Reports in Asia today indicate that Huobi could be making a really big move this week, with supposed links to a publicly listed company causing speculation the firm is positioning itself for an IPO. If true, Huobi are initiating a reverse takeover that would see them able to go public, following in the recent footsteps of Ebang, Canaan Inc. and Bitmain – as reported right here on Bitrazzi.
The reports coming in from Singapore and beyond are that Huobi – or, more specifically, Huobi group Chairman Li Lin – are set to receive a transfer of more than 221 million shares in Pantronics Holdings Ltd. This would see Lin become 73.73% owner and majority shareholder in the firm. You can check out the share disclosure here. At around $0.35 USD per share, the total transfer amounts to roughly $77 million.
While no official statement has come from Huobi – with reports suggesting that Li Lin has referred to this as a rumour, the Huobi token has spiked by 8% (currently trading at $2.29) and Pantronics themselves have made an official announcement as follows:
At the request of Pantronics Holdings Limited (the “Company”), trading in the
shares of the Company on the Main Board of The Stock Exchange of Hong Kong
Limited will be halted with effect from 9:00 a.m. on Wednesday, 22 August 2018
pending the release of an announcement relating to a possible offer to be made under
Rule 26 of the Hong Kong Codes on Takeovers and Mergers, which is inside
information in nature.
Although the announcement does not refer to Huobi in any way, it would appear that this one is waiting in the wings for its confirmation. And an IPO could then be scheduled with the intention of raising huge amounts of money; Canaan and Ebang are shooting for $1 billion, while Bitmain’s pre-IPO has already reportedly raised $560 million.
Pantronics is an electronics manufacturer incorporated in the British Virgin Islands. They went public in 2016, and have a current market cap of just over $900 million.