Yugocean
Valued Contributor
Hong Kong-based investment company About Capital Management's M&A fund has acquired Huobi Global, a major crypto exchange in the Asian markets. Huobi Global's business operations will soon run under the new ownership.
Huobi was founded by Li Lin in 2013 after receiving investments from Sequoia Capital and Zhenfu. It has become the largest exchange company in China. But after the ban in China, Li Lin's deteriorating physical and mental health caused the company to fall.
Li Lin, like other exchange owners like Binance and OKX, continued to operate in China while facing restrictions on where to live abroad, which caused many problems for the company. The company was hit by the arrest of Li Lin in 2020, Huobi's termination of service to Chinese users in 2021, and layoffs in early 2022 including Thailand Branch).
During this period, Huobi suffered such losses that Li Lin planned to sell more than 50% shares to make up for it, and About Capital agreed to buy it.
Huobi was founded by Li Lin in 2013 after receiving investments from Sequoia Capital and Zhenfu. It has become the largest exchange company in China. But after the ban in China, Li Lin's deteriorating physical and mental health caused the company to fall.
Li Lin, like other exchange owners like Binance and OKX, continued to operate in China while facing restrictions on where to live abroad, which caused many problems for the company. The company was hit by the arrest of Li Lin in 2020, Huobi's termination of service to Chinese users in 2021, and layoffs in early 2022 including Thailand Branch).
During this period, Huobi suffered such losses that Li Lin planned to sell more than 50% shares to make up for it, and About Capital agreed to buy it.
