TechFlow News — According to Bloomberg, citing people familiar with the matter, Justin Sun spent approximately $1 billion through Hong Kong-based asset management firm About Capital (About Capital Management) to acquire around 60% of Huobi. Sequoia China and ZhenFund also sold their combined 28% stake in Huobi Global to About Capital. The sources said that Sun kept his name out of the transaction to avoid regulatory scrutiny from Chinese authorities.
Earlier in October, it was reported that Huobi's controlling shareholder completed the sale of shares, with an acquisition fund under About Capital becoming the actual controller. Justin Sun joined the Huobi Global Global Advisory Committee and repeatedly stated that he is not the buyer of Huobi.Original link
