The cryptocurrency exchange Huobi Global has announced that the Hong Kong-based asset management company About Capital Management (HK) Co. Ltd became the controlling shareholder on the stock exchange after a successful acquisition.
While the undisclosed deal is the culmination of equity as Huobi’s new controlling shareholder, the exchange said its core operations and business management will not be affected due to the transformation.
As a major stakeholder, About Capital intends to support Huobi’s international brand promotion and business expansion initiatives by adding the following:
“If the initiatives are successful, Huobi Global will be well positioned to provide first-class business and investment services to international investors.”
Hual Capitals also announced plans to set up a global strategic advisory board “led by industry figures” among other initiatives such as a margin fund, risk injection and measures to improve the exchange’s competitiveness.
Back in August, Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, denied a Bloomberg report that FTX was planning to buy Huobi. Huobi ended the announcement by emphasizing its withdrawal from China.
Related: Huobi Removes Monero and Other Privacy Coins, Citing Regulatory Pressure
On September 14, Huobi Global became the third major cryptocurrency exchange to sign a blockchain ecosystem development agreement with the South Korean city of Busan.
As part of the partnership, Huobi will provide R&D, technology and financial support to the Busan crypto exchange, according to an official statement from Huobi. In addition, Huobi will also help find and hire blockchain specialists for local exchanges in Busan.