PANews reported on November 22 that according to Bloomberg, people familiar with the matter said that Justin Sun spent about $1 billion to acquire about 60% of Huobi's equity through Hong Kong asset management company About Capital. Sequoia China and ZhenFund also sold their combined 28% stake in Huobi Global to About Capital. People familiar with the matter said that Justin Sun excluded his name from the transaction to avoid Chinese supervision.

Earlier in October, it was reported that Huobi's controlling shareholder completed the sale of shares, and the M&A fund under Baiyu Capital became the actual controller. Justin Sun joined the Huobi Global Global Advisory Committee and responded many times that he was not a buyer of Huobi.