Owner of Hong Kong crypto exchange OSL gets US$91 million from firm linked to Bitget, which is exiting the market

Originally appeared on South China Morning Post

BC Technology Group, owner of the licensed Hong Kong cryptocurrency exchange OSL, received a HK$710 million (US$90.9 million) investment from BGX.

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.

As part of the investment into BC Technology, BGX CEO Patrick Pan Zhiyong has been nominated as one of two new executive directors.