Crypto
Just-In: Crypto exchange Huobi Global Founder Leon Li Sells Entire Controlling Stake HT Token Price Soars
Published
12 months agoon
Crypto exchange Huobi Global founder Leon Li has sold his entire controlling stake to Hong Kong-based About Capital Management. This news was announced by Huobi and made it clear that core operation and business management teams will be unaffected by changes in the controlling shareholder.
The announcement greatly impacted the Huobi Token (HT), whose value soared by almost 5% to reach $4.50. The change in ownership also positively impacted trading volume, which surged significantly post the latest development.
Huobi Global Founder Sells Majority Stake in Huobi Global
Details of the deal were disclosed in an official blog post dated October 8, 2022. The change in the controlling shareholder is a part of the deal between Huobi founder Leon Li and About Capital Management. However, the business management teams and the core group will function as before, and there will be no impact due to the change in shareholding.
Leon Li will not be involved in either the operational matters or other decisions of Huobi Global after the deal’s conclusion.
Capital, after the successful takeover of Huobi Global, is planning a slew of new international brand promotion and business expansion enterprises. It includes promoting a global strategic advisory board, a fresh injection of funds, and funds to cover risks. Capital also intends to design strategies to give the entities a competitive edge.
Capital also feels that the Huobi Crypto Exchange will be positioned to provide top-grade trading and other services to international investors. Huobi was the second biggest crypto exchange after Binance but fell into bad times after Chinese authorities started a crackdown on the crypto sector. Huobi left mainland China last December 31, 2021, and closed all accounts of mainland China users.
Huobi Global and Leon Li were reportedly seeking to sell their 60% stake for a valuation of nearly $3 billion. Entities like FTX, Tron’s founder Justin Sun, and Binance had shown interest in buying Huobi Global.