Huobi Global agrees to sell controlling stake to Hong Kong-based About Capital Management

The cryptocurrency exchange Huobi Global has agreed to sell a controlling stake in Hong Kong-based investment firm About Capital Management. The parties did not disclose the financial terms of the deal.

Announcement: «Huobi Global’s Major Shareholder Completes Share Sale»https://t.co/AWpywO239n pic.twitter.com/EUMZo6qJOE

— Huobi (@HuobiGlobal) October 7, 2022

“After the deal closes, About Capital will control the majority stake in Huobi Global. The agreement provides only for a change in the controlling shareholder and does not affect the company’s core operations,” the statement said.

According to a press release (ForkLog has obtained), upon completion of the deal the platform will implement a number of initiatives aimed at expanding the business and promoting the brand on the global market. In particular, the company plans to make “significant investments” in the margin and reserve funds.

“We intend to continue developing and modernising Huobi’s activities, among our plans are increasing risk capital, developing the institutional business, and global branding projects,” said About Capital Management CEO Ted Chen.

In August 2022, Bloomberg reported that Huobi co-founder Leon Li is in talks to sell 58% of the shares, valuing the company at $2-$3 billion.

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