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   549

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.

Huobi to Launch Regulated Crypto Exchange

New entity will be focused on the institutional investors
07 December 2018   116

After obtaining a DLT license in Gibraltar, the Huobi cryptocurrency exchange revealed plans to launch a global infrastructure for clients.

According to Huobi representatives, the Gibraltar license gives the right to store and transfer cryptocurrency assets on behalf of clients all over the world. It will also simplify the exchange of fiat currencies for cryptoactives, according to a press release.

Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our Global Institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy. It's no secret that we think that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry. Among other benefits, our DLT license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.
 

Lester Haoda Li

Head of Global Institutional Business, Huobi London

In a press release, Huobi also notes that Gibraltar was the first jurisdiction to introduce a regulatory framework for the provision of technology services in a distributed registry.