The long-anticipated transition of Huobi Global has officially concluded. In a landmark move within the digital asset industry, About Capital Management — a Hong Kong-based private equity fund — has completed the acquisition of Huobi Global, marking a new chapter for one of the earliest and most influential cryptocurrency exchanges.
On October 8, the transaction was finalized with financial reconciliation and signing of transfer documents. The controlling shareholder of Huobi Global transferred all shares to a merger and acquisition fund under About Capital, making the latter the exchange’s largest shareholder and actual controller. This shift primarily involved the divestment of shares held by Leon Li (Li Lin), Huobi’s founder. Reports suggest that Li worked tirelessly in the final days leading up to the deal’s closure, underscoring the personal and strategic weight of this transition.
While exact transaction figures and details about the fund’s investors remain undisclosed, the deal is widely believed to value Huobi at approximately $300 million, a significant devaluation from earlier market expectations. Former Huobi co-founder Du Jun confirmed he did not sell his stake and remains a minor shareholder.
Transaction Details and Strategic Implications
This ownership change is strictly limited to the controlling stake and does not affect Huobi’s existing management structure or day-to-day operations. The core team will continue to lead platform development, compliance efforts, and global expansion initiatives. Users can expect uninterrupted service and ongoing innovation in trading products and security infrastructure.
About Capital Management, founded in 2008 by Chen Yifei, operates as a discreet asset management firm headquartered in Hong Kong. Chen, also a partner at Greenvale Capital, holds an MBA from the Australian Graduate School of Management and has been recognized with the Three-Year Overseas Golden Bull Award for Private Investment Managers (Equity Long/Short Strategy). Despite its low public profile, About Capital has built a reputation for disciplined investing and strategic positioning in high-growth sectors — qualities that may now be leveraged to revitalize Huobi’s global standing.
Huobi’s Journey: From Market Leader to Strategic Transition
Founded in 2013, Huobi emerged as a dominant force in the crypto ecosystem, backed by prominent investors including Sequoia Capital China and ZhenFund. By 2017, it had become the largest cryptocurrency exchange in the Chinese-speaking world, outpacing rivals like OKX in user base and trading volume. Its ecosystem expanded beyond spot trading to include Huobi University, Huobi Ventures, and research initiatives — all contributing to a peak annual profit reaching hundreds of millions of dollars.
However, regulatory pressures began reshaping its trajectory. The 2020 incident in Shanxi province marked a turning point, accelerating Li Lin’s withdrawal from active management. Unlike OKX’s Xu Mingxing, who relocated overseas, Li chose to remain in mainland China, citing family reasons.
By 2021, Huobi fully exited the Chinese market in compliance with tightening regulations. The subsequent restructuring led to workforce reductions and operational challenges. A temporary loss in its earn-interest (staking) business further strained finances, reinforcing Li’s decision to sell his majority stake.
Despite these hurdles, Huobi remains a valuable asset with over 20 million users worldwide and holds compliance licenses in key jurisdictions including Hong Kong, South Korea, Japan, and the United States — positioning it well for regulated growth in Asia and beyond.
Competitive Landscape and Acquisition Interest
During negotiations, multiple parties expressed interest in acquiring Huobi, including Justin Sun (Tron), Sam Bankman-Fried (FTX), and even Binance. However, due to geopolitical sensitivities and regulatory complexities, a Hong Kong-based buyer like About Capital presented a more viable path forward.
In August, speculation surged when employee email domains shifted from huobi.com to htx-inc.com, mistakenly fueling rumors of an FTX takeover. Later clarified as an internal rebranding move unrelated to acquisition talks, the incident highlighted market sensitivity around Huobi’s future.
Blockchain analytics show significant wallet activity preceding the deal’s completion. On October 5, around 15,000 BTC were consolidated into a newly created address, with an additional 4,000 BTC moved to another internal wallet. A similar large-scale internal transfer of 43,000 BTC on September 22 was initially misinterpreted as an outbound movement to Binance — likely part of pre-acquisition financial auditing.
Huobi Tech and Rebranding Strategy
Parallel to the exchange sale, Huobi Technology — a publicly listed arm in Hong Kong — announced plans to rebrand as New Huo Technology Holdings Limited (新火科技控股有限公司). The board cited the need for a refreshed corporate identity aligned with future business directions. Ownership of this entity remains undetermined, suggesting potential future spin-offs or independent strategic moves.
Leon Li’s farewell message on October 6, 2021 — “Without Huobi, there would still be Binance and OK. If you feel disappointed because of me, I’m sorry” — reflects both personal reflection and industry realism. His departure marks the end of an era but also opens space for institutional stewardship.
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Frequently Asked Questions (FAQ)
Q: Who owns Huobi now?
A: The majority stake in Huobi Global is now held by a merger and acquisition fund managed by About Capital Management, a Hong Kong-based asset manager. They are the new controlling shareholder.
Q: Did Leon Li sell all his shares?
A: Yes, Leon Li has divested his controlling interest in Huobi Global. He no longer holds a dominant ownership position.
Q: Will Huobi change its name or platform services?
A: There are no immediate plans to change the exchange name or disrupt services. The rebranding of huobi.com to htx.com appears to be operational but does not signal a full platform overhaul.
Q: Is Huobi still safe for users?
A: Yes. The transaction does not impact user funds or platform security. Huobi continues to operate under established protocols with multi-layered safeguards.
Q: What does this mean for the crypto market?
A: It signals maturation — legacy exchanges are transitioning from founder-led ventures to professionally managed entities backed by institutional capital.
Q: Could About Capital sell Huobi again soon?
A: While possible, there is no indication of a short-term resale. Their investment philosophy suggests a long-term hold strategy focused on sustainable growth.
Looking Ahead: Institutionalization of Crypto Exchanges
The acquisition underscores a broader trend: the institutionalization of digital asset platforms. As regulatory frameworks solidify across Asia and Europe, exchanges must evolve beyond entrepreneurial roots into compliant, transparent organizations.
With About Capital at the helm, Huobi may focus on strengthening its presence in regulated markets, expanding fiat gateways, and enhancing product offerings such as derivatives, staking, and institutional-grade custody solutions.
As the crypto winter gives way to cautious optimism, platforms that adapt — like Huobi under new ownership — stand the best chance of thriving in the next bull cycle.
Core Keywords: Huobi acquisition, About Capital, Leon Li, cryptocurrency exchange, HTX, crypto M&A, institutional crypto investment, Hong Kong crypto regulation