Bitcoin exchange Huobi has completed the process of buying a public company from Hong Kong

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The company Huobi Global Limited completed the acquisition of Hong Kong Pantronics Holdings Limited and became a step closer to enter the stock exchange through a reverse takeover. This is stated in the joint statement of the enterprises.

It is reported that the operator of bitcoin exchange Huobi has acquired approximately 199 million shares of the company through subsidiaries Capital Huobi, and Huobi Universal.

So, at the moment Huobi owns 66,26% Pantronics Holdings. The average share price in the transaction amounted to HK$2,72 ($0,35), and the aggregate value of the shares — about $70 million.

Earlier, Huobi was going to control a larger part of the shares of Pantronics Holdings. It was assumed that the Huobi Group Chairman Li Ling will become the owner of the 73,73% of the shares Pantronics.

Recall that the procedure of return absorption suggests that the non-public company acquires a public company and automatically goes to the stock exchange.

Previously, the bitcoin Global stock exchange Huobi has announced the launch of a new platform for the automatic listing of tokens.

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