As per an official statement from the Hong Kong Stock Exchange ‘HKEx’, cryptocurrency exchange Huobi has been granted dominant stock interest in Hong Kong-based Pantronics Holdings Ltd.
As reported earlier, in previous month the Hong Kong Stock Exchange listed Pantronics citing a possible offer to be created under the Rule 26 of the countries conduct codes on takeovers and Mergers. Pantronics Holding Ltd. is a leading electronic appliance manufacturing company in Hong Kong.
Indications at the time urged Huobi holds around 70 % of the firm. HKEx’s official announcement clarifies that Huobi, along with blockchain services platform Fission Capital, acquires an overall stake of more than 70% in Pantronics.
While Huobi’s acquisition had the apparent hallmarks of being a reverse takeover — or reverse IPO’s — a partner at Fission Capital ‘Sandy Peng’ stated that
“for this tome, this is often a easy acquisition, as explicit within the announcement Huobi intends to start out new blockchain connected businesses employing this entity.
Adding further he mentioned:
“Fission has years of expertise within the HK Capital market. We actively participated during this acquisition with Huobi and believe Huobi’s wealthy expertise in this sector, the institutional and regulated international platform this new vehicle creates are going to be the best platform for any international and institution connected businesses that Huobi might plan to explore within the future.”
Mike Novogratz is one high-profile example from the crypto area who opted for the route so as to secure a listing on Toronto’s TSX Venture Exchange for his crypto-focused depository financial bank ‘Galaxy Digital’.
Huobi is currently ranked as the fourth largest crypto exchange within the world by daily trade volumes, seeing around on a average of min. $800 Mln in trades daily.