OKCoin can enter the stock exchange through reverse takeover

The founder of the cryptocurrency exchange, OKCoin Star Xu, filed with the Hong Kong Stock Exchange (HKEX) an application to acquire a controlling stake in LEAP Holdings Group Ltd.

According to information posted by HKEX, Star Xu (real name – Xu Mingxing) for 484 million Hong Kong dollars (about $ 62 million) buys 60.49% of shares of a construction company listed on the stock exchange.

Industry insiders believe that, if approved by the exchange, this reverse takeover makes it possible for OKCoin to become a public company in Hong Kong without the need for an IPO.

Earlier, the cryptocurrency exchange Huobi went along a similar path – its founder and head Li Lin acquired 66.26% of shares of Hong Kong public company Pantronics Holdings for $ 70 million in August.

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