Updated: Bitmain’s Board Reshuffle is to Simplify Company Structure for IPO
Updated: According to a securities authority close to Bitmain, media reports about the company’s directors quitting the board was misread. The main body of Bitmain to be listed is Bitmain Technology Holdings Limited, while the personnel change happens in a wholly-owned subsidiary of Bitmain (Beijing Bitmain Technology Co., Ltd.). The person said companies preparing for IPO usually set up new board of directors to meet the requirements of listing regulations and simplify the board structure to facilitate management. The board adjustment is only a simplification of the structure of its wholly owned subsidiary.
Bitmain has reportedly made some changes to its board, with several members quitting the board including the company’s co-founder Jihan Wu.
According to the company information registered in local authority, Beijing-based Bitmain, world’s dominant crypto mining hardware manufacturer, has made a big personnel adjustment to its board last week on November 7, a day ahead of the rollout of Antminer S15.
Four out of six directors have quit the board. Zhao Yifeng, Ge Yuesheng, Zhou Feng, who previously served as directors, all quit the board of directors. Hu Yishuo, who previously served as supervisor, also quit the board of supervisors. Wu Jihan became the supervisor from the board’s executive director, while Zhan Ketuan remains to be Bitmain’s executive director and manager.
As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor, said a lawyer.
It remains as of unclear whether the company’s board is preparing yet another strategy shift, considering the mining giant has recently been under the spotlight with the rollout of its next-gen bitcoin miner Antminer S15 and the buzz of the upcoming Bitcoin Cash hard fork.
Why did the company have such a sudden and big board shake-up at a critical time when the company’s IPO application is still underway and at the same time Bitcoin Cash hard fork is imminent?
On the same day of the company’s board shake-up, Bitmain was reported to have been hurried to deploy 90,000 miners in China’s far-western region of Xinjiang. As a loyal proponent of Bitcoin ABC, Bitmain’s move is supposed to gain upper hand in the looming “hash war” against Bitcoin SV. Prior to it, the company has only 125,000 miners hosted in China as of the first half this year. It is said its hurried deployment of 90,000 miners is likely to be affected by the latest local regulation which requires crypto mines to suspend operation for tax inspection.
On November 5, a temporary stock symbol of Bitmain was seen on Hong Kong Exchanges (HKEX), many investors thus said it marked the company’s IPO application has been approved.
Apart from the crucial events, the frequently exposed power struggle inside the company may also give a hint about the abrupt board shake-up.
Micree Zhan, Bitmain’s low-profile cofounder and technical mastermind, is in charge of technology research and development; and Jihan Wu focuses more on the market. While as the company grows bigger, the duo is divided on its future development. Zhan wants to develop AI technology and transform the company into a chipmaker just as its prospectus shows, while Wu focuses more ambition on the blockchain industry and hopes the company can continue to develop new miners and go long on BCH.
As of press time, Bitmain has yet no comment on the personnel adjustment. As for its future development and the company’s state quo, we’re unable to know unless the company releases an official statement. Nevertheless, one thing for sure, the company will continue to be in turmoil until the hash war is over and the result of listing is announced.
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China: Government agencies ordered some mining farms in southwest Guizhou Province and far-western region of Xinjiang to temporarily suspend operations..https://news.8btc.com/crypto-mining-farms-suspend-operation-in-chinas-guizhou-and-xinjiang-for-tax-inspection-will-bitmain-be-affected …
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#JihanWu has no Right to Participate in #Bitmain’s Business Operations after Quitting Board, said Lawyer | http://NEWS.8BTC.COM https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
Something is rotten in the state of Denmark.
Or maybe @ProfFaustus took the pacman defense.
How much were they worth?
In any case interesting times.
Jihan Wu has no Right to Participate in Bitmain’s Business Operations after Quitting Board, said Lawyer | http://NEWS.8BTC.COM https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
http://bitcoin.de is lucky to have you as an advisor. i bet without you they wouldnt understand whats going on. and there is still SV hash to be activated on BTC. same for ABC. will be epic, but SV will win.
