Huobi founder Leon Li is selling his shares in the crypto exchange to Hong Kong-based asset manager About Capital Management.

Li was a controlling shareholder in the company and sold 100% of his holdings, according to a press release from Huobi.

After purchasing a majority stake in the exchange, About Capital Management formed a new advisory board for Huobi, which includes About Capital CEO Ted Cheng and Tron (TRX) founder Justin Sun.

I am very honored to be appointed as a member of the Global Advisory Board of @HuobiGlobal and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead. https://t.co/txZspJaV4Q

— H.E. Justin Sun??? (@justinsuntron) October 9, 2022

In August, Sun denied “engaging in any matters” relating to a Bloomberg story that cited anonymous sources who said he had shown an interest in purchasing Li’s shares.

About Capital also says Huobi will “embrace a series of new international brand promotion and business expansion initiatives,” including “the injection of sufficient capital in margin and risk provision fund.”

Explains Sun,

“Having completed its exit from the mainland China market, Huobi Global will be embarking on a series of branding activities and business developments after the acquisition. Instead of releasing new tokens, our key focus will be on supporting the Huobi Token (HT) to strengthen its place in the virtual assets industry.”

Huobi’s native token, HT, has been surging since the announcement. The 66th-ranked crypto asset by market cap is trading at $5.05 at time of writing and is up over 17% in the past 24 hours.

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