Huobi Global To Be Acquired By About Capital Management

One of the most significant token trading platforms in Asia, Huobi Global, said late Friday that it had consented to be acquired by the M&A fund of Hong Kong-based investment firm About Capital Management. Announcement: "Huobi Global's Major Shareholder Completes Share Sale"https://t.co/AWpywO239n pic.twitter.com/EUMZo6qJOE — Huobi (@HuobiGlobal) October 7, 2022 About Capital To Acquire Huobi Global When the acquisition concludes, About Capital would “hold the majority interest” in Huobi, according to a blog post by Huobi, a top-10 exchange by trading volume. The business said the ownership shift would not affect trading activities. Commenting on the acquisition, Ted Chen, CEO of About Capital, said, “We are very pleased to complete the transaction. Huobi Global offers millions of international users the best-of-breed virtual asset investment services.” Huobi To Sell 60% Stake The information was revealed after months of rumors and speculative allegations that Huobi’s founder Leon Li was looking for a buyer for his approximately 60% stake and was demanding at least $1 billion. The agreement’s conditions with About Capital were not made public. Sam Bankman-Fried, the founder and CEO of FTX, put an end to reports that he would be buying the exchange by officially denying any such plans in late August. According to the blog post, the exchange plans an international expansion under the new ownership and would get an “injection of ...