Hong Kong-listed company New Huo Technology has announced plans to launch a new cryptocurrency exchange called "New Huo HK," drawing significant market attention. Initial reports indicate the platform currently offers only three trading pairs (USDT/USD, BTC/USD, ETH/USD) with no observable trading volume.
Leadership and Strategic Moves
- Leon Li, after selling his stake in Huobi, partnered with Du Jun (co-founder of Huobi Group) through New Huo Technology to establish this exchange
- The company confirms active applications for digital asset licenses in multiple jurisdictions
- Current website operates as a trial platform during regulatory review, not yet open for public operations
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Market Implications
- Potential competitive threat to existing exchanges like Huobi
- Departure of veteran Huobi employees suggests organizational reshuffling
- Leon Li maintains 53.37% controlling stake as non-executive director
Regulatory Framework
New Huo HK currently serves only professional investors as defined by Hong Kong's Securities and Futures Ordinance:
| Investor Type | Minimum Requirements |
|---|---|
| Institutional | HKD 40M+ total assets |
| Corporate/Partnership | HKD 8M+ portfolio or HKD 40M+ assets |
| Individual | HKD 8M+ investment portfolio |
Corporate Developments
- 2020: Huobi Tech subsidiary secured Type 4 & 9 SFC licenses
- 2022: New Huo Technology applied for Type 1 & 7 licenses
- Leadership changes included Du Jun's appointment as CEO
Strategic Partnership
New Huo Asset Management partnered with Coinbase in December 2022 to offer:
- Virtual asset discretionary account services
- Professional investor account management
- Compliance-focused crypto investment solutions
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FAQs
Q: When will New Huo HK launch officially?
A: No confirmed date yet - pending regulatory approvals and platform testing.
Q: What cryptocurrencies will be available?
A: Currently BTC, ETH, and USDT, with potential expansion post-launch.
Q: How does this affect Huobi's operations?
A: Potential market share competition, though both platforms target different investor segments.
Q: What licenses is New Huo pursuing?
A: Digital asset trading and securities-related licenses across multiple jurisdictions.
Q: Can retail investors use New Huo HK?
A: Currently only for qualified professional investors meeting Hong Kong's asset requirements.