Huobi Global's controlling shareholder has transferred all its Huobi Global shares to a fund under About Capital Management (formerly known as "百域资本"), making the latter the majority shareholder and actual controller of Huobi Global.
Key Transaction Details:
- Completion Date: October 8 (following final financial reconciliation and signing)
- Acquired Shares: Primarily those held by Huobi founder Leon Li (Li Lin)
- Current Status: Specific transaction amount and fund investors remain undisclosed. Co-founder Du Jun confirmed retaining his minority stake.
Post-Acquisition Operations:
- No management overhaul: Existing core teams remain unchanged.
- About Capital Profile: A Hong Kong-based asset management firm founded in 2008 by Chen Yihua (also partner at Greenwoods Asset Management). The firm maintains low public visibility.
Huobi’s Market Position:
- Founded in 2013 with investments from Sequoia Capital and ZhenFund.
- Dominated Chinese-language crypto exchange markets post-2017, with annual profits peaking at billions USD.
- Holds global licenses (US, Hong Kong, Japan, Korea) and serves 20M+ users.
- Estimated acquisition valuation: $3B USD.
Historical Context:
- 2020-2022: Faced operational challenges after exiting mainland China, including staff reductions and temporary losses.
- Founder's Shift: Leon Li cited health and family reasons for remaining in China, unlike competitors who relocated overseas.
Asset Highlights:
- Huobi Tech: A Hong Kong-listed subsidiary proposing a rebrand to "New Huo Technology Holdings."
- Recent BTC Movements: October 5 saw 15,000 BTC transferred to new wallets, likely part of acquisition-related financial audits.
FAQ Section
Q1: Will Huobi’s services change post-acquisition?
A: No. The transaction only affects ownership, not operational structure.
Q2: Who is About Capital Management?
A: A Hong Kong asset manager led by Chen Yihua, known for its discreet profile and ties to Greenwoods Asset Management.
Q3: Why did Leon Li sell Huobi?
A: Health concerns and strategic decisions after Huobi’s China exit in 2021.
Q4: What happens to Huobi Tech shares?
A: Ownership remains undetermined post-rebranding.
Q5: Were other buyers involved?
A: Early talks included Justin Sun (TRON), FTX/SBF, and Binance, but Hong Kong-based buyers were preferred for regulatory alignment.
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