JANK TUN (left) and WU Jihan (right)
Written by Zhang Kai
Source: radar Finance
Since October 2019, BitContinental Technology Holdings Limited (incorporated in the Cayman Islands with different voting rights control), hereinafter referred to as
At the same time, as the internal struggle among the mainland shareholders of bit, the competitors Jianan Yunzhi and Yibang international have successfully listed in the US stock market.
Some industry insiders told radar finance and economics that if the internal fight between big shareholders of bit mainland is not resolved, it will not be ruled out that it will be overtaken by competitors.
The legal representative of the two major shareholders has been changed for three times
According to public sources, Mr. Wu graduated from the School of Economics of Peking University and is primarily responsible for the Bitland market, while Mr. Janktuan, from the Institute of Microelectronics of the Chinese Academy of Sciences, is regarded as Bitland
With the efforts of the two, Bitland developed rapidly. Bits mainland's 2018 prospectus to the hong kong stock exchange shows that by 2017 revenue, the company is already the second largest in china, the world's top 10 wafer-free chip design companies, the world's fourth largest wafer-free ASIC chip design companies. Based on Frost
In 2017 and the first half of 2018, Bitland had revenue of $2.517 billion and $2.845 billion, net profit of $701 million and $742 million, respectively, and adjusted net profit (excluding equity incentive fees and fair value changes in redeemable preferred shares) of $952 million. But gross margins fell from 54.5% of the peak in 2016 to 36.2% in the first six months of 2018. Since its establishment, Bitland has completed three rounds of financing: August 2017 A round of financing $50 million, June 2018 B round of financing $290 million, August 2018 B round of financing $440 million. Participants include IDG capital, Sequoia capital, U.S. hedge funds Coatue Management、 Singapore government investment fund EDBI.
However, behind the brilliant achievements, the two founders appeared cracks. According to media reports, Wu Jihan and zhanketuan have different views on the development of the company. Wu Jihan wants to continue to expand bit mainland's share in the field of digital currency, and strive on the road of internationalization, while janktun hopes to transform bit mainland into the direction of artificial intelligence.
According to the 21st century economic report, in 2018, when bitcoin plummeted, Wu Jihan's bitcoin cash plan lost more than 3 billion yuan of assets. As a result, he resigned all his posts in bitcoin mainland and quit the core decision-making level at the end of the year.
But Wu Jihan soon made a comeback.
On October 29, 2019, Wu Jihan issued an internal letter to remove all the posts of zhanke group in Beijing. According to the internal letter, any employee of bit mainland is not allowed to carry out the instruction of zhanke group and attend the meeting convened by zhanke group. In case of violation, the company will consider terminating the labor contract according to the seriousness of the case, which is regarded as the starting point for the formal outbreak of internal strife in bit mainland.
At that time, zhanke group was in Shenzhen to participate in the 2019 Shenzhen Expo. When he returned to bitland, he found himself forbidden to enter the company's office area.
From the perspective of ownership structure, zhanke group was more dominant at that time. At that time, Zhan ketuan held 36% of the shares, and Wu Jihan held 20.25% of the shares. Because of the implementation of AB shares in Cayman company, the B shares held by Zhan and Wu both had 10 times the voting rights, and the former occupied 59.6% of the voting rights.
A list of shareholders' shareholding in bit mainland
However, at the general meeting of shareholders held in November last year, bit mainland cancelled the ten times voting right of the group and changed it to one share and one vote, which made the group lose its voting advantage.
At the same time, he also initiated the first administrative reconsideration and requested to cancel the acts of the legal representative and executive director of bit continental.
In December 2019, the company also filed a subpoena to ask the court of the Cayman Islands to rescind the decision to cancel the AB shares at the shareholders' meeting, but the international lawsuit has not yet reached a final judgment, according to the report of the Bloomberg News Agency.
On January 31, 2020, the Judicial Bureau of Haidian District of Beijing agreed to the withdrawal application of zhanke Tuan. However, as early as January 2, bit mainland changed its legal person from Wu Jihan to Liu Luyao, the chief financial officer of the company. This arrangement failed the idea of zhanke group to regain its legal representative status.
On February 12, this year, zhanke group filed the second administrative reconsideration, requesting to cancel the registration act of legal person change on January 2 approved by Haidian District Market Supervision Bureau, and restore the legal person of Biti mainland to itself.
On April 28, this year, the Judicial Bureau of Haidian District of Beijing officially revoked Liu Luyao's legal representative status, and Beijing bit mainland's registration status with the market supervision department was restored to before October 28, 2019.
For this reason, Wu believes that Beijing's Bitland is Bitmain Technologies Limited by Hong Kong
WeChat Public Number ,27 April and 29 April
On 28 May, one
And I'm taking people
Although the business license of zhanketuan has been robbed, in the national enterprise credit information publicity system, zhanketuan has been the legal representative of Beijing bit mainland.
At this point, Beijing bit mainland in 9 months, has changed the legal representative three times.
