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24/01/19 08:38 UTC-4

The founder of the OKCoin Exchange has become the largest shareholder of the LEAP Holdings Group

Mingxing "Star" Xu, founder of OKCoin, became the largest individual shareholder of LEAP Holdings Group, after buying shares worth about $ 60 million, as reported by the CoinDesk news agency.

Mingxing Xu, founder and head of the OKCoin cryptocurrency exchange (registered in Hong Kong) became the largest individual shareholder of the Chinese LEAP Holdings Group engineering company.

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OKCoin exchange and purchase of shares for reverse merger

The transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
took place on the Hong Kong Exchange (HKEX), where the shares of LEAP Holdings Group were represented. The purchase amount was $ 60 million. From the statement published on the HKEX website, it is known that the official buyer was not Xu himself, but OKC Holdings Corp.

The purchase amounted to 3.2 billion shares, which made OKC Holdings Corp the largest investor in LEAP Holdings. According to official figures, this is more than 60.5% of the shares. At the time of purchase, the stock price amounted to 0.15 Hong Kong dollars apiece.

In turn, Mingxing "Star" Xu owns 52.32% of OKC Holdings Corp's shares, thanks to its StarXu Capital and OKEM Services Company, which makes it the main shareholder of the engineering company purchased.

Recall that on January 10, OKC Holdings initially applied to HKEX for the purchase of a controlling stake in LEAP Holdings Group. The transaction was closed in just two weeks, according to the conditions proposed by HKEX.

OKCoin CEO has become the largest shareholder of LEAP Holdings Group. Modern crypto-exchanges are increasingly looking for options for reverse merging to become public companies. Instead of following traditional IPOs (which are costly and time consuming), they increasingly turn to the reverse merger process. For example, on January 23, the holding company of the South Korean Bithumb stock-exchange, signed a binding agreement with the American investment firm BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
Industries for the reverse merger.

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And in August last year, Huobi, a Singapore crypto-exchange, took a similar step by buying a 66.26% stake in Pantronics Holdings, registered on HKEX.

Editor: Alyona Nabok

See also: "New Hg Exchange announced that it will be able to tokenize Uber, Airbnb, Space X"

#exchange #OKCoin #LEAPHoldingsGroup #IPO #HKEX

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