Crypto Exchange Huobi Acquires Public Firm for $70 Million

Crypto exchange Huobi has become the largest shareholder of a public firm listed in Hong Kong, inching a step closer to a possible back-door listing.

Pantronics Holdings, the acquired firm, released a statement on Aug. 29 saying Huobi Group had completed the deal by purchasing about 199 million of its shares via two of the group’s subsidiaries – Huobi Capital and Huobi Universal.

With that amount, Li Lin, chairman of Huobi Group and controller of the two subsidiaries, now owns 66.26 percent of Pantronics and is effectively the largest individual substantial shareholder.

The deal could further give Huobi the opportunity of a back-door listing in the future – a process where a private firm enters the secondary financial market by purchasing a major number of shares of a public company.

Based on the announcement, the transactions were made at an average price of HK$2.72 (or $0.35) per share with a total amount close to $70 million. However, the number of shares acquired appears to fall short of what the exchange intended.

As CoinDesk previously reported, in a disclosure of interests filed by Pantronics on Aug. 21, Huobi was seeking to purchase 73.73 percent of the firm’s ordinary shares which would have cost a total of $77 million. Pantronics’ shareholding disclosures were further amended on Aug. 28 to reflect the change.

A spokesperson for Huobi Group declined to comment on the issue and said the firm is not authorized to disclose information other than what was in the announcement.

Further, the latest document on Wednesday offered a peek into Huobi’s corporate structure, such as the stakes held by notable investors of Huobi.

Based on the document, while Huobi Capital is fully owned by Li himself, Huobi Universal’s largest owners include Techwealth (58.44 percent), Sequoia Capital CV IV (23.32 percent) and Zhen Partners Fund I (7.46 percent). Among them, Techwealth is an investment company, of which Li owns 89.09 percent.

Meanwhile, Sequoia Capital CV IV is a fund that’s solely owned by Sequoia Capital China and Zhen Partners is a venture capital firm launched by Chinese entrepreneur Xu Xiaoping together with Sequoia Capital China.

Huobi image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Author: Wolfie Zhao

Source link

Related posts

14 Thoughts to “Crypto Exchange Huobi Acquires Public Firm for $70 Million”

  1. 醫學美容-衡肌-柔亮-cosmetic-wiki

    SkinCeuticals 修麗可 【臉部保養】清爽潔面啫喱的商品介紹 UrCosme (@cosme TAIWAN) 商品資訊 SkinCeuticals 修麗可,臉部保養,清爽潔面啫喱

  2. Football Solutions UEFA Women's Champions League

    It would have been an emotional Manchester United training session for midfielder Michael Carrick as he put in final preparations for his 481st and last Premier League appearance. Michael Carrick prepares for final Old Trafford appearance as he trains with Manchester United ahead of Watford

  3. Football Solutions Wales round-up: Llansantffraid gain ground

    Tottenham have secured their passage through to the knockout stages of the Champions League after a resounding 3-0 win over German outfit Werder Bremen. Tottenham 3 Werder Bremen 0: Super Spurs through to last 16 as Harry’s men run riot at White Hart Lane

  4. best cvv shop 2022

    … [Trackback]

    […] Find More Information here on that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  5. Esport

    … [Trackback]

    […] Read More Info here to that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  6. 형광툰

    … [Trackback]

    […] Find More to that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  7. cloud digital transformation

    … [Trackback]

    […] Read More to that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  8. anchor

    … [Trackback]

    […] Here you will find 85784 additional Information to that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  9. sbo

    … [Trackback]

    […] There you will find 80489 more Information on that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  10. บาคาร่า

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  11. go to these guys

    … [Trackback]

    […] Find More on that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  12. sbobet

    … [Trackback]

    […] Read More Information here on that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  13. ecstasy drug dream meaning

    … [Trackback]

    […] Here you can find 92024 more Information on that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

  14. DevOps as service

    … [Trackback]

    […] Find More Information here to that Topic: tradingbtc.com/2018/08/30/crypto-exchange-huobi-acquires-public-firm-for-70-million/ […]

Leave a Comment