As per an official statement from the Hong Kong Stock Exchange ‘HKEx’, cryptocurrency exchange Huobi hasbeen granteddominantstock 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 timeurgedHuobi holds around 70 % of the firm. HKEx’s official announcement clarifies that Huobi, along withblockchain services platform Fission Capital,acquires an overall stake ofmore 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 oftenaeasyacquisition, asexplicitwithin theannouncement Huobi intendsto start outnew blockchainconnectedbusinessesemployingthis entity.
Adding further he mentioned:
“Fission has years ofexpertisewithin theHK Capital market.Weactively participatedduring this acquisitionwithHuobi and believe Huobi’swealthyexpertisein thissector, theinstitutionaland regulatedinternational platform this new vehicle createsare going to bethe bestplatformfor any international and institutionconnectedbusinesses that Huobimightplan toexplorewithin thefuture.”
Mike Novogratz is one high-profile example from the cryptoareawho opted for the routeso asto securea listing on Toronto’s TSX Venture Exchange for his crypto-focuseddepository financial bank‘Galaxy Digital’.
Huobi is currently ranked as the fourth largest crypto exchangewithin theworld by daily trade volumes, seeing around on a average of min. $800 Mln in trades daily.