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Introduction: The article comes from the WeChat public account of Equity Road, and is authorized for exclusive reprinting. It does not represent the views of Wu Shuo Blockchain. Some of the views are different from Wu Shuo Blockchain. We welcome people with different opinions to join the group for rational discussion or public debate with real names. We also need to remind you that the Internet is not a place outside the law. Those who maliciously slander and abuse others should pay attention to their own illegal risks. The latest information shows that the fight over Beijing Bit is heating up, with one party trying to move the company's items away and the other party chasing them back and sealing them. However, screenshots leaked by Maimai show that the negotiations between the two parties seem to have made some progress. (Picture from Maimai) The following is from Equity Road: Original title: " Bitmain's control has changed again, Wu Jihan is back in power, will there be a reversal?" There have been new developments in the battle between the two founders of Bitmain for control of the company. The dispute over the legal representative of Beijing Bitmain has gone through three rounds within a year: In October 2019, the person in charge changed from Zhan Ketuan to Wu Jihan. However, because the shareholder resolution submitted by Wu Jihan for industrial and commercial changes was flawed, Zhan Ketuan applied for administrative reconsideration and revoked it. In May 2020, the legal representative of Beijing Bitmain changed back to Zhan Ketuan. In the meantime, there were incidents of robbing mining machines and mining sites…. On September 14, 2020, Beijing Bitmain changed again, and the legal representative changed from Jihan Wu to Jihan Wu. Wu's article on blockchain said that on the morning of September 15, Zhan Ketuan convened a general meeting of all employees, and materials were being urgently transferred between Beijing Aobei Science and Technology Park and Shenzhen factory. 1. Why was Wu Jihan able to regain his position? Article 13 of the Company Law stipulates that the legal representative of a company shall be the chairman, executive director or manager in accordance with the provisions of the company's articles of association. Beijing Bitmain’s Articles of Association stipulate that the executive director is the legal representative of the company. Who will serve as executive director is decided by the shareholders.
Beijing Bitmain has only one shareholder, which is Hong Kong Bitmain, which holds 100% of the shares, and Wu Jihan is the authorized representative of Hong Kong Bitmain. Therefore, Wu Jihan can make decisions on behalf of Bitmain Hong Kong as a shareholder of the Beijing company, and Wu Jihan will serve as the executive director of Beijing Bitmain and become the legal representative in accordance with the company's articles of association. The war with Bitmain escalates: analysis of the roles of the two legal representatives 2. Why was Wu Jihan’s promotion revoked last time? This issue has been analyzed by "Qiuqidao" before. Because the shareholder resolution that Wu Jihan used to make the change had flaws, it was revoked after Zhan Ketuan applied for administrative reconsideration. In the battle for control of Bitmain, Wu Jihan's legal representative was revoked, and the reason was finally found 3. Can Wu Jihan keep his position this time? Wu's article on blockchain says The recording shows that Zhan Ketuan repeatedly emphasized that this change was an abuse of administrative means and power by Haidian District to interfere in civil cases.
This issue has been analyzed by "Qiwudao" before. It is natural for Wu Jihan to request a change of legal representative because Wu Jihan can make resolutions as a shareholder of the Beijing company with 100% shares. The war with Bitmain escalates: analysis of the roles of the two legal representatives Although Zhan Ketuan is the former legal representative, he cannot prevent the shareholders from deciding to replace the executive director and legal representative. If the predecessor can block the change, but Wu Jihan, representing the shareholders who hold 100% of the shares, cannot make the change, then it is really possible that he is being interfered with as Zhan Ketuan said?
Wu's blockchain article says: Zhan Ketuan's strategy is still similar to the previous one, which is to find the formal errors in Wu Jihan's behavior, such as whether the online application was made, whether the signing time was correct, etc.
