Huobi, Singapore based cryptocurrency exchange is currently seeking to become the largest stakeholder of Pantronics, an electronics manufacturing service provider, which is publicly listed in Singapore.
This move, if successful would enable Huobi to go public thru a reverse takeover.
As per the public disclosures by Pantronics Holdings, to HongKong stock exchange, the firm is supposed to transfer 221 Million public shares to Li Lin, chairman of Huobi group.
With this transaction completed, Li Lin would be holding 73.73% of Pantronics, therefore the largest stakeholder.
The current public shares of Pantronics is priced at HK$2.72 (or $0.35) per share with the Toal share amount closing down to $77 million.
As said earlier, this deal after completion would pave the way for Huobi for reverse takeover, i.e. to take over the public company and enter a secondary financial market.
As of now, neither Pantronics , nor Huobi has made any official announcement about the deal, it’s completion or any corporate changes in hierarchy. Huobi, though stated that it’s currently waiting for the approvals from Hong Kong Stock Exchange, therefore they are unable to provide further comments.
Interestingly, Pantronics had stopped trading for it’s public stocks on HongKong stock exchange from August 22.
As per the official statement,
“pending the release of an announcement relating to a possible offer to be made … on Takeovers and Mergers, which is inside information in nature,”
Also to add, After the news of this possible merger broke via a local news outlet, the price of Huobi Token gained by eight percent, as per coinmarketcap.