Huobi Global, formerly China’s crypto exchange, announced on Friday that the acquisition by the buyout vehicle run by About Capital Management of the controlling shareholder’s entire interest in Huobi Global had been completed.

In addition, After the deal is completed, About Capital’s buyout vehicle will own the majority of that company. The acquisition only affects the company’s controlling shareholder and has no impact on the company’s fundamental operations or management teams.

Ted Chen founded About Capital in 2008, a discrete fund management company with offices in Hong Kong. Chen also started Greenwoods Asset Management, one of the most significant hedge funds.

Huobi’s Ongoing International Expansion

The announcement added that Huobi Global would “embrace a number of new international brand marketing and commercial expansion efforts” after the ownership change, which includes a global strategic advisory board led by influential business leaders. Along with “steps to further strengthen competitiveness,” there will be a capital infusion for a margin and risk provision fund.

“We believe the virtual currency market is still in its early stages and there is enormous upside for long-term growth,” About Capital CEO Chen said.

Since Huobi was established in 2013, it profited from the cryptocurrency boom before Beijing imposed severe restrictions on digital assets. Following the prohibition, the exchange, along with its rival Binance, ceased serving Chinese consumers in favor of a global expansion strategy.

As per Leon Li, the creator of Huobi, after the company left China in 2021, “we have escalated our globalization push amid a challenging market climate, which adds to the urgency for Huobi to seek a new shareholding structure with a worldwide vision and foreign resources.”

Currently, Huobi Global offers 647 coins, 970 trading pairs, and a whopping $568 million 24-hour volume, per the CoinGecko. Additionally, the business has a cryptocurrency cloud service and a venture capital division called Huobi Ventures.