DeThings: If Xinhuo Technology completes the allotment of new shares, the major shareholder Li Lin’s shares will be diluted to 26.12%

According to DeThings, if Xinhuo Technology completes the placement of new shares, its major shareholder Li Lin’s shares will be diluted to 26.12%, and another shareholder Shen Nanpeng’s shares will be diluted from 11.94% to 7.92%. Du Jun, executive director and CEO of Xinhuo Technology, will increase his stake to 16.86%. OnChain’s stake will increase to 17.66%. According to the estimate of Xinhuo Technology’s announcement, the net value of shares placed by Xinhuo Technology this time is about 325 million Hong Kong dollars, of which 235 million Hong Kong dollars will be used to repay loans, and 90 million Hong Kong dollars will be used for the group’s business development and operating funds. Previously, the company withdrew $18.1 million in encrypted asset deposit losses due to the collapse of FTX, and loaned $13.2 million to major shareholder Li Lin. Xinhuo Technology changed its name to Huobi Technology, and its major shareholder Li Lin was previously the founder of the cryptocurrency trading platform Huobi. As of before the allotment of Xinhuo Technology's shares, the well-known venture capital institution Sequoia China and its founder Shen Nanpeng held 11.94% of Xinhuo Technology's shares. Foresight News previously reported that Xinhuo Technology announced that it had signed a share subscription agreement with Du Jun and ON CHAIN ​​Technology LIMITED (actual controller Zhong Gengfa), of which Du Jun’s subscription price was HK$155 million, accounting for 24.18% of the issued shares , On Chain's total subscription price is HK$171 million, accounting for 26.64% of the issued shares, totaling HK$326 million, and will be paid in cash upon fulfillment of the prerequisites.