After the acquisition, About Capital aims to make Huobi Global a first-class trading and investment services provider.
Huobi Global, a Seychelles-based cryptocurrency exchange established in 2013, is set to sell all of its stakes to a management firm, About Capital Management (HK) Co. Ltd.
According to the brief announcement shared on October 8th, an undisclosed controlling shareholder agreed to sell all of its stakes to the management firm. The statement didn’t reveal the terms of such a deal.
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The news comes after, in August, Bloomberg reported that Huobi Global founder Leon Li is aiming to sell the majority of his stakes for $1 billion.
Following the news, Huobi Global highlighted that the core operations and business management teams will not be impacted by this change. On the other hand, in the statement, About Capital emphasized that it will implement a number of initiatives to make Huobi Global a first-class trading and investment services provider.
Post transaction Huobi Global will embrace a series of new international brand promotion and business expansion initiatives, including a global strategic advisory board led by leading industry figures, the injection of sufficient capital in margin and risk provision fund, as well as measures to further enhance competitiveness.
In a separate press release shared by Huobi Global, Ted Chen, CEO of About Capital, said that the company is confident that “the holistic approach to rebuild Huobi Global as the premier international virtual asset exchange would solidify both the recognition and trust of Huobi's international users.”
When talking about the acquisition, Huobi Global founder Leon Li noted:
Following Huobi's exit from the Chinese mainland market in 2021, we have accelerated our globalization push amidst a challenging market environment, which adds to the impetus for Huobi to seek a new shareholding structure with a global vision and international resources. We believe the successful acquisition by About Capital vehicle will contribute to Huobi's global expansion in both aspects.
In other news, on September 12th, Huobi Global announced its plans to delist 7 privacy coins citing new financial regulations.