Crypto exchange Huobi Global reportedly disclosed details regarding Hong Kong asset management entity About Capital Management (HK) Co. Ltd, became the exchange’s controlling shareholder. 

Specifically, the development was reportedly made possible via a successful buyout agreement for an anonymous sum, crowning About Capital as Huobi’s new controlling shareholder. 

The exchange additionally claimed that core operation and business management teams would suffer no major changes when the transition happened.

As a majority stakeholder, About Capital reportedly has plans dowin its pipeline to offer support for Huobi’s global brand promotion, as well as business expansion projects. 

“Upon successful implementation of the initiatives, Huobi Global will be well positioned to provide first-class trading and investment services to international investors.”

About Capitals further revealed details related to its plans for designing an international strategic advisory board “led by leading industry figures”, together with different other initiatives, nominally establishing margin and risk provision fund, and measures to streamline the exchange’s competitiveness.

Back in August, Sam Bankman-Fried, the Head of crypto exchange FTX, denied a Bloomberg report that claimed FTX was gearing towards the acquisition of Huobi. Huobi concluded the announcement by highlighting its exit from China.

On Sept. 14, Huobi Global reportedly became the third major cryptocurrency exchange to open a blockchain ecosystem development agreement with the South Korean city of Busan.

As stated in the official Huobi announcement, the alliance will see the firm offer research and development, technology and financial assistance to the Busan Digital Currency Exchange. 

Moreover, Huobi is also set to help with the identification and talent hunting for blockchain personnels for Busan’s local exchange.