<p><span style="font-weight: 400;">Huobi will sell a majority stake to Hong Kong-based investment company About Capital Management, Huobi <a href="https://www.huobi.com/support/en-us/detail/84919491689932">announced</a> in a blog post.</span></p> <p><span style="font-weight: 400;">As the change in ownership occurs, there will be no impact on the exchange’s core operations, and Huobi said it will focus on international business expansion. This includes the creation of a global strategic advisory board led by "leading industry figures," as well as the formation and capital infusion of a risk provision fund, the Asia-based exchange said.</span></p> <p>Financial terms of the deal were not disclosed.</p> <p><span style="font-weight: 400;">In late August, rumors that FTX founder and CEO Sam Bankman-Fried would purchase the exchange were </span><a href="https://www.theblock.co/post/166262/ftx-has-no-plans-to-buy-crypto-exchange-huobi-says-ceo-bankman-fried"><span style="font-weight: 400;">laid to rest</span></a><span style="font-weight: 400;"> when he confirmed no such plans existed.</span></p> <p><span style="font-weight: 400;">Huobi’s exchange token, HT, rose in response to the news, currently trading around $4.42.</span></p> <p><img class="size-full wp-image-175692 aligncenter" src="https://www.tbstat.com/wp/uploads/2022/10/Screen-Shot-2022-10-07-at-4.41.55-PM.png" alt="HT trading view" width="1724" height="1280" /></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>