Huobi founder, Li Lin, confirmed that he would sell his stakes in Huobi. Huobi was founded in 2013. However, the crypto exchange platform suffered a huge setback after the Chinese government’s policies of cracking down on the crypto market.
China crypto exchange, Huobi, founder sells stakes to HK fund
The founder of Huobi Global sells his entire stake in the company to a Hong Kong-based asset management company, About Capital Management.
Li Lin stated in a WeChat post that he was no longer a shareholder of Huobi Global. He further stated that he had no authority over Huobi Global. He believed that the new controlling shareholder would bring momentum to the company’s globalisation.
Huobi planned to initiate a series of international brand promotions. Huobi released a statement that emphasized that the deal would not affect Huobi’s operation and management. The company representative further stated that the acquisition price by the Hong Kong fund could not be disclosed to the public.
Li Lin was an employee of Oracle. He left the company to start the crypto exchange platform. After China banned the crypto exchanges, Huobi started to relocate its staff and servers out of China. The company has also stopped accounts with China mobile phone numbers.
