Crypto exchange Huobi completes backdoor listing in Hong Kong

Digital currency exchange Huobi has completed a reverse takeover—acquiring a publicly listed company in order to avoid the lengthy process of an IPO.

The Hong Kong Stock Exchange announced on August 27 that electronic devices manufacturer Pantronics Holdings (桐成控股) transferred 73.73% of its shares to Huobi founder and chairman Leon Lin (Li Lin) making Huobi the actual controller of the company through several of its subsidiaries. The transaction is priced at HK$2.72 per share with a total amount nearing $77 million, Coindesk is reporting.

The operation began quietly on August 21 with Pantronic’s shares resuming trading on the Hong Kong Stock Exchange today. Pantronic’s shares opened today 94.8% higher with the stock price at HK$6.

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