Summary by Futu AI
In a recent filing with the United States Securities and Exchange Commission, Bin Xue, a Singaporean citizen, reported a significant ownership stake in WeBuy Global Ltd. The Schedule 13G filing, dated February 12, 2024, indicates that Bin Xue, through entities GBUY Global Ltd and WeBuy Talent Ltd, both organized in the Cayman Islands, holds a combined total of 16,989,462 ordinary shares, representing 32.43% of the company. Additionally, GBUY Global Ltd separately holds 17,056,000 ordinary shares, amounting to 32.56% of WeBuy Global, while WeBuy Talent Ltd holds 4,269,200 ordinary shares, representing 8.15% of the company. The total number of ordinary shares outstanding for WeBuy Global Ltd is reported to be 52,381,600. Bin Xue, as the sole director of both GBUY Global Ltd and WeBuy Talent Ltd, has the power to direct the voting and disposition of the shares held by these entities. The filing asserts that the shares were acquired in the ordinary course of business and not for the purpose of changing or influencing the control of WeBuy Global Ltd.
