Giant Network Sells Stake in Fallen Chinese Bitcoin Trading Giant to Its Actual Controller
(Yicai Global) March 26 -- Giant Interactive Group Inc. has sold all of its stake in OKC Holdings Corp., the operator of OKcoin, which was previously one of China's biggest cryptocurrency trading platforms prior to last year's regulatory clampdown.>
Shanghai-based Giant Interactive and its Hong Kong unit have sold their combined 14 percent stake in OKC Holdings to Kalyana Global Ltd., owned by Giant Network's actual controller and chairman Shi Yuzhu, the firm said in a statement.
Okcoin ceased cryptocurrency trading operations in October following a nationwide clampdown on bitcoin platforms based in China.
The company aims to reduce business uncertainties and protect investors' through the deal, the statement added.
Giant Interactive completed its investment in OKC Holdings Corporation in April last year. Founded in February 2015, OKcoin was not only a key platform for Bitcoin, Litecoin and Ethereum transactions but focused on blockchain-related industries and applications.