Sounds like a good news
Bitmain has done some changes to its board. Jihan is now a supervisor instead of a director and can no longer vote on business decisions.
Interesting time to suddenly change 4 board members.
Moving country perhaps
Directors can be prosecuted. Probably keeping himself out of jail
The IPO got a bit more attractive?
The implications of this are huge.
Is he scared of prosecution?
Speculate awayhttps://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
“On the same day  Bitmain was reported to have been hurried to deploy 90,000 miners in China’s far-western region of Xinjiang. As a loyal proponent of Bitcoin ABC, Bitmain’s move is supposed to gain upper hand in the looming “hash war” against Bitcoin SV.”
That sounds like cool heads prevail. Time to drop BCash for Bitcoin. Bitmain will likely focus on BTC .
You are a wizard!
[https://news.8btc.com/jiang-zhuoer-btc-top-will-support-the-camp-favored-by-a-majority-of-hash-power-in-the-bitcoin-cash-hash-war …] “He emphasized that the mining pool will side with the party which is willing to invest more hash power and more money to win the battle, in a bid to end the chaotic situation as soon as possible and to restore order to the Bitcoin Cash(BCH) community.”
Oh yeah there will. And bcash SV will win for sure in a long run.
Wu only have 20% of shares per 2018 and Ketuan 32% and it appears to be the latter really running the show behind the scenes https://www.coindesk.com/wealth-list-reveals-chinas-13-biggest-crypto-billionaires …pic.twitter.com/09eBztVkOQ
BTW the article you linked I had to go through archieve as it wasn’t leading: https://web.archive.org/web/20181113092121/https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
What else do you need to understand that Satoshi Vision is meant to be!https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
So we can assume that million or so BCH will be sold sometime soon then ?
this is most likely due to wanting to avoid conflict disclosures that D&Os must make when Bitmain IPOs
fake news, sorry:https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
it’s just a subsidiary. legal stuff ahead of ICO
That’s right, invest in the Bitmain IPO
Is it true what is said in this article @JihanWu?
Can you make a comment on that article? What will @BITMAINtech and you do in the November 15th hard fork? Will you help defend BCH with hashpower against the BSV attack by Calvin Ayre and Craig Wright?
todu, you are the attack
hahaha, big blockers – they used to say “A fork is not an attack!”
“According to a securities authority close to Bitmain, media reports about the company’s directors quitting the board was misread…companies preparing for IPO usually set up new board of directors to meet the requirements of listing regulation”https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
@ToneVays https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
Antpool’s Hashrate distribution has dropped over the last day for BTC according to http://Blockchain.com
Is this the beginning of the end, or the beginning of the beginning? I can’t tell, and I don’t trust a word from CSW
One pool following majority hashrate doesn’t mean there will be no split. http://Btc.top just takes a low risk position by staying neutral, which is fine.
Updated: Bitmain’s Board Directors Change is to Simplify Company Structure for IPO | http://NEWS.8BTC.COM https://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
Appears he is a supervisor now not on the board of directorshttps://news.8btc.com/jihan-wu-has-no-right-to-participate-in-bitmains-business-operations-after-quitting-board …
Now that Jihan has been demoted from board executive director & can no longer vote as he did before, his hands look pretty tied to me. He is in a weak position with the pending IPO, as well. Jihan would be foolish to try and move hash without approval.
Interesting tidbit. I was thinking along the lines of self preservation when the law hits.
“Bitcoin mining giant Bitmain has denied widely circulated reports that its co-CEO, Jihan Wu, has been ousted from the board of BitMain Technologies Holding Company, the entity currently seeking to go public on the Hong Kong Stock Exchange (HKEX).”https://www.coindesk.com/bitmain-denies-reports-that-ceo-jihan-wu-was-ousted-from-its-board …
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