Crypto exchange Huobi Global’s Hong Kong-listed sister company, Huobi Technology Holdings, is proposing renaming the group to “New Huo Technology Holdings Limited,” while its sister company, the crypto exchange Huobi Global, is reportedly seeking a buyer for the majority of its company.
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Fast facts
- The name change will “provide the company with a fresh corporate image and identity” while helping with developing business, a spokesperson for Huobi Technology said.
- Shareholders will be asked to vote on the proposed name change in a meeting on Oct. 13.
- In August, the sister company of Huobi Technology, the crypto exchange Huobi Global, was reportedly looking to sell a 60% stake in the company that would value the business at US$3 billion. However, the founders of FTX and Tron, speculated as potential buyers, denied making a bid.
- Besides sharing the name and the founder, there is no relation between between Huobi Technology and Huobi Global, the latter’s spokesperson said. Huobi Technology is the smaller of the two, focusing on over-the-counter trading, asset management fund and custody services for institutional clients, the spokesperson said.
- Huobi Global did not offer a comment on reports of a stake sale.
- After the crypto ban, Huobi Global left China to pursue international opportunities. But the firm is facing a regulatory backlash in Southeast Asia, with Thailand’s SEC confiscating the exchange’s license and Malaysian regulators discussing with Huobi the possibility of being placed on an investor warning list.
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Updates with comments from Huobi Technology