Huobi Global announced today that the controlling shareholder has completed the transaction to sell its entire shareholding in Huobi Global to the buyout vehicle managed by About Capital Management (HK) Co., Limited (“About Capital”). The terms of the deal were not disclosed. Hong Kong-based investment company About Capital will now control the majority stake in Huobi Global, and the acquisition will not have any impact on trading operations.
Though we haven’t got any details of the deal, months ago there were speculations that the founder of Huobi Leon Li was seeking a buyer for his stake in Huobi, which is nearly 60%, and he was asking for at least $1 billion.
Commenting on the Huobi Global acquisition, Ted Chen, CEO of About Capital, said “We are very pleased to complete the transaction. Huobi Global offers the best of breed virtual asset investment services to millions of international users. We believe the virtual asset industry is still in its early stage and there is tremendous upside for long term growth. We are 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.”
Leon Li, the founder of Huobi, said: “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. 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.”
About Capital is a fund management company founded in 2008, and since its inception, it has won a series of prestigious industry awards among the best performing funds in Asia.