The largest Chinese Exchange Huobi Global has been taken over by About Capital

Huobi Global, formerly the biggest cryptocurrency exchange in China, has announced that an investment strategy firm has taken control of it.

Huobi Global stated on October 7 that the transactions to sell the controlling shareholders’ entire shareholdings to About Capital Management had been completed.

Ted Chen founded About Capital in 2008; it is a discrete fund management company with offices in Hong Kong. Chen was also the creator of the enormous Chinese hedge fund Greenwoods Asset Management.

The takeover by About Capital won’t have an impact on Huobi’s “key operating and business management personnel,” according to the release. Only the shifting of the controlling shareholders is involved in the transaction.

It is known that the transaction also entails a number of crucial steps to guarantee a seamless transition of day-to-day business operations, enhanced risk capital provision, and continuity of the core management team.

According to reports, Bloomberg valued Huobi Global at $3 billion earlier this year. Sam Bankman-Fried, the CEO of FTX, refuted rumors that he intended to acquire the business in September.