Huobi Technology Holdings, a Hong Kong-listed company that is owned by Huobi Exchange, is planning to launch three crypto-only funds.

Huobi Technology Holdings, a Hong Kong-listed company controlled by Huobi exchange CEO and chairman Li Lin, is preparing to launch three digital asset-focused funds. According to The Block, Huobi Tech announced that its wholly-owned subsidiary Huobi Asset Management had received additional regulatory clearance from the Hong Kong Securities and Futures Commission (SFC) to operate 100 percent digital asset funds.

In Hong Kong, Huobi Tech intends to launch pure BTC and ETH funds.

Huobi Asset Management intends to launch a BTC tracker fund, an ETH tracker fund, and multi-strategy digital asset funds, all of which would be entirely invested in cryptocurrencies. It is also launching a multi-asset fund that will invest 10% in digital assets and 90% in equity and fixed income. The fund’s subscription supports both fiat and cryptocurrency, according to Huobi Tech. Huobi Tech announced last August that it had been granted a type 9 (asset management) license by the SFC. A type 9 license, on the other hand, does not automatically grant permission to operate funds` that are entirely comprised of crypto assets.

Huobi‘s CEO bought more than 70% of Pantonics’ shares.

Huobi CEO and chairman Li acquired over 70% of the shares of Pantonics, a Hong Kong-listed electronic component manufacturer, for $77 million in 2018. Huobi Technology Holdings was renamed Huobi in 2019, but Li has yet to restructure Huobi’s exchange business into the Hong Kong shell. Huobi Tech has not stated how much money it expects to raise. According to Mandy Liu, vice president of Huobi Tech’s Investor Relations, the fund’s size is still being debated and will be determined by the expansion of distribution channels. “We aim to become the leading virtual asset management company in Asia in the near future.”


Please enter your comment!
Please enter your name here