Although he denies owning Huobi, Justin Sun was recently discovered to have used $1 billion to buy back about 60% of the shares in Huobi Exchange through About Capital.
In a newly updated Bloomberg report, Justin Sun spent about $1 billion to buy back about 60% of Huobi’s shares through Hong Kong asset management firm About Capital.
Sequoia China and ZhenFund also sold a total of 28% of their shares in Huobi Global to About Capital. Justin Sun hid his name from the deals to avoid Chinese scrutiny, people familiar with the matter said.
As updated in a press release today posted on Coincu News, Huobi Global announced a rebranding to “Huobi” as Justin Sun’s previous acquisition agreement stated that shareholders are not allowed to use Chinese trademarks and conduct business in mainland China.
People familiar with the matter revealed that in this equity transfer agreement, all parties have a strict agreement on the use of the trademark, especially the use of the Chinese brand “Huobi”.
According to previous news in October, Huobi’s controlling shareholder completed the share sale and About Capital’s M&A fund became the actual controller Justin Sun joined Huobi Global’s Global Advisory Committee and repeatedly replied that he was not the buyer of Huobi.
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