Cryptocurrency: About Capital acquires stake in Huobi Global crypto exchange firm
Photo by: Huobi Global Website
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Huobi Global was acquired by About Capital Management Co., Ltd after completing their share sale deal. The fund management company based in Hong Kong is the major shareholder of the Seychelles-based cryptocurrency exchange firm, so they have already been doing business prior to the acquisition.
Huobi Global, which is one of the largest virtual asset exchanges in the world and in the Asian markets, said late last week that it has made a deal with About Capital and agreed to be purchased by it. The crypto firm said that once the acquisition is completed, the fund management company will take control of its majority stake.
Then again, Huobi said that the transfer of ownership would not have an effect on its trading operations in any way. As per CoinDesk, the rumors about Huobi Global’s founder Leo Li’s decision to sell a 60% stake in the company have been going around for months, and he was reportedly asking for $1 billion. Now, the sale has been confirmed, but Huobi Global and About Capital did not reveal the financial terms of the deal. Under the new management, they are planning a global expansion.
"This transaction marks a new chapter for Huobi Global. Over the past nine years, we have witnessed Huobi's ascendence into one of the largest virtual asset exchanges in the world,” Huobi Global’s founder, Leon Li, said in a press release. “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 and we believe the successful acquisition by About Capital vehicle will contribute to Huobi's global expansion in both aspects."
Meanwhile, the acquisition deal only involves a shift in the controlling shareholder thus, it will not affect the core operation of the crypto exchange firm. Its business management teams will also remain intact, but there will be some important measures to make sure the business will run smoothly, and the management will remain stable.
About Capital’s chief executive officer, Ted Chen, also commented about their purchase of Huobi Global’s stake, saying they are very pleased to close the deal. “We are confident that the holistic approach to rebuilding Huobi Global as the premier international virtual asset exchange would solidify both the recognition and trust of Huobi's international users," he added.
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