With that amount, Li Lin, chairman of Huobi Group and controller of the two subsidiaries, now owns 66.26 percent of Pantronics and is effectively the largest individual substantial shareholder.
The deal could further give Huobi the opportunity of a back-door listing in the future – a process where a private firm enters the secondary financial market by purchasing a major number of shares of a public company.
Based on the announcement, the transactions were made at an average price of HK$2.72 (or $0.35) per share with a total amount close to $70 million. However, the number of shares acquired appears to fall short of what the exchange intended.
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