X-Spot Global Limited, owned by Leon Li, the co-founder of Huobi Global Exchange (now HTX), has secured an injunction against Huobi Global, preventing the use of the Chinese trademark “Huobi” within Hong Kong.
As per a recent ruling from the Hong Kong High Court, HTX will be restricted from utilizing the trademark name “Huobi” and its Chinese business name, considered to be “confusingly similar” to an English trademark registered in Hong Kong. A final trial remains pending on this matter. Presiding Judge Mimmie Chan J stated, "I do not currently observe any arguable defense to the plaintiff's claim of trademark infringement. As such, there's no need to consider the adequacy of damages or the requested balance of convenience for granting an injunction."
Court records indicate that the Huobi trademark was officially registered in Hong Kong back in 2019. However, following the sale of Huobi Global by co-founders Li and Du Jun to About Capital Management, connected with Chinese blockchain figure Justin Sun in September 2022, the ownership of the trademark changed hands. Before this acquisition, the Huobi trademark was transferred to Leon’s X-Spot Global Limited, an event uncontested by both parties involved.
In July 2023, X-Spot Global filed a lawsuit against Huobi Global for trademark infringement within Hong Kong. At that time, Huobi Global had asserted its rights to use the trademark across various jurisdictions worldwide, stating its entitlement to its free use. Concurrently, Justin Sun, through public statements, levied allegations against Li Wei, the brother of Liang Li. Sun accused Wei of acquiring millions of Huobi tokens through questionable means at zero cost and subsequently selling these HT tokens for monetary gain. Responding to these allegations, Liang Li urged Huobi to provide evidence. He vowed to personally compensate Huobi tenfold if it was proven that HT tokens were unlawfully obtained at no cost.
