Hong Kong Hang Seng Index (HSI)

[Rawlens]

Huobi Acquires a Controlling Stake in Pantronics Holdings Ltd – Huobi has quietly bought a 73.73% stake in Pantronics Holdings. Pantronics filed shareholding disclosures on August 21, 2018 to the Hong Kong Stock Exchange. The filing transferred over 221 million regular shares to the Chairman of Huobi Group. The acquisition is a reverse takeover that seeks to recognize Huobi on the HKSE. Such a reverse takeover is oftentimes referred to as a backdoor listing. The deal is valued at $77 million with an average of $0.35 per share. However, Huobi is yet to offer an official statement regarding the reports. The move adds Huobi to a growing list of companies that are planning IPOs. Earlier this week, Bitmain, Canaan Creative and Ebang Holdings revealed plans to go public. Read more: https://marketexclusive.com/huobi-acquires-a-controlling-stake-in-pantronics-holdings-ltd/2018/08/