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   932

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.

Japan May Initiate Unscheduled Exchage Check

An anonymous source told the investigation of the authorities affected the Fisco and Huobi Japan due to the alleged structural changes in the management
23 April 2019   105

The Financial Services Agency of Japan (FSA) has begun an unscheduled check of two local crypto exchange for their customer protection standards and legal compliance. It is reported by the Cointelegraph, citing Reuters Japan.

An anonymous source told reporters that the investigation of the authorities affected the Fisco and Huobi Japan exchanges. Apparently, the regulator paid close attention to these platforms due to the alleged structural changes in the management of the companies.

Note, at the end of last year, the Bitcoin exchange operator Zaif transferred the business to the investment company Fisco after the platform was hacked in the fall.

According to an anonymous informant, the FSA was also interested in anti-money laundering measures taken by the exchanges. During the test, the regulator considered them insufficient.

In February, the National Police Agency of Japan reported that money laundering with the help of cryptocurrencies increased 10 times in the country.