Cryptocurrency exchange Huobi plans IPO through reverse takeover

Huobi may soon become a public company on HKEX.
Huobi Token is unaffected by the news, off recent highs.

Tanya Abrosimova Independent Analyst

A Hong-Kong-based cryptocurrency exchange Huobi can become a public company through the reverse takeover of electronics maker Pantronics Holdings Limited, according to the information published on HKEX website.

The company may change its name to Huobi Technology Holdings Limited. In August 2018, Huobi Group bought 221 million ordinary shares for $77 million and thus became the largest investor of Pantronics Holdings Limited with the total share of 73%.

Also, starting from October 1, HKEX will tighten the rules for reverse takeovers, which may affect the plans of the cryptocurrency exchange. Notably, several manufacturers of cryptocurrency mining equipment, including Ebang, Caanan Creative and Bitmain, dropped their plans to get listed on HKEX.

Read also: Huobi Token beats the market with over 3% of gains

Meanwhile, Huobi Token (HTT) has retreated from the recent high of $4,36 to trade at $4.10 by the time of writing.

HTT/USD stayed unchanged in recent 24 hours, unaffected by the news. Huobi Token climbed to the 16th position in the global cryptocurrency rating with the market value of 1.0 billion and average daily trading volumes of $72 million. Huobi Token is most actively traded on Huobi Global against USDT (22% of the total amount of transactions).

Author

Tanya Abrosimova

Independent Analyst

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