Do zhanketuan and Wu Jihan reach a consensus on management? Delete as soon as it is published
After re-applying as the legal representative, Jank began
On May 25, Janktuan issued Liu Luyao as the legal representative of Beijing's Bitland
In the cancellation document, Liu Luyao was accused of serious violations of the company's rules and regulations, including but not limited to organizing, planning and participating in snatching the business license in the process of issuing business license to the company's legal person zhanke group by Haidian District market supervision and Administration Bureau on May 8.
On the afternoon of May 27, Beijing bit mainland issued a statement saying that the company had decided to remove the executive director and legal representative of the company through the shareholder's decision on October 28, 2019, and the executive director decided to remove the manager of zhanke group on November 5, 2019. In view of this, the company has no right to engage in any act in the name of the company's legal representative, executive director or manager.
After the termination of Liu Luyao labor contract, Janktuan soon turned his attention to the official seal. On June 10, the Jank party passed the WeChat public numbe
A day later, Bite Mainland's official website released a statement saying Beijing and Hong Kong discovered WeChat's public numbe
On June 13, bitcontinental's official website released the joint statement of bit mainland in Beijing and bit mainland in Hong Kong, once again emphasizing the October of 2019 The authenticity of zhanketuan's removal from office in January is listed, including illegal acquisition of the so-called Beijing bit mainland seal license, acting in the name of Beijing bit mainland, and signing the sales agency agreement with Hainan mainland ark Data Technology Co., Ltd., which holds shares.
The statement reiterated that any document with the so-called Beijing bit official seal (No. 1101081651178) obtained by zhanke group through illegal means will not be recognized by Beijing bit mainland and Hong Kong bit mainland. The official seal of Beijing bit (No. 1101070056574) is kept by the authorized personnel of Wu Jihan and can be used normally.
A week later, Zhan Ke Tuan responded on his micro blog, insisting that the original official seal (No. 11010700565574) was invalid, and his new official seal (No. 1101081651178) was the only legal and valid official seal of Biti mainland.
Bitcontinental's official website immediately released a third announcement, saying that bitland fully supported Wu Jihan, and said that bit mainland in Hong Kong had temporarily suspended the supply of chips to century cloud core controlled by the relatives of Jank group.
On June 21st, a copy of the
In addition, the statement mentioned:
In this regard, bitcontinental's official website issued another announcement on June 23, reiterating that the resolution of the shareholders' meeting in November 2019 to abolish ten times the voting rights is legal and effective.
According to the announcement, the administrative organ has no right to veto the appointment and removal of managers of Beijing bit in these decisions. No matter what the current status of the company's registration information is, it will not change the fact that Mr. Zhan ketuan has no right to act on behalf of Beijing bit.
The announcement stressed that Beijing bit's official seal has always been in a state of proper custody and legal use, and the company has not applied for loss reporting and re engraving of the official seal.
Also on June 23, under Wu's control, the WeChathan
However, the statement issued by the ant miner was quickly deleted, which made the outside world quite surprised.
What's the future of the mainland?
Although bit, which was caught in the infighting, submitted its prospectus to the Hong Kong Stock Exchange as early as September 2018, up to now, bit mainland has not been able to land in the capital market.
Meanwhile, Jianan Gengzhi, a competitor of bit mainland, has successfully listed in the United States at the end of 2019, while Yibang international has successfully listed in the US stock market on June 26 this year.
According to the latest prospectus International's latest prospectus submitted on June 17, the company intends to issue 19.3236 million shares, with an issue price range of $4.5 to $6.5 million and a proposed fund-raising amount of $86.95 million to $125 million. If the underwriter exercises the option to buy A additional common stock in full, the total amount of the total amount of the issue will be 22.22214 million shares, which is calculated to raise up to $144 million.
At the same time, Yibang International's new share offer has released its unaudited financial report for the first quarter of 2020. According to the report, as of March 31, 2020, the first quarter revenue of Yibang international was 6.4 million US dollars, a year-on-year increase of 6.1%; the revenue cost was $5.9 million, a year-on-year decrease of 3.9%.
In addition, the net loss of Yibang international is further expanding, from a net loss of US $600000 in the first quarter of 2019 to US $2.5 million in the first quarter of 2020.
In this regard, Yibang international explained that the main reason for the increase in net loss was the substantial reduction of tax rebates from local governments. In addition, Yibang International's revenue was mainly concentrated in bitcoin mining machines, and the sharp drop in bitcoin prices would have a negative impact on the value of the company's inventory of bitcoin mining machines.
On June 26, Yibang international officially landed on the NASDAQ with an issue price of US $5.23. After the first day of trading, it quickly broke to US $4.60 and went all the way down to US $3.81, a sharp drop of 27.15% compared with the issuance price. Then, the share price rose and the final closing price was $5.
Some blockchain practitioners told radar finance and economics that after Jianan Yunzhi and Yibang International were listed, they could obtain capital transfusion. Although Biti mainland has stronger profitability and better technology than its competitors, if the shareholders have been in a state of infightness and are not at ease to do a good job in business, there is a risk of being overtaken by competitors.