What happened to Bitmain yesterday?

Just one week later, two statements from Bitmain were again before the public. What happened to Bitmain? The reason is actually the difficulty of the Jencuan regiment to get back the Beijing legal person.

First, Bitmain issued a statement, and the old tune revived: Beijing Bitmain belongs to 100% holding of Bitmain in Hong Kong. The Zhanke regiment is suspected of forging the official seal and will be held accountable. Before the Jenke regiment issued two statements in a row, the CFO Liu Luyao was removed, warning HRD Suo Chao, but at that time there was only a signature without an official seal. It can be seen that the Jenke regiment has carved the official seal.


Subsequently, the Zhanke regiment issued a statement emphasizing the use of the new official seal.


According to people familiar with the matter, before the Bitmain statement, the Jenke group personnel went to the office of Bitmain in Beijing yesterday to try to return and control the company, which triggered this statement. At the same time, the Jenke group is calling the company’s employees to try to buy their options. On the other hand, Wu Jihan continues to use the Hong Kong holding company in every possible way to replace the legal person of Beijing Bit.

Jurisprudentially, unless the Cayman judged the Jenke regiment to win and regain the right to vote, then Hong Kong Bit controlled by Wu Jihan can replace the Beijing Bit legal person. But in China, there are hidden rules beyond the law. Whether Wu Jihan can be successfully replaced is still unknown.

It is said that the performance of Bitmain in the first quarter was good, and bonuses have been issued to all employees. The 19 series is being shipped one after another, and the predetermined quantity at home and abroad is indeed not small. This was good news, but high-level disputes still poured cold water on employees.

With the shrinking of mining profits after halving, the ongoing disputes will only make the business more difficult. Bitmain’s S19 series is easy to start from last year’s collapse, so this will only confuse customers and partners.

Returning equity disputes to the courts, away from front-line employees and businesses, should be in the interests of the founders and their supporters, and it is also the real hope of everyone who once recognized Bitmain.

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