What is the background of Huobi’s new owner “Baiyu Capital”?

On October 8, Huobi founder Li Lin said in his circle of friends that he had transferred his equity to Hong Kong About Capital , making Hong Kong About Capital the largest shareholder and actual controller.

Huobi has since become AboutBi, and Mumu, a trendsetter of the past generation, has sadly left the stage of history. Can the Crypto Jews continue to take over and revive the industry?

Chen Yihua

About Capital Management is a Hong Kong asset management company founded by Chen Yihua in 2013. From 2004 to 2013, he was also a partner of Jinglin Asset, a well-known domestic private equity firm. He holds an MBA from the Australian Graduate School of Management and has won the three-year Overseas Golden Bull Private Equity Investment Manager (Equity Long-Short Strategy) Award.

The list of Baiyu Capital managers and sales representatives learned from the Hong Kong Securities Regulatory Commission is as follows:

Among the two legal persons in charge, Ted Chen graduated from the Department of Mathematics of Fudan University in Shanghai. He started working in Australia in 1990 and was one of the earliest overseas fund managers in China. He holds an MBA from the Australian Institute of Management and qualifications of Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM); Shan Liming graduated from Shanghai University and Shanghai Jiaotong University and worked for Hong Kong Xijing Investment and SWM Fund.

Both of them are from the Shanghai financial circle and have many years of overseas work experience.

From Linkedin, we can see that Chen once interacted with Fosun Group's independent director Zhang Huaqiao (who was sent to study in Australia in 1990 and was already working in Australia at that time). Combined with the fact that Fosun founder Liang Xinjun is also investing heavily in the crypto industry, we can speculate that Chen Yihua should have very deep resources in the Shanghai financial circle, and it is not ruled out that the equity transfer was brokered by a big shot in the circle in Shanghai.

Shenwan, where Shan Liming used to work, is relatively well-known, so we will not mention it for now. Xijing Investment, where he worked, was one of the earliest overseas funds to obtain QFII qualifications. Its actual controller is Liu Yang, a female, the former youngest overseas fund manager of CITIC International. She is known as the "Chinese Female Buffett" and is very famous in the Hong Kong financial circle.

Baiyu Capital

About Capital Management, Hong Kong Beyond Capital, registered on September 24, 2013, is a Hong Kong asset management company focusing on investment in the Asia-Pacific market. Address: Room 4001, COSCO Tower, 183 Queen's Road Central, Central, Hong Kong, formerly known as Beyond Capital (renamed in 2010).

The main business of Bai Yu is: Bai Yu Asia Special Opportunities Fund.

According to the fund's monthly report, Baiyu Capital is not a newcomer in the crypto industry. In the January 2021 monthly report, it was mentioned for the first time that the fund had made crypto asset allocations in Bitcoin.

In the monthly report of April 2022, the fund mentioned its views on the current crypto market:

As of August 2022, the allocation of the Baiyu Asia Fund is as follows:

As you can see, the fund still has 3.6% of its allocation in crypto assets.

The fund overview is as follows:

The fund's peak assets were $100 million, with crypto assets accounting for nearly 10% of the fund's holdings at the highest point. The overall drawdown is currently quite severe. Be cautious when investing in cryptocurrencies.