Original title:Author: Colin Wu
Author: Colin Wu
Original editor: Colin Wu
Original editor: Colin Wu
Wu Shuo learned exclusively that in the early morning of October 8, Huobi officially completed the financial reconciliation and delivery signing, and was acquired by the M&A fund of Hong Kong Baiyu Capital, and Baiyu Capital became the largest shareholder and actual controller. The acquisition is mainly the shares of Huobi founder Li Lin. In order to finally complete this transaction, it is said that Li Lin, the founder of Huobi, has almost stayed up all night for many days. At present, the specific amount and the investor of the M & A fund have not yet been confirmed. Du Jun told Wu earlier that he did not sell and was still a minority shareholder.
According to official information, the controlling shareholder company of HuobiGlobal has transferred all of its shares in HuobiGlobal to the funds under Baiyu Capital, and the M&A fund under Baiyu Capital has become the largest shareholder and actual controller of HuobiGlobal. This transaction only involves the change of the controlling shareholder, and will not affect the existing core management and operation team.
According to the official website, Hong Kong About Capital Management is a Hong Kong asset management company founded by Chen Yihua in 2008. He is also a partner of Jinglin Assets. He has an MBA degree from the Australian Graduate School of Management and has won a three-year overseas Golden Bull Private Equity Investment Manager (Equity Long Short Strategy) Award. Baiyu Capital is low-key and mysterious, and there is hardly any "meaningful information" on its official website, and there may be shareholders or actual controllers behind it.
Huobi.com was founded in 2013 and has received investment from Sequoia Capital and Zhene. With the growth of the cryptocurrency market, the market share of Huobi Exchange has gradually increased. After 2017, it has become the exchange with the largest market share in the Chinese world. The overall ecological layout is ahead of its competitor OK. Huobi University and Huobi Investment have good Word of mouth, annual profits of up to billions of dollars. Until 2020, Binance sees Huobi as its biggest competitor. But its founder Li Lin once faded out of front-line management due to physical and psychological factors.2020Shanxi incident
It became a turning point, leading to Huobi's complete withdrawal of Chinese users in 2021 and a final change in Li Lin's mentality. Unlike OKX founder Xu Mingxing who chose to go abroad, Li Lin claimed to stay in China "for his family". After the complete withdrawal of Chinese users in 2022, Huobi’s operations also encountered certain difficulties, and began to lay off employees. During this period, the coin-earning business incurred a large loss (although it recovered later), which strengthened Li Lin’s plan to sell more than 50% of his shares.
The number of users of Huobi exceeds 20 million, and it holds compliance licenses in the United States, Hong Kong, South Korea, Japan and other places. It is still a good asset. It is rumored that the valuation of the acquisition is 3 billion US dollars. It is reported that in the early stage of the negotiations, Justin Sun, FTX/SBF, and even Binance were involved. In late August, Huobi changed the employee mailbox from Huobi.com to htx-inc.com, triggering rumors of SBF’s acquisition (although it was just an oolong incident). People familiar with the matter said a Hong Kong-based buyer was a better fit due to political and regulatory factors.
In addition to the Huobi Global exchange, another important asset of Huobi is Huobi Technology, a Hong Kong-listed company. On September 21, Huobi Technology issued a circular to the board of directors. The board of directors suggested that the company be renamed "New Huo Technology Holdings Limited" (English name changed to "New Huo Technology Holdings Limited"). The board of directors believed that changing the company name would give the company a new corporate image and identity, which is conducive to the future business development of the Group. The owner of Huobi Technology has not yet been determined.
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