Huobi has Completed Shares Delivery with Pantronics Holdings Limited, Only One Step Away from Its Backdoor Listing

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October 5, the Singapore-headquartered world leading cryptocurrency exchange Huobi has issued a joint announcement with Pantronics Holdings Limited, a Hong Kong-listed electronic products manufacturing firm to state that, the delivery of their stock acquisition agreement has been made.Huobi has Completed Shares Delivery with Pantronics Holdings Limited, Only One Step Away from Its Backdoor Listing

This announcement pushes aside the concerns about the Huobi’s stock acquisition. However, it does not mean that Huobi has already successfully acquired Pantronics Holdings Limited by now, as it’s still depends on attitude and final decision made by the Hong Kong Securities and Futures Commission (SFC) and the Stock Exchange of Hong Kong (SEHK).

The announcement disclosed the details of the delivery. Huobi Global Limited and its partner Trinity Gate acquired a total of 216 million shares in Pantronics Holdings Limited, which accounted for nearly 71.67% of the company’s issued shares.

Trinity Gate purchased 20.45 million shares of the company, representing approximately 6.69 percent of the issued shares.

In late August, Huobi Global, Trinity Gate and New Wave Capital Limited have jointly filed a share purchasing agreement. Huobi was seeking to purchase 73.73% of Pantronics’ ordinary shares which would have cost a total of $77 million. The Hong Kong-based broker dealer, Kingston Securities serves as the entrusting party and financial adviser for this acquisition case.

However, Later on August 28, the SFC froze 10.1 billion yuan from a client’s accounts in 3 brokers suspected of an insider trading scheme while Kingston Securities is one of the 3 involved brokers.

If Kingston has confirmed to be involved in this scheme, its broker license would possibly be suspended by the SFC. The result will seriously hinder Huobi’s acquisition process.

Fortunately, for now through, Kingston’s “accident” did not have much impact on the acquisition. So far the buyer and the seller have reached a definitive agreement, Trinity Gate has also purchased the unliquidated portion in the share acquisition agreement.

As of press, everything is ready for the acquisition, Huobi is only waiting for the approval from the Hong Kong financial watchdogs. However, there may still have some uncertainties.

According veterans familiar with the Hong Kong trading market ,Hong Kong regulators have repeatedly sent inquiries to the China-based miner giant Canaan Creative to slow down its listing process. This time, they may use the same method to postpone Huobi’s acquisition.

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