On June 18, the Big Data Application Development Administration of Chongqing City and the Yubei District Government signed a cooperation agreement with Huobi China.

Under the agreement, Huobi China will set up its headquarters in Xiaohai International Big Data Valley – an industrial park established by the Chongqing City Government in 2014 to serve as a hub for emerging technology sectors such as big data, cloud computing and cross-border e-commerce.

The agreement also calls for all three signatories to work together to create a “blockchain industrial base” in the region, including creating demonstration projects, conducting research and creating industrial brands.

This is part of President Xi Jinping’s $ 1.4 trillion technology development strategy designed to help China overtake the US as a global hegemon over the next 20 years. All of those blockchain companies or exchanges that were once outcast were invited back.

Huobi was first founded in China in 2013 by Tsinghua University alumnus Leon Li, but was hit hard by the Bitcoin exchanges and the ICO ban imposed by Beijing in September 2017. Leon Li is also on the list of the richest people in China in 2019.

Huobi started operations in Singapore in November 2017, before opening an office in Japan in December of that year. Today, Huobi is one of the largest exchanges in the world.

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