The founder of crypto exchange OKCoin, Star Xu, could be seeking a possible backdoor IPO for his firm. 🤔

On 10 Jan, Xu filed with the Hong Kong Stock Exchange (HKEX) for approval to buy a 60% stake in a construction engineering firm called LEAP Holdings Group Ltd through his company, OKC Holdings Corp. Xu is seeking to purchase approximately 3.2 billion shares of the company for HK DOLLARS 0.15 (around $0.02) per share which would come out to approximately $60 million. 💰

HKEX has yet to approve the purchase, but if successful could provide a route for OKCoin to become a public company in Hong Kong via a back-door listing. LEAP Holdings has since suspended trading on the HKEX to avoid price swings from the news. 

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