[ad_1]
The Huobi cryptocurrency swap seems to be gradually moving towards an initial public offering (IPO), according to a document released by Hong Kong Stock Exchange (HKEX).
In the document dated September 10, Hong Kong-listed electronics manufacturer Pantronics Holdings Limited, acquired by Huobi last August, announced that it will change its name to become Huobi Technology Holdings Limited.
The company transferred more than 221 million common shares to the Huobi group upon its acquisition, according to the information communicated to the shareholders. Thanks to this $ 77 million transaction, the cryptocurrency exchange became the largest shareholder of Pantronics, with a stake of more than 73% in the company.
At that time, the deal would have allowed Huobi to be made public in Hong Kong through a process called reverse takeover.
However, the move could be affected by stricter regulations (pdf) on HKEX backdoor IPOs scheduled for October 1st. The stock market has announced that it will make changes to its current regulations, making these deals more difficult for those who acquire another publicly traded company. company from different industries based in Hong Kong.
Other major cryptocurrency companies are also seeking to go public in different jurisdictions after blocked attempts in Hong Kong.
After the stock market bid of mining giant Bitmain in Hong Kong has expired, apparently due to the reluctance of HKEX, it is now considering signing up in the United States. Another manufacturer of minors, Canaan Creative, is also reported to have filed confidentially in the United States after a failed HKEX attempt.
HKEX image via Shutterstock; Pantronics document via HKEX
[ad_2]
Source link