The leading cryptocurrency exchange in China, Huobi Global, has disclosed that its founder is currently considering selling his majority ownership to takeover company About Capital Management (HK) Co.
The company is currently on the verge of being acquired by the investment group About Capital.
Huobi has changed since leaving the domestic market when Beijing outlawed cryptocurrency.
In accordance with the announcement, after the transaction is finished, About Capital’s buyout vehicle will hold the majority of the shares that Houbi founder Leon Li owns.
Ted Chen founded the About Capital fund, which has its headquarters in Hong Kong. Ted Chen was also the creator of the enormous Chinese hedge fund Greenwoods Asset Management.
Today, the business revealed that the deal had been finalised and that About Capital had acquired the full interest.
According to sources, the company’s founder, Leon Li, was also seeking to sell a $3 billion majority interest for over $1 billion. The amount of the transaction is not known. Currently, About Capital is the shareholder in charge.
Huobi has stated that this adjustment will have no effect on its core operations or business management personnel.
What Changes Are Supposed To Take Place
After the transaction is completed, About Capital will assist Huobi with ongoing marketing efforts to broaden its reach internationally and to focus on additional business expansion projects. “After the measures are successfully implemented, Huobi Global will be in a great position to offer premium trading and investing services to foreign clients.”
The global strategic advisory board for About Capital will be “headed by leading industry figures.” Not only that, but About Capital has also committed to other projects including creating a margin and risk provision fund and taking steps to improve the competitiveness of the exchange.
After Huobi Global became extremely well-known, all cryptocurrency transactions were made prohibited in 2021 by Beijing. The parent company, Huobi Group, currently runs a broad range of cryptocurrency-related businesses, including the company’s flagship exchange, Huobi Global.
It is a division of Huobi Ventures, a venture capital firm. A cryptocurrency cloud service is also part of the other crypto entity. The third largest cryptocurrency exchange, Huobi Global, collaborated with the South Korean city of Busan to establish a blockchain ecosystem.
Huobi has made it known that their partnership would help the business perform in-depth technological, financial, and research and development work for the Busan Digital Currency Exchange. The cryptocurrency platform Huobi will also aid in finding blockchain experts for the local exchange in Busan.
- Huobi Global, a cryptocurrency exchange, will sell all of its shares to About Capital
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