Trade in cryptocurrencies Huobi Global, which is one of the largest token trading outposts in the Asia markets, announced late Friday that it has agreed to be purchased by the M&A fund of Hong Kong-based investment company About Capital Management.
Huobi Global, one of the top 10 exchanges in terms of trading volume, said in a blog post that About would “hold the majority share” in Huobi after the agreement is finalized. The exchange also stated that the ownership transfer will not affect the trading operations in any way.
The announcement comes after months of rumours and speculations that Huobi’s founder, Leon Li, was looking to sell his almost 60% ownership in the company and was asking for at least $1 billion for it. The news comes after the speculation and reports.
The blog post said that the exchange would get an “injection of appropriate funds in margin and risk provision fund” now that it is under new ownership and is working on plans to expand its operations into other countries.
Li, who established Huobi in China in 2013 said in a statement that the exchange’s exit from the Chinese mainland in late 2021 marked the beginning of a worldwide effort that would now intensify under About Capital’s leadership.