As announced earlier, the About Capital Management fund has bought Huobi Global. But WuBlockchain has discovered from several different sources that Justin Sun is the Merger and acquisitions fund’s principal investor.
The rumor started after Huobi Global declared last Friday that it had finalized the sale of all of its shares in the cryptocurrency exchange to the buyout vehicle run by a Hong Kong company named About Capital Management Co., Limited. According to the announcement, after the transaction is complete, the buyout vehicle of About Capital will hold a majority share in Huobi Global.
On October 8, Sun personally attended the delivery site in Singapore. Huobi, which had over 20 million users and was the largest crypto exchange in China before being acquired by About Capital Management’s M&A Funds, a capital management firm based in Hong Kong. According to Wublockchain’s most recent source, Huobi recently sold tens of millions of Chinese users to About Capital in Hong Kong, but Justin Sun is the company’s main investor.
The cost of acquisition for Huobi is more than $1 billion. Justin Sun is currently recruiting, and some Huobi operations are being taken up (the initial C-head execs have gradually withdrawn and offered to depart).
Justin Sun’s main social network revealed that he joined Huobi as a global adviser. The creators of About Capital, Chen Yihua, Du Jun, Justin Sun, Vice President of the Hong Kong University of Science and Technology, Wang Yang, and Valkyrie Leah Wald, serve as advisors. Initial speculation pointed to Jinglin Assets, China’s top venture capital company, which collaborated with About Capital Management to acquire Huobi.
His involvement is mostly the subject of rumors, although neither FTX nor SBF has made any public statements confirming or denying this. Nevertheless, Jinglin confirmed that it was not part of the purchase and that About Capital served as the link for the purchase of Justin Sun.
According to individuals who knew the situation, Li Lin was worried that the action might anger the Chinese authorities and jeopardize his security. Justin Sun might be concerned about angering the corporation that supports it, Binance.
Huobi Korea and Japan are currently coordinating cutting as well as selling. Li Lin will continue to be in charge of finishing the liquidation of Chinese users’ holdings. However, Justin Sun fears that he might have to bear the wrath of Binance, which backs Huobi.