Huobi has become the largest shareholder of a public firm listed in Hong Kong.
Pantronics Holdings, which is the acquired firm, released a statement yesterday saying Huobi Group had completed the transaction by purchasing its shares via two of the group’s subsidiaries – Huobi Capital and Huobi Universal.
With that amount, Li Lin, chairman of Huobi Group and controller of the two subsidiaries, now owns 66.26% of Pantronics and is effectively the largest individual substantial shareholder.
The deal could give Huobi the opportunity of a back-door listing in the future – a process where a private firm enters the secondary financial market by purchasing a major number of shares of a public company.
Based on the announcement, the transactions were made at an average price of HK$2.72 (or $0.35) per share with a total amount close to $70 million. However, the number of shares acquired appears to fall short of what the exchange intended.
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