Editor's Note: This article comes fromEditor's Note: This article comes fromLeifeng.com (ID: leiphone-sz)
, Author: Li Shuaifei, reproduced by Odaily with authorization.
The infighting drama of the founders of the company is staged again.
This time it is Bitmain.
On May 8, according to "Caijing.com Chain Finance", at around 11 a.m., at window No. 52 on the second floor of the Government Service Center in Haidian District, Beijing, the business license of Beijing Bitmain Technology Co., Ltd. Dahan snatched it from the industrial and commercial administrators, and the legal person of this business license is Ketuan Zhan.
At present, Ketuan Zhan has reported to the Shangdi Police Station of the jurisdictional police station.
At 3 o'clock in the afternoon, Bitmain issued an official statement: Beijing Bitmain Technology Co., Ltd. (hereinafter referred to as "Beijing Bit") is a wholly foreign-owned enterprise, and its sole shareholder is Bitmain Technologies Limited (hereinafter referred to as "Hong Kong Bit") registered in Hong Kong, China.
On October 28, 2019, "Hong Kong Bit", the sole shareholder of "Beijing Bit", made a shareholder decision to remove Ketuan Zhan from the position of executive director and the qualification of legal representative; subsequently, "Beijing Bit" and Ketuan Zhan terminated the labor contract.
Hereby declare
Hereby declare
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According to the information provided by an on-site source to Caijing.com, there were more than 60 unidentified men in the group, and the on-site commander was Liu Luyao.
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Note from Leifeng.com: Picture from Currency World Network
Who is Liu Luyao?
Leifeng.com learned that Liu Luyao is Wu Jihan's high school and undergraduate classmate, and also a legal person of Bitmain (currently displayed on the Beijing Enterprise Credit Information Network).
Previously, Leifeng.com found through the data of the enterprise search that on January 2, 2020, Beijing Bitmain Technology Co., Ltd., the operating entity of Bitmain, underwent an industrial and commercial change, and Wu Jihan, the co-founder of Bitmain, stepped down as the legal representative. Remote took over.
However, the Haidian District of Beijing issued a reconsideration decision on April 28, 2020, revoking Liu Luyao's status as the legal representative of Bitmain.
secondary title"Founder of Bitmain"
Gongdouju
In fact, there is still a public case behind the identity of the legal representative of Bitmain.
In 2013, Jihan Wu and Ketuan Zhan co-founded Bitmain in Beijing. Since its establishment, Bitmain has implemented a dual-CEO system in terms of company management—but at the level of industrial and commercial registration, as the two founders of Bitmain, Ketuan Zhan has long served as the chairman and legal representative of the company, and Jihan Wu has served as a director.
Things changed at the end of October 2019.
Changes in business information show that on October 28, 2019, Bitmain Chairman Ketuan Zhan stepped down as the legal representative of Bitmain, and was replaced by Bitmain co-founder Jihan Wu, and Ketuan Zhan no longer served as the executive director.
On October 29, 2019, Jihan Wu issued an email notice to all employees, announcing the removal of Ketuan Zhan from all positions in Bitmain, effective immediately. At that time, Wu Jihan’s identities also included the chairman of the board of directors of Bitmain Group, the legal representative and executive director of Beijing Bitmain Co., Ltd.
Wu Jihan stated in the notice that any employee of Bitmain shall no longer follow Ketuan Zhan’s instructions and shall not participate in meetings convened by Ketuan Zhan. If there is any violation, the company will consider terminating the labor contract depending on the circumstances…
In other words, regarding the change of the legal representative, Ketuan Zhan was not actually on the scene in Beijing, but in Shenzhen, thousands of miles away. Unaware.
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Ketuan Zhan
He also said it was a stabbing in the back, but it would not succeed."Gongdouju"。
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Twice changed, twice undone
Leifeng.com learned that after the incident, Ketuan Zhan filed an administrative lawsuit with the Haidian District People's Court of Beijing because he dissatisfied with the decision of the Haidian District Market Supervision and Administration Bureau to change the registration of industry and commerce, but filed a withdrawal on November 14, 2019.
Later, Ketuan Zhan applied for administrative reconsideration.
Later, on January 31, 2020, Haidian District of Beijing made an administrative reconsideration decision to revoke the registration of changing the legal person to Wu Jihan on October 28, 2019.
However, during this time, Bitmain has not been idle.
On January 2, 2020, Bitmain changed its legal representative again, from Wu Jihan to general manager Liu Luyao. According to Bitmain, the reason for the change is to further improve internal management efficiency. In this regard, Ketuan Zhan filed an administrative reconsideration with Haidian District Justice Bureau again on February 12, applying to revoke the change of legal representative and restore himself as the legal representative.
On April 28, 2020, Haidian District of Beijing once again issued a reconsideration decision to revoke Liu Luyao's legal representative status.
Leifeng.com found out that the Beijing Enterprise Credit Information website shows that the current legal representative of Bitmain is still Liu Luyao.
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From joint ventures to enemies
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Wu Jihan
Wu Jihan
According to industrial and commercial data, Bitmain’s operating entity is Beijing Bitmain Technology Co., Ltd., which was established in October 2013 with a registered capital of about 11.1111 million yuan. Its business scope includes computer software and hardware technology development, technical services, and technical consultation. Bitmain Technologies Limited wholly-owned shares.
Bitmain's development process has elements of "gambling" and "persistence".
In 2014, Bitmain was questioned because of the plunge of Bitcoin. Later, the crisis was resolved. From 2015 to 2017, Bitmain sang all the way, and its revenue increased from 137 million US dollars to 2.518 billion US dollars, with a compound annual growth rate of 328.2%.
According to Ketuan Zhan's interview, Bitmain's revenue in 2017 was approximately US$2.7 billion, surpassing Spreadtrum to become the second largest IC design company in mainland China after HiSilicon. In terms of business, Bitmain has become TSMC's second largest customer in China since the second half of 2017.
At the management level, Bitmain has implemented a dual-CEO system for a long time; in this regard, Wu Jihan once explained to the outside world that the relationship between him and Ketuan Zhan is a complementary team-like a table tennis doubles match, where the ball is played, who is in charge? Who decides the best position to catch the ball."But in 2018, when Bitmain was seeking to go public, it faced"mine disaster
And losses, listing plans aborted. This year saw a growing rift between the two CEOs.
In March 2019, Bitmain released an internal letter. In this internal letter, in addition to announcing the failure of the listing, Bitmain also announced a major personnel change in the company-Wang Haichao became the CEO.
At the same time, as the two founders of Bitmain, Ketuan Zhan continued to serve as the chairman of the company, and Jihan Wu continued to serve as the director of the company. The statement at the time was:
Of course, looking at it now, this statement seems very ironic.
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Who can control Bitmain?
After all, what the two founders are fighting for is the control of Bitmain.
This may involve another issue - equity.
Leifeng.com has learned that in terms of equity, Bitmain has adopted an AB share structure, with each A share having one vote and each B share having ten votes. Except for the company's two co-founders, co-chairmen of the board of directors and co-CEO Ketuan Zhan and Wu Jihan who hold B shares, all the company's management and investors hold A shares.
According to the previously public prospectus, Ketuan Zhan and Jihan Wu hold approximately 3.989 billion B shares and 2.243 billion B shares respectively, accounting for 56.25% of the issued share capital before listing.
Regardless of shareholding ratio or voting rights, Zhan Ketuan and Wu Jihan's absolute control over Bitmain is unshakable—however, if the two are compared, Zhan Ketuan's equity is more dominant.
So far, it is not clear whether Bitmain has undergone a new shareholding change.
One last question:"founder"Gong Dou
