Inc. (ENFY), age 53 as of the 2025 proxy date, serving on the board since 2021. He is the founding partner of INBlockchain Inc., a Beijing-based venture capital firm focused on blockchain assets, and holds a Bachelor of Arts in accounting from Changchun University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BitFund (digital assets fund) | Fund Manager | 2013–2015 | Early blockchain investment experience and fund management |
External Roles
| Organization | Role | Tenure | Focus/Impact |
|---|---|---|---|
| INBlockchain Inc. (Beijing) | Founding Partner | Not disclosed | Venture capital focused on blockchain assets; early-stage investments in projects such as Sia, ZCash, Steemit, EOS.io, MobileCoin |
Board Governance
- Independence status: Not listed among independent directors under NYSE rules; independent directors named are Jinjun Lu, Tianping Cai, Lianfu Liu, and Cui Song .
- Committee memberships: None disclosed for Xiaolai Li; current members of all three standing committees do not include him .
- Attendance: Company-wide disclosure states each incumbent director attended at least 75% of Board and applicable committee meetings in FY2024; Board held 8 meetings and approved 8 written consents .
- Committee activity context:
- Audit Committee: 4 meetings; members are Tianping Cai (Chair, Financial Expert), Jinjun Lu, Lianfu Liu, and Cui Song .
- Compensation Committee: 1 meeting; members are Jinjun Lu (Chair), Lianfu Liu, Tianping Cai, and Cui Song .
- Nominating Committee: 2 meetings; members are Jinjun Lu, Lianfu Liu (Chair), Tianping Cai, and Cui Song .
- Lead Independent Director: Lianfu Liu; executive sessions of independent directors occur following quarterly audit committee meetings .
- Tenure on ENFY board: 2021–Present .
Fixed Compensation
| Fiscal Year Ended | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| FY2024 (June 30, 2024) | 300,000 | — | — | — | — | 300,000 |
Peer context (FY2024 non-employee directors):
- Daqing Zhu: $26,000 cash; total $26,000
- Lianfu Liu: $26,000 cash; total $26,000
- Jinjun Lu: $18,000 cash; total $18,000
- Cui Song: $18,000 cash; total $18,000
- Jian Huang: $300,000 cash; total $300,000
Reimbursements: Directors are reimbursed for out-of-pocket travel expenses to Board/committee meetings .
Performance Compensation
- No director equity awards (RSUs/PSUs/options) or performance-linked director compensation disclosed for FY2024; director table shows zero stock and option awards .
- Equity plan change-in-control terms: For awards under the plan, unvested portions vest immediately upon a change in control unless otherwise specified; the Committee may continue/assume awards or purchase awards for cash equal to the highest transaction price minus exercise price .
Other Directorships & Interlocks
| Company | Role | Committee Roles | Overlap/Interlock |
|---|---|---|---|
| None disclosed in ENFY’s proxy | — | — | — |
Board composition observation: ENFY’s board includes two blockchain-focused investors (Jian Huang and Xiaolai Li), indicating potential strategic exposure to blockchain/crypto sectors via board influence .
Expertise & Qualifications
- Accounting education: BA in Accounting (Changchun University)
- Blockchain/digital assets: Founding partner and fund manager experience; early-stage investments across notable blockchain projects
- Not designated as Audit Committee Financial Expert (Mr. Tianping Cai holds that designation)
Equity Ownership
| Record Date | Shares Beneficially Owned | Percent of Class | Shares Outstanding |
|---|---|---|---|
| April 29, 2025 | 0 | <1% | 16,116,914 |
Notes:
- Ownership for directors and officers as a group: 2,261,402 shares (13.96%)
- No family relationships among officers or directors; no legal proceedings disclosed for directors in last 10 years
Governance Assessment
-
RED FLAGS
- Not independent under NYSE rules; independence is concentrated among other directors (Lu, Cai, Liu, Song) .
- No committee assignments (Audit, Compensation, Nominating), limiting direct influence on core oversight functions .
- High cash fee ($300,000) versus peers ($18k–$26k) without accompanying equity grants—weak pay-for-performance alignment and unusual for non-employee director compensation structure .
- Zero share ownership—no “skin-in-the-game” alignment; percent of class <1% .
-
Neutral/Positive Signals
- Company-wide attendance threshold met (≥75%) in FY2024; Board active with 8 meetings and 8 written consents .
- Lead Independent Director (Lianfu Liu) and fully independent standing committees provide structural checks despite combined Chair/CEO role .
- No related-party transactions disclosed involving Xiaolai Li; related-party items involve CEO Zhuoyu Li, with policy oversight by Audit Committee .
-
Additional Context
- Combined Chair/CEO (Zhuoyu Li) with lead independent director and independent committees is a mitigant but still elevates oversight risk; executive sessions occur after quarterly audit meetings .
- Committee meeting cadence (Audit: 4; Compensation: 1; Nominating: 2) suggests limited Compensation Committee activity in FY2024; not directly attributable to Li given no committee roles .