In October 2022, a pivotal moment unfolded in the cryptocurrency exchange landscape as Huobi Global completed its ownership transfer to About Capital, a Hong Kong-based investment firm. This transition marked the end of an era for Leon Li (Li Lin), the founder who had steered Huobi through nine years of rapid industry evolution, regulatory shifts, and global expansion. With Li officially stepping down as shareholder and relinquishing all operational control, attention swiftly turned to the exchange’s future direction — and to a figure increasingly seen as its new driving force: Justin Sun, founder of the TRON blockchain.
While About Capital is the legal majority stakeholder, mounting evidence suggests that Justin Sun plays a central strategic role behind the scenes. Despite official denials from the TRON team regarding direct acquisition involvement, Sun’s actions following the handover strongly indicate deep integration with Huobi’s leadership and vision.
👉 Discover how major crypto exchanges are reshaping their ecosystems amid leadership transitions.
Justin Sun’s Emergence in Huobi’s New Era
Though the TRON Foundation publicly stated that neither Justin Sun nor TRON participated in the acquisition, Sun was present at the Singapore closing ceremony on October 8, 2022. More telling was his appointment to the newly formed Huobi Global Advisory Committee, a role that grants significant influence over strategic decisions.
Shortly after the announcement, reports surfaced that Sun is a core investor in the About Capital-affiliated fund responsible for acquiring Huobi. The deal, valued at over $1 billion, signaled not just financial commitment but also a long-term vision for repositioning Huobi in the competitive global exchange market.
Further reinforcing this narrative:
- Justin Sun updated his Twitter bio to include a direct link to the Huobi Global website, replacing previous links.
- Internal hiring surges were observed across key departments, suggesting active restructuring under new guidance.
- Former C-suite executives began stepping down or losing access, indicating a shift in executive authority.
These developments point toward a de facto leadership presence, even if not formally structured as CEO or owner.
Vision for HT: No New Tokens, Focus on Utility
During an all-hands employee meeting on October 10, 2022, Justin Sun addressed Huobi staff directly, delivering a clear roadmap for the platform’s future. Central to his message was the Huobi Token (HT) — a native utility token that had seen fluctuating demand amid market uncertainty.
Sun emphasized that no new token would be issued, dispelling rumors of a rebranding or migration. Instead, he announced plans to "massively empower HT" by expanding its use cases across trading fee discounts, governance rights, staking rewards, and exclusive platform features.
“HT appreciation should not come from artificial pumping,” Sun stated. “It must reflect genuine user confidence in the Huobi brand.”
This strategy aligns with broader trends in tokenomics — shifting from speculative value to real-world utility. By anchoring Huobi’s growth to HT’s enhanced functionality, Sun aims to cultivate long-term loyalty among users and investors alike.
👉 See how leading crypto platforms are boosting token utility in 2025.
The End of an Era: Leon Li’s Departure
Leon Li founded Huobi in 2013, growing it into one of China’s most influential digital asset platforms. His farewell post reflected both pride and nostalgia:
“I no longer have any authority over Huobi. I’ve said goodbye to the company I built from nothing.”
Li’s departure follows a broader trend of Chinese crypto pioneers exiting domestic operations due to tightening regulations. His legacy includes pioneering early fiat-onramps, launching one of Asia’s first crypto derivatives markets, and fostering community trust during multiple market cycles.
However, regulatory pressures culminated in Huobi’s full withdrawal from mainland China — a process that began in late 2021.
Huobi’s Exit from Mainland China: A Timeline
Facing increased scrutiny from Chinese authorities on cryptocurrency activities, Huobi initiated a phased exit:
- September 25, 2021: Removed Mainland China as a registrable region.
- September 26, 2021: Announced plans to fully delist OTC CNY pairs and cease services for existing mainland users by December 31, 2021.
- December 15, 2021: Disabled spot trading for mainland-registered accounts.
- December 31, 2021: Completed OTC CNY pair delisting.
The move came at a cost. In a February 2022 CNBC interview, Du Jun (Chairman of Huobi Group) revealed that exiting China resulted in approximately 30% revenue loss — a significant blow, yet one framed as necessary for compliance and global legitimacy.
COO Zhu Jiawei departed shortly after in October 2021, underscoring internal restructuring during this transitional phase.
About Capital: Who Are Huobi’s New Owners?
About Capital Management, headquartered in Hong Kong, primarily focuses on private equity and venture capital investments across technology, healthcare, and financial services. Its acquisition of Huobi marks a bold entry into the digital asset infrastructure space.
While details remain limited, the firm’s association with high-net-worth investors and institutional networks positions Huobi for potential partnerships and licensing opportunities in regulated jurisdictions — particularly in Asia and the Middle East.
FAQ: Key Questions About Huobi’s Ownership Shift
Q: Is Justin Sun the official owner of Huobi Global?
A: No. Legally, About Capital holds majority ownership. However, evidence suggests Justin Sun is a major investor and strategic leader within the new structure.
Q: Did TRON acquire Huobi?
A: According to TRON’s official team, neither Justin Sun nor TRON participated in the acquisition. Sun joined as an advisor post-acquisition.
Q: Will Huobi launch a new token?
A: No. Justin Sun confirmed there will be no new token issuance. The focus remains on enhancing the utility and value of HT.
Q: Why did Huobi leave mainland China?
A: To comply with China’s strict ban on cryptocurrency trading and related services introduced in 2021.
Q: What happened to Leon Li after leaving Huobi?
A: After stepping down, Li has maintained a low public profile but retains recognition as a foundational figure in the crypto industry.
Q: Is Huobi still operational today?
A: Yes. Huobi Global continues serving international users with expanded compliance measures and product offerings.
👉 Explore secure and compliant ways to engage with global crypto platforms today.
Looking Ahead: Rebuilding Trust and Global Expansion
With regulatory clarity improving in regions like Singapore, Dubai, and Switzerland, Huobi is positioning itself for international relaunch efforts, including potential re-entry into U.S. markets — a goal mentioned by Du Jun in early 2022.
Under Sun’s advisory leadership, the emphasis is clear: rebuild trust through transparency, enhance HT’s ecosystem role, and expand into compliant financial services such as institutional custody and decentralized finance integrations.
As the crypto industry matures, ownership transitions like Huobi’s reflect a broader shift — from founder-led startups to institutionally backed platforms guided by strategic visionaries.
Core Keywords: Huobi Global, Justin Sun, HT token, About Capital, crypto exchange, Leon Li, ownership transfer, HT utility