CRYPTO NEWS: HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL.

HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL, A CRYPTOCURRENCY EXCHANGE. 

THE LEADING CRYPTOCURRENCY EXCHANGE IN CHINA, HUOBI GLOBAL, HAS DISCLOSED THAT ITS FOUNDER IS CURRENTLY CONSIDERING SELLING HIS MAJORITY OWNERSHIP TO TAKEOVER COMPANY ABOUT CAPITAL MANAGEMENT (HK) CO.

SINCE HUOBI’S EXIT FROM THE DOMESTIC MARKET FOLLOWING BEIJING’S CRYPTO PROHIBITION, THE COMPANY HAS UNDERGONE CHANGES.

OVERVIEW OF HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL, A CRYPTOCURRENCY EXCHANGE:

HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL
HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL

THE COMPANY IS CURRENTLY ON THE VERGE OF BEING ACQUIRED BY THE INVESTMENT GROUP ABOUT CAPITAL.

IN ACCORDANCE WITH THE ANNOUNCEMENT, AFTER THE TRANSACTION IS FINISHED, ABOUT CAPITAL’S BUYOUT VEHICLE WILL HOLD THE MAJORITY OF THE SHARES THAT HOUBI FOUNDER LEON LI OWNS.

TODAY, THE BUSINESS REVEALED THAT THE DEAL HAD BEEN FINALISED AND THAT ABOUT CAPITAL HAD ACQUIRED THE FULL INTEREST.

TED CHEN FOUNDED THE ABOUT CAPITAL FUND, WHICH HAS ITS HEADQUARTERS IN HONG KONG.

GREENWOODS ASSET MANAGEMENT, ONE OF THE LARGEST HEDGE FUNDS IN CHINA, WAS ALSO STARTED BY TED CHEN.

LEON LI, THE COMPANY’S FOUNDER, REPORTEDLY WANTED TO SELL A $3 BILLION MAJORITY INTEREST FOR OVER $1 BILLION. THE AMOUNT OF THE TRANSACTION IS NOT KNOWN. CURRENTLY, ABOUT CAPITAL IS THE SHAREHOLDER IN CHARGE.

HUOBI HAS STATED THAT THIS ADJUSTMENT WILL HAVE NO EFFECT ON ITS CORE OPERATIONS OR BUSINESS MANAGEMENT PERSONNEL.

WHAT ARE THE SUPPOSED CHANGES TO TAKE PLACE?

FOLLOWING THE CLOSE OF THE TRANSACTION, ABOUT CAPITAL WILL SUPPORT HUOBI WITH ADDITIONAL MARKETING EFFORTS, ASSIST IT GAIN MORE VISIBILITY ABROAD, AND CONCENTRATE ON OTHER COMPANY EXPANSION PLANS.

“AFTER THE MEASURES ARE SUCCESSFULLY IMPLEMENTED, HUOBI GLOBAL WILL BE IN A GREAT POSITION TO OFFER PREMIUM TRADING AND INVESTING SERVICES TO FOREIGN CLIENTS.”

THE GLOBAL STRATEGIC ADVISORY BOARD FOR ABOUT CAPITAL WILL BE “HEADED BY LEADING INDUSTRY FIGURES.”

NOT ONLY THAT, BUT ABOUT CAPITAL HAS ALSO COMMITTED TO OTHER PROJECTS INCLUDING CREATING A MARGIN AND RISK PROVISION FUND AND TAKING STEPS TO IMPROVE THE COMPETITIVENESS OF THE EXCHANGE.

AFTER HUOBI GLOBAL BECAME EXTREMELY WELL-KNOWN, ALL CRYPTOCURRENCY TRANSACTIONS WERE MADE PROHIBITED IN 2021 BY BEIJING.

THE MAIN COMPANY, HUOBI GROUP, CURRENTLY RUNS A BROAD RANGE OF CRYPTO-RELATED BUSINESSES, INCLUDING THE FLAGSHIP EXCHANGE, HUOBI GLOBAL.

HUOBI VENTURES, A VENTURE CAPITAL DIVISION, IS RESPONSIBLE. A CRYPTOCURRENCY CLOUD SERVICE IS ALSO PART OF THE OTHER CRYPTO ENTITY.

HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL

AGREEMENT BETWEEN THE CITY OF BUSAN AND THE CRYPTO PLATFORM HUOBI:

THE THIRD LARGEST CRYPTOCURRENCY EXCHANGE, HUOBI GLOBAL, COLLABORATED WITH THE SOUTH KOREAN CITY OF BUSAN TO ESTABLISH A BLOCKCHAIN ECOSYSTEM.

THE BUSAN DIGITAL CURRENCY EXCHANGE WILL BENEFIT FROM HUOBI’S PARTICIPATION IN THE FORM OF SIGNIFICANT RESEARCH AND DEVELOPMENT, TECHNOLOGY, AND FINANCIAL SUPPORT, ACCORDING TO AN OFFICIAL ANNOUNCEMENT FROM THE FIRM.

THE CRYPTOCURRENCY PLATFORM HUOBI WILL ALSO AID IN FINDING BLOCKCHAIN EXPERTS FOR THE LOCAL EXCHANGE IN BUSAN.

DUE TO THE FACT THAT MAJORITY OF ITS USERS ARE STILL FROM CHINA, HUOBI GLOBAL, A CRYPTOCURRENCY EXCHANGE, HAS BEEN SEVERELY IMPACTED BY THE LEGAL CHANGE. DUE TO THE LOSS OF CHINESE REVENUE, HUOBI HAS ALSO REDUCED ITS EMPLOYEES BY 30% THIS YEAR.

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CRYPTO NEWS: HUOBI GLOBAL WILL SELL ALL OF ITS STAKES TO ABOUT CAPITAL.

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