In the field of financial technology, Huobi Technology has always been regarded as one of the representatives of Chinese companies. However, a shocking news recently came: Huobi Technology applied to cancel its registration in China! This news was like a bombshell, shaking the entire financial market. It is reported that Li Lin, the founder of Huobi Technology, will personally be responsible for the liquidation work, and the stock price of Hong Kong stock Huobi Technology has fallen all the way, falling below the important support level of 16%. What story is hidden behind this series of events? Let us uncover this financial turmoil together.

According to China’s National Enterprise Credit Information Publicity System, Beijing Tianxia Network Technology Co., Ltd. (hereinafter referred to as Huobi Tianxia) resolved to dissolve on July 22. It plans to apply to the company registration authority for deregistration and requires creditors to file a liquidation report within 45 days from the date of announcement. Group declares claims.

The National Enterprise Credit Information Publicity System announced that on the 22nd, Huobi World, a subsidiary of China Huobi, resolved to dissolve and registered with the Beijing Haidian District Market Supervision Administration to establish a liquidation team. Li Lin, the founder of Huobi, served as the head of the liquidation team.

According to the National Enterprise Credit Information Publicity System, Huobi World was listed on the list of operating irregularities by the Haidian Branch of the Beijing Municipal Administration for Industry and Commerce in June 2019, mainly because it was unable to contact its registered residence or business location.

According to "Golden Finance", Huobi's official response stated that Huobi World was the company's early main institution registered in Beijing. Since it did not operate any business and was not the operating entity of Huobi Global, it also had no relationship with Hong Kong. HuobiTech, which is listed on the exchange, has no connection with it and has no need to continue, so it applied to the registration authority for cancellation.

The deregistration filing announcement reminds creditors that they need to apply for claims to the liquidation team of Huobi World within the period from the announcement on the 22nd to September 5th.

It is worth noting that Tianyancha information shows that Huobi World has applied for as many as 174 intellectual property rights and has received multiple software copyright approvals since 2014.

Huobi Technology fell 16%

Huobi Tianxia is not the first cryptocurrency exchange subsidiary in China to be registered and deregistered.

On June 28 this year, OKCoin, one of the top three cryptocurrency exchanges in China, also reported that it planned to apply for deregistration. OKCoin was unwilling to comment further, explaining only that this was the relocation of a subsidiary of the group and was a normal adjustment.

OKCoin is an exchange for users in China, and the more well-known international trading platform is registered in the Maltese Islands. Both operate independently.

Although Huobi also clarified that the dissolution of Huobi World was a normal adjustment, and called on investors through the media to discern the facts clearly and not to be misled by irrelevant information, the news that Huobi World planned to register and cancel still caused Huobi to list in the Hong Kong stock market. Technology suffered a heavy setback on the 27th, opening at HK$10.94 and falling more than 16.6% to HK$9.6.