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Hong Kong Crypto Exchange Huobi Acquires Pantronics for $70 Million

Rohnak
Rohnak

Huobi, a crypto exchange based in Hong Kong has just acquired the largest shares of a company named Pantronics Holdings. Pantronics Holdings is a company that manufactures industrial grade electronic parts.

According to the statements by Pantronics Holdings, This acquisition was done by purchasing 199 million of its shares which is totally worth nearly $70 Million. The average price per share was HK$2.72 ($0.35 USD). Thus the share was purchased into two groups for Huobi Capital and Huobi Universal.

This Acquisition will open new opportunities for Huobi. Now Huobi can enter the secondary financial market for purchasing the maximum shares of a public firm.

Currently, Huobi has acquired 66.26 % shares of Pantronics holdings. This makes Huobi the largest shareholder of the Company. But as per the information, Huobi was originally seeking 73.33% of shares of the company which would cost a total of $77 Million USD. But as per the documents provided by Pantronics, it has provided Huobi with 66.26% of its shares.

There is no official announcement made by Huobi regarding the acquisition. And only Pantronics Holdings have released some of the statements yesterday.

Li Lin, Chairman of Houbi Captial is fully owned by him. Houbi Universal is divided by Partners which include Techwealth, Sequoia Capital CV and Zhen Partners Funds.

Let’s wait for an official confirmation by Houbi regarding the Acquisition. Follow up on this post as it will be updated if there are future updates related to this acquisition.

chinacryptoCrypto ExchangeHoubinews

Rohnak

I have been following blockchain and crypto technology since its emergence.