Huobi Global exchange (now HTX) co-founder Leon Li’s company, X-Spot Global Limited, has won an injunction against Huobi Global, directing the latter to stop using the Chinese-equivalent “Huobi” trademark in Hong Kong.
A recent ruling from the Hong Kong High Court states that the HTX exchange will not be permitted to use the Chinese business name “火必” or the trademark name Huobi (火幣), as they are “confusingly similar” to the English trademark in Hong Kong, while the case awaits a final trial.
The presiding judge, Mimmie Chan J., wrote, “At this stage, I am unable to see any arguable defence to the Plaintiff’s claim of trademark infringement, and as Counsel for the Plaintiff submitted, there is no need to consider the adequacy of damages or the balance of convenience for the grant of the Injunction sought.”
The Huobi trademark was registered in Hong Kong in 2019, according to court records. Co-founders Leon Li and Du Jun sold Huobi Global in September 2022 to About Capital Management, a company connected to Chinese blockchain celebrity Justin Sun.
Nonetheless, before the September 2022 acquisition, Leon’s X-Spot Global Limited was assigned the Huobi trademark, or its rights were fully transferred, according to court filings, which are “not disputed” by either party.
Huobi Global was sued by X-Spot Global in Hong Kong in July 2023 for trademark infringement. In a statement at the time, Huobi Global claimed, “It holds trademark rights in many legal jurisdictions around the world and is therefore entitled to use them freely.”