But will Wu Jihan make the same mistake again this time? If Wu Jihan did not make any mistakes, it is very unlikely that Zhan Ketuan would be able to request a cancellation. In fact, even if Wu Jihan really makes a mistake again, he can still make another shareholder resolution without any problems and make the changes. 4. What is the impact of the ongoing multiple lawsuits? The article in Planet Daily said that Zhan Ketuan filed a lawsuit requesting confirmation that the shareholder decision signed by Wu Jihan on behalf of Hong Kong Bit on October 28, 2019 was invalid ((2020) Jing 04 Minchu No. 497). A previous article in "Equity Road" said that even if Zhan Ketuan won the lawsuit, he would not be able to shake Wu Jihan's position. Because Wu Jihan can represent 100% of the Hong Kong shareholders of the Beijing company, even if one shareholder resolution has problems, he can still make 1 billion shareholder resolutions without problems. Doesn't that mean Zhan Ketuan will have to fight 1 billion lawsuits? He got rich with the lawyer fees...
The article in Planet Daily also said that the lawsuit filed by Wu Jihan for the last administrative reconsideration was suspended for the fifth time and had to wait for the results of the civil lawsuit No. (2020) Jing 04 Minchu 497. Zhuzi wanted to say that this lawsuit was no longer relevant to the overall situation, because now it was a new change, and even if Zhan Ketuan won the lawsuit, it would not change the outcome. The key is: whoever controls the Hong Kong company can decide the affairs of the Beijing company.
Why did Zhan Ketuan choose to apply for administrative reconsideration instead of going to court? (1) Regarding the first change, Zhan Ketuan filed a lawsuit in court in early November 2019, and applied for an administrative reply on November 7, 2019. He then went to court to withdraw the lawsuit one week later. (2) The time for administrative reconsideration and litigation is different The Administrative Reconsideration Law requires that a decision be made within 60 days of acceptance, which can be extended by up to 30 days with the approval of the person in charge. The Civil Procedure Law stipulates that the first instance must be concluded within 6 months, and can be extended by 6 months with the approval of the president; there is a 3-month second instance after the first instance judgment, and the president can also approve an extension; civil proceedings may also be suspended or adjourned in the middle. The time requirements for administrative litigation are similar to those for civil litigation. Therefore, the longest time for administrative review to get a result is 90 days, while a lawsuit may take 1-2 years to get a result. In order to save time, it is faster to choose administrative reconsideration, and after the results of the administrative reconsideration come out, you can still file a lawsuit. (3) Different professionalism In comparison, courts are more professional than administrative review, and court judgments are public, subject to stricter supervision, and less likely to be covered up. 5. What is the role of a legal representative? So many companies are competing for the position of legal representative because the legal representative can represent the company with just his signature. The company will have to bear the consequences of his signature and only when the legal representative signs can a lawsuit be filed. The legal representative has a role that cannot be replaced by other positions. You can read the previous analysis article of "Equity Road". If you are the founder and have to choose between the official seal and the legal representative, which one would you choose? Why do some masters advise you not to be a legal representative? Maybe he doesn't understand the law? Or maybe what he taught you to do was illegal? If the company is engaged in legitimate business, there is not much risk in being the legal representative. At most, you may be restricted from spending due to company problems. If a company engages in illegal or criminal activities, whether or not the legal representative is involved, he or she may go to jail. The criminal liability is calculated based on the actual person responsible, not the legal representative. There are case studies in the second edition of Zhuzi's book "Corporate Control". 6. Why can such a simple thing be reversed so many times? As mentioned earlier, Wu Jihan’s first change was revoked because the shareholders’ resolution was flawed. Before a problem occurs, most people don't pay attention to documents such as shareholder resolutions. You can wait until problems occur before filing a lawsuit, but no matter how much money you spend on the lawsuit, it will not change the documents you have signed before. Because of a shareholder resolution, it took more than N months to get back to the starting point. So many things happened in the middle, and the cost was high enough.
According to the "Risk Warning on Preventing Illegal Fund Raising in the Name of "Virtual Currency" and "Blockchain"" issued by the China Banking and Insurance Regulatory Commission and other five departments, please establish a correct investment concept. The content of this article does not endorse the promotion of any business or investment activities . Investors are requested to raise their awareness of risk prevention.
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