Breaking news: Beijing Bitmain legal person returns to Wu Jihan's hands, interpretation of the subsequent direction (Bitmain Series 22)

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Wu Blockchain learned that on September 14, the National Enterprise Credit Information Publicity System showed that the legal representative of Beijing Bitmain Technology Co., Ltd. was changed again, from Zhan Ketuan to Wu Jihan. On the 14th, this news had spread within Bitmain, and employees who supported Wu Jihan told each other, and some even shed tears. Some employees who supported Zhan Ketuan were urgently packing up office supplies for transfer.

The timeline of the legal person changes of Beijing Bitmain Technology Co., Ltd. (hereinafter referred to as Beijing Bitmain) is:

On October 28, 2019, the legal representative of Beijing Bitmain was changed from Zhan Ketuan to Wu Jihan. The reason was that Wu Jihan changed the legal representative of Beijing by controlling Hong Kong Bitmain, which controlled Beijing Bitmain.

On January 2, 2020, the legal representative of Beijing Bitmain was changed from Wu Jihan to Liu Luyao. The reason was that Zhan Ketuan changed the legal representative through administrative reconsideration, so Wu Jihan made a temporary change to prevent it.

On May 8, 2020, the legal representative of Beijing Bitmain was changed from Liu Luyao to Zhan Ketuan. The reason was that Zhan Ketuan's administrative review was successful. Due to operational flaws in the previous change procedures, the Haidian District Justice Bureau required the Industry and Commerce Bureau to change back to the status before October 28.

On September 14, 2020, the legal representative of Beijing Bitmain was changed from Jihan Wu to Micree Zhan.

From a legal perspective, as the 100% holding parent company of Beijing Bit, Hong Kong Bit can legally make another change after repairing the above-mentioned procedural flaws. Therefore, the above-mentioned scene occurred, that is, the legal person of Beijing Bit changed back to Wu Jihan.

In fact, there were signs that the Beijing legal person would change again.

In late August, Bitmain's Shenzhen factory, Shenzhen Century Cloud Core Co., Ltd., transferred 35% of its shares to Fujian Suanfeng Technology Co., Ltd. Century Cloud Core was originally 100% controlled by Beijing Bitmain Technology Co., Ltd.

The reason is that Zhan Ketuan is worried that the ownership of Beijing Bit will change again, and he will lose control of the Shenzhen factory, so he transferred part of his shares to Fujian Suanfeng, his hometown, so that he can rely on local obstacles. Several other companies have also made similar changes.

Zhan Ketuan tried to use a complex equity structure to prevent Wu Jihan from taking back other subsidiaries after completing the change of Beijing Bit. Zhan Ketuan's internal executives also conveyed this view at a meeting, and it is suspected that they already knew the result.

On the evening of the 14th, Zhan Ketuan was planning to hold the press conference originally scheduled for the 17th ahead of schedule, saying "Zhan was on the plane to come back", but then hastily canceled it. Beijing Bit is in the Aobei Technology Park, where it is located, and is moving in a hurry. Zhan Ketuan's staff will move to IC Park, and before the legal person was changed, they had rented the building purchased by Beijing Bit IC Park to Fujian Zhanhua for decades.

This change shows that under the current equity structure, there is no doubt that Hong Kong controls Beijing Bit. The dispute between the two parties may come to an end for the time being until the judgment of Cayman changes, but the competition over the Shenzhen factory may continue. Another possibility is that one party sells its equity and chooses to withdraw.

Industry insiders said that although the legal representative has returned to Wu Jihan, if Bitmain wants to return to a market value of tens of billions of US dollars, the two still need to reconcile. Otherwise, it may be snatched away more market share by Shenma, which is led by Yang Zuoxing and is steadily advancing.

Reference article: Equity Road explains the Bitmain dispute in detail: Who will win between Wu and Zhan? What should the partners do? (Recommended reading)

The picture shows the Aobei Technology Park on the evening of the 14th :

Wu said that Blockchain is recruiting investigative journalists and analysts, hoping to have in-depth research and experience in a certain field (such as DeFi, Polkadot, derivatives), love writing, and welcome institutional cooperation.

Risk Warning

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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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