Formerly China’s leading crypto exchange, Huobi Global, has announced that it has been taken over by an investment strategy company.
On Oct. 7, Huobi Global announced that its controlling shareholders have completed the transactions to sell their entire shareholdings to About Capital Management.
About Capital is a low-key Hong Kong-based fund management firm that was started by Ted Chen in 2008. Chen also founded the Chinese hedge fund giant Greenwoods Asset Management.
The duyuru stated that About Capital’s buyout will not affect Huobi’s “core operation and business management teams.” The transaction only involves the changing of the controlling shareholders.
Earlier this year, Bloomberg valued Huobi Global at $3 billion, as rapor by BeInCrypto. In September, FTX CEO Sam Bankman-Fried inkar that he was planning to buy the company.
Continued global expansion for Huobi
Following the transition of ownership Huobi Global will “embrace a series of new international brand promotion and business expansion initiatives,” the announcement stated before adding that this includes a global strategic advisory board led by leading industry figures. There will also be an injection of capital for a margin and risk provision fund, and “measures to further enhance competitiveness.”
Source: https://beincrypto.com/huobi-global-acquired-by-about-capital/