The founder of the cryptocurrency exchanges OKCoin Old Xu (Xu Star) filed on the Hong Kong stock exchange (HKEX) application for the acquisition of a controlling stake in LEAP Holdings Group Ltd.
According to information posted HKEX, the Old Xu (real name — Minsin Xu (Xu Mingxing)) in 484 million Hong Kong dollars (about us $62 million) to buy 60,49% of the shares of construction companies quoted on the stock exchange.
Industry insiders believe that, in the case of approval of the transaction by the stock exchange for this reverse takeover gives you the opportunity OKCoin to become a public company in Hong Kong without the need for the IPO.
Previously on a similar path went cryptocurrency exchange Huobi is the founder and the head of Li Ling (Li Lin) acquired in August for $70 million 66,26% of the shares of a Hong Kong public company Pantronics Holdings.
Recall that last year, the largest Chinese mining company — Canaan Creative, Ebang Communication and Bitmain — HKEX has submitted applications for the IPO. After six months, when it’s time to update the application, Canaan did not do it, later the information appeared that the firm was considering an IPO in new York. Ebang has updated the application for the IPO and, together with Bitmain continues to expect approval of the exchange and the regulator of Hong Kong.
Earlier it was reported that the exchange delays the process of consideration of applications of cryptocurrency companies, doubting the sustainability of the business and prospects of the industry.
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