According to the Hong Kong Stock Exchange, Cryptocurrency Exchange Giant, Huobi has purchased most of the share of Hong Kong-based investment firm Patronics Holdings Limited (PHL).
The acquisition of Patronics Holdings Limited (PHL) by Huobi was taken place in the month of August 2018. Therefore, the company name will be changed to Huobi Electronics Holdings Limited. The change of name was filed on September 10, 2019.
According to the Hong Kong Stock market, more than 2221 million ordinary shares were transferred to Li Lin, chairman of the Huobi Group through several exchange subsidiaries.
After the acquiring Patronics Holding Limited, it has opened the doors for Huobi Exchange who becomes the largest shareholder of a public firm listed in Hong Kong.
Huobi Exchange is now the shareholder of 77 million purchase with more than 73% stake in Patronics firm. Each share will be priced for HK$2.72 or $0.35 and the total amount nearing $77 million.
The deal between the two firms has allowed Huobi, being a smaller company to acquire a public firm, which will help the crypto exchange to go on public in Hong Kong.