Owner of Hong Kong crypto exchange OSL gets US$91 million from firm linked to Bitget, which is exiting the market
- BGX is taking a 30 per cent stake in BC Technology to become the largest shareholder of the owner of one of two licensed Hong Kong crypto exchanges
- BGX CEO Patrick Pan Zhiyong is also the head of BitgetX, the Hong Kong arm of Bitget, which announced this week it will shut down in December
BC Technology Group, owner of the licensed Hong Kong cryptocurrency exchange OSL, received a HK$710 million (US$90.9 million) investment from BGX, a crypto firm with apparent ties to cryptocurrency exchange Bitget.
BGX has entered into an agreement to subscribe for shares in BC Technology, giving it a 29.97 per cent stake in the company, BC announced in a statement on Tuesday. The sale, which is pending shareholder approval, will make BGX the largest shareholder in the Hong Kong-listed firm, according to a BC filing to the Hong Kong stock exchange.
BGX describes itself as “a crypto group” that aims to offer a trading platform for both institutional and retail investors, and it is reportedly linked to the Singapore-based cryptocurrency exchange Bitget.
In an emailed statement to the Post, a Bitget spokeswoman said that the company is “an independent entity, with its management team and operational structure”, and it “does not have any legal or commercial connection with BGX”.
BGX did not respond to a request for comment.
BGX, which is incorporated in the Cayman Islands, is wholly owned by Liu Shuai, founder of Shenzhen Qianhai Junchuang Fund Management and the crypto fund Foresight Ventures, according to the BC Technology filing.
