What happened to Bitmain yesterday Series 7 (cut off chip supply)

In the early morning of the 20th, Zhan Ketuan released a statement on his personal official Weibo account, mainly claiming that his official seal was the only valid one and accusing the other party of using the official seal for no reason. Later, Wu Jihan released a statement on his official website, revealing several new details:

First: In response to Zhan’s relatives controlling the Shenzhen supply chain, Hong Kong Bit controlled the chip procurement and supply, and thus interrupted the chip supply to Shenzhen. This will result in Zhan only being able to sell inventory and unable to produce and sell new products and futures.

However, Zhan can also place an order with TSMC after receiving the futures payment. This will depend first on TSMC's attitude, second on whether there are large customers willing to take the risk to place futures orders, and third on whether the amount of inventory sold is sufficient for subsequent orders.

Second: Wu Jihan stated that if Zhan obtains the support of the Cayman shareholders meeting, Zhan can also make adjustments to Cayman Bit or Hong Kong Bit. Zhan is currently initiating a lawsuit in Cayman, the core of which is whether Zhan's more than 50% voting rights are effectively cancelled. According to the articles of association of Bit Cayman, voting rights are invalid when the articles of association are changed. Therefore, Zhan, who holds 36% of the shares, still needs to fight for more shares, which is why he is currently acquiring employee shares.

Legal experts pointed out that, from a common sense perspective, Cayman is the parent company of Bitmain, and both parties should indeed follow Cayman's final judgment, and the loser should accept defeat. The dispute surrounding Beijing Bitmain will only cause this legendary company to fall rapidly.

For background information, please read the previous series of articles.

Zhan's statement:

Wu's statement: