Huobi has gained controlling shares in Pantronics Holdings Ltd

Huobi

Huobi, a Singapore-based cryptocurrency trading exchange has gained stock interest in Pantronics Holdings Limited.

According to an announcement posted by the Hong Kong Stock Exchange (HKEx), Huobi has acquired the controlling stock interest in the Hong-Kong based firm.

Towards the end of last month, Pantronics had suspended trading its shares on the Main Board of the HKEx, claiming that there would be a “possible offer to be made under Rule 26 of the Hong Kong Codes on Takeovers and Mergers.

There were also indicating factors that Huobi was holding over 70% of the firm’s shares. It was then confirmed that the exchange had gained a total of 66.26% of the company and that Fission Capital, a blockchain-based platform, was also holding shares of 5.41%.

This acquisition of shares in the firm might have appeared to be a reverse initial public offering – similar to a reverse coin offering –  but this was disputed by a partner at Fission Capital Sandy Peng, who had stated that it was merely a straightforward acquisition.

Peng had stated:

“Fission [has] years of experience in the HK Capital market. We participated in this acquisition alongside Huobi [and] believe Huobi’s rich experience in this sector, the institutional and regulated international platform this new vehicle creates will be the ideal launchpad for any international and institution related businesses that Huobi may decide to explore in the future.”

Peng also claimed that the official HKex report was acting as “a way an announcement from Huobi”.

Huobi is currently sitting as the third largest exchange, according to CoinMarket Cap in terms of daily volumes in trading.

Related Articles

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

See All