Huobi to Acquire Public Firm for $70M

Company took another step forward to enter the stock exchange through a reverse takeover procedure
30 August 2018   332

Huobi Global Limited completed the acquisition of Hong Kong's Pantronics Holdings Limited and took a step closer to enter the stock exchange through a reverse takeover procedure. This is stated in the joint statement of enterprises.

It is reported that the Huobi acquired about 199 million shares of the company through subsidiaries of Huobi Capital and Huobi Universal.

So, at the moment Huobi owns 66.26% of Pantronics Holdings. The average price of the share in the transaction was HK $ 2.72 ($ 0.35), and the total value of the stake is about $ 70 million.

Note that earlier Huobi was going to take over most of the shares of Pantronics Holdings. It was assumed that the chairman of Huobi Group Li Lin will become the owner of 73.73% stake in Pantronics.

Reverse takeover procedure assumes that a non-public company acquires a public company and automatically enters the stock exchange.

Earlier, the bitcoin-exchange Huobi Global announced the launch of a new platform designed for automatic listing of tokens.

Bitmain CEO to Join Huobi Chain

The older sister of Facebook founder Mark Zuckerberg joined the expert advisory committee Huobi Chain too
27 August 2018   350

Randy Zuckerberg currently also holds the post of head of the content company Zuckerberg Media, founded by her five years ago.

It is reported that an expert commission of eight participants should become the brain center of the blockchain company. The team will also help the participants of the Huobi Chain Superhero Championship, launched a little more than two months ago and designed to increase community involvement in the development of the public blockchain Huobi Chain.

At the same time, the investor and bitcoin enthusiast Jeffrey Wernick and the head of the mining giant Bitmain Jihan Wu were on the list of experts.

Note that at the dawn of Facebook, Randy Zuckerberg took an active part in the development of social networks. She acted as an official representative of the company, and then took up the post of director of marketing.

Largest social network Facebook launched its own blockchain unit in May this year. The head of the department is David Marcus, who transferred to this position from the post of vice-president for the development of Facebook Messenger.