Background
X-Spot Global Limited, a company owned by Huobi Global exchange co-founder Leon Li, has been granted an injunction by the Hong Kong High Court to stop Huobi Global from using the "Huobi" trademark in Hong Kong.
The Decision
In a recent ruling, the court determined that Huobi Global's use of the Chinese-equivalent "Huobi" trademark and the Chinese business name "火必" is "confusingly similar" to the English trademark. The injunction will remain in place until a final trial on the matter. The presiding judge, Mimmie Chan J, stated that there is no arguable defense to the plaintiff's claim of trademark infringement.
The Huobi Trademark
Court documents show that the Huobi trademark was registered in Hong Kong in 2019. In September 2022, Huobi Global was sold to About Capital management, which is linked to Chinese blockchain personality Justin Sun. However, prior to the acquisition, the Huobi trademark was fully transferred to X-Spot Global Limited, owned by Leon Li.
Legal Battle
In July 2023, X-Spot Global filed a trademark infringement lawsuit against Huobi Global. At the time, Huobi Global claimed that it had trademark rights in multiple jurisdictions and could use them freely. The court filings confirm the transfer of the trademark to X-Spot Global before the acquisition, and this fact is not disputed by either party.
Allegations and Response
In May 2023, Justin Sun accused Wei Li, Leon Li's brother, of receiving millions of Huobi Tokens through "abnormal means" at zero cost and consistently selling them off. Leon Li responded by challenging Huobi to provide evidence, stating that if it was confirmed that the tokens were obtained illegally, he would personally pay ten times the amount to Huobi.
Conclusion
The injunction against Huobi Global's use of the Huobi trademark in Hong Kong represents a significant victory for X-Spot Global. The final trial will determine the outcome of the trademark dispute.
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