Writes CoinDesk, cryptocurrency exchange Huobi has acquired Hong Kong OJSC Pantronics. According to the publication, the company was transferred to Huobi Group Chairman Li Lin (Li Lin) the sale of 221 million common shares of subsidiary companies Huobi.
Given the cost of each paper ($0,35), the total transaction is valued at approximately $77 million. The acquisition of a controlling stake with a share in the 73,73% of Huobi was among the major shareholders in the market of state enterprises in Hong Kong. The status of the main shareholder Pantronics Huobi also gives the opportunity to buy the company entirely, thus out on the secondary financial market and to being a public company through a reverse takeover.
Huobi, the representative explained that the company is still waiting for approval of the transaction by the Hong Kong stock exchange (HKSE), but more detailed comments refused to give.
The first news of the conclusion of the transaction appeared yesterday; the Chinese edition Gelonghui reported that the final transfer of the controlling stake was held last Tuesday, August 21. On August 22, Pantronics has stopped trading of their securities “in anticipation of the publication of the announcement of a possible offer … of takeovers and mergers, which at the moment is a commercial secret”.
As a result, over the past few days the exchange rate of its token Huobi has increased by 13% (source: CoinMarketCap).
Huobi is actively increasing not only capital but also labor. Yesterday it became known that the sister of the Creator of Facebook Randi Zuckerberg (Randi Zuckerberg) became a member of the Advisory Committee Huobi Chain.
