Chinese cryptocurrency trading platform Huobi has reportedly bought a majority stake in Hong Kong-listed electronics manufacturer Pantronics Holdings, spurring speculation that the exchange is planning an initial public offering (IPO) through a reverse takeover.
According to shareholding disclosures filed by Pantronics Holdings on August 21, the company has transferred more than 221 million of its ordinary shares to several Huobi subsidiaries. The agreed price per share was HK$2.72 ($0.35), valuing the deal at around $77 million.
Following the transaction, Pantronics temporarily suspended trading of its shares on the Main Board of the Hong Kong Stock Exchange (HKEX) due to a “possible offer to be made under Rule 26 of the Hong Ko...
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