Micree Zhan Back to Acquire Part of Bitmain’s Business Line
Micree Zhan and Wu Jihan, two co-founders of Bitmain have formally reached an agreement. Zhan temporarily to mortgage his shares and lend $600 million from Bitmain to acquire some shares of Wu Jihan.
Bitmain’s subsidiaries like BTC.com, BitDeer and overseas mining farms was controlled by Wu Jihan at a valuation of $90 million, while other business like mining machinery, AI, antpool, domestic mining farm now are controlled by Micree Zhan. The general meeting of shareholders will be held on December 28, but the possibility of another change is not ruled out.
According to the agreement, Micree Zhan promises to complete the qualified listing of US stocks before December 31, 2022. The minimum valuation of qualified listing is $5.5 billion, and the listing financing is no less than $500 million. If it cannot be completed, it may need to buy back from investors and pay interest.
At present, both Wu and Zhan have promised to properly arrange employees and make a smooth transition, and some businesses have begun to hand over.
On June 10, Micree Zhan issued a post by official media account of the Bitmain to emphasize that the official seal had been changed. Previously, the official account has long been a voice channel for Wu Jihan. This may mean that Micree Zhan has gradually occupied the territory of Wu Jihan. On the evening of October 10, the new HR appointed by Micree Zhan released a series of personnel appointment and removal messages involving senior personnel of Wu Jihan’s department, including Liu Luyao, CFO, Wang Wenguang , head of mining center.
After the sign of the agreement, Wu Jihan also sent an invitation letter to the general meeting to shareholders. The letter said that the company’s short-term solvency had been greatly improved (it was on the verge of bankruptcy due to insufficient solvency in 2019), and S19 series returned to the same industry competitiveness as S9 miner, but internal disputes were more fatal than external challenges. In recent March, Wu and Zhan tried to solve the problem, and nearly reached an agreement. This agreement can help companies go public as soon as possible and give investors a return.