Huobi has become the largest shareholder of Pantronics Holdings listed in Hong Kong.
Pantronics Holdings released a statement August 29 stating that Huobi had acquired 199 million shares of the firm via Huobi's subsidiaries.
Singapore based exchange Huobi now holds over 66% of the shares for Pantronics Holdings making Li Lin, chairman of Huobi Group, the largest individual shareholder. The shares were purchased at an average price of $0.35 bringing the total to approximately $70 million.
The purchase of such a large amount of a publicly traded company could allow Huobi to have a back-door listing in the future.