Huobi Global, once China’s top crypto exchange, has been retooling itself since exiting from the home market following Beijing’s crypto ban. Now the company is nearing a takeover by an investment firm.
Huobi Global announced today that its controlling shareholder has completed the transaction to sell its entire stake to About Capital, a Hong Kong-based fund management firm started by Ted Chen, who founded China’s hedge fund giant Greenwoods Asset Management. This confirms an earlier report by Bloomberg saying the founder Leon Li was looking to sell his majority stake for over $1 billion, valuing the exchange at $3 billion.
Founded in 2013, Huobi Global rode China’s crypto boom before Beijing declared all crypto transactions illegal in 2021. The parent firm Huobi Group now operates an umbrella of crypto-related entities, including its flagship exchange Huobi Global, its venture capital arm Huobi Ventures, and a crypto cloud service.
Huobi Global and rival …
