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Cryptocurrency market Huobi has bought a public company for $70 millions

Cryptocurrency market Huobi has bought a public company for $70 millions

Cryptocurrency market Huobi has taken a place of the Hong Kong public company'smajor shareholder, having approached the possible inclusion of securities in the stock exchange list.

On August 29, Pantronics Holdings stated, that Huobi Group purchased about 199 million shares, having divided them between two subsidiary companies ― Universal Huobi and Huobi Capital. Therefore, Huobi Group's chairman Li Ling, controlling both branches, became the largest Pantronics shareholder, having received 66,26% of the company.

Current deal can help Huobi with the inclusion of securities in the stock exchange list in the near future. Many private companies, entering the secondary financial market after the purchasing of a large amount of any public company's shares, go such way.

The declaration noted, that the transaction had been concluded at an average cost of the shares with 2.72 HK dollars (0.35 USD), and the total amount of all shares had been around $70 million. However, Huobi has acquired fewer shares, than originally planned.

On August 21, Pantronics reported, that Huobi wanted to buy 73,73% of its common stock and was ready to pay $77 millions for it. But on August 28 the document was already adjusted due to the changed number of shares. Huobi Group'sspokesperson didn't comment on this event, citing the information secrecy.

The documents, published on August 29, provide a small insight on Huobi's corporate entity. In particular, some investors of this cryptocurrency company were revealed, such as Zhenfund and Sequoia Capital. It also turned out, that the Huobi's only owner was Li Ling, and Huobi Universal's subsidiary was owned by Techwealth (58.44%), Sequoia Capital CV IV (23.3%) and Zhen Partners Fund I (7,46%).

Techwealth is known as an investment firm, which is also owned by Li Ling (89,09%). A fund of Sequoia Capital CV IV is owned by Sequoia Capital China. Zhen Partners Fund I is a venture company, owned by the Chinese businessman Xue Xiaoping and Sequoia Capital China.


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