The founder of bitcontinental is busy fighting with competitors and has submitted IPO application

 The founder of bitcontinental is busy fighting with competitors and has submitted IPO application

Zhang Honglei and Wei Guanhong

At the moment when blockchain is in full swing, the founders of bitland are busy fighting inside. Wu Jihan returns strongly, and Zhan ketuan is dismissed. The two founders of bitcontinental, a star mining machine company, seem to have changed their positions in the company. But before that, Wu Jihans ping-pong like doubles (players) relationship seemed to have evolved into one mountain is hard to accommodate two tigers.

A few days ago, the reporter of daily economic news confirmed from bitcontinental that after the decision of Wu Jihan, founder of bitcontinental, chairman of bitcontinental groups board of directors, legal representative and executive director of Beijing bitcontinental Technology Co., Ltd., Zhan ketuan was relieved from all his duties in bitcontinental.

Wu Jihan and Zhan ketuan are co founders of bitcontinental. They graduated from Peking University and Chinese Academy of Sciences respectively. Before that, the company had implemented a dual CEO system. But since this year, the two seem to have split.

In the first half of this year, a number of blockchain media reported that Wu Jihan had faded out of the companys management or left bitland. The reason for his departure was that he had quite different opinions with Zhan ketuan. Wus focus was on blockchain, while Zhan ketuans focus was on chips and AI. After Wu Jihans return and Zhan ketuans dismissal, bitland was once again highly concerned by the outside world. As the companys internal personnel changes, its competitor, Jianan Yunzhi, has submitted a prospectus to the SEC and embarked on the path of IPO of US stock. Where will bitland go in the future?

From match play to break?

According to the information and network screenshots disclosed by many media, Wu sent an email to all members of the company on the afternoon of October 29, and decided to remove all jobs of janke group in bitland, with immediate effect. Any employee of bitcontinental shall not carry out the instructions of zhanketuan and shall not attend the meeting convened by zhanketuan. In case of any violation, the company will consider to terminate the labor contract according to the seriousness of the case. If the economic interests of the company are damaged, the company will investigate civil or criminal liabilities according to law.

On the morning of October 30, the reporter of the daily economic news confirmed the news from the aspect of bitcontinent. On the same day, the reporter tried to contact the Jank group many times, but the phone was not answered. According to the industrial and commercial registration information, Beijing bitcontinental Technology Co., Ltd., the main operating body of bitcontinental, has recently undergone industrial and commercial changes, and its legal representative has been changed from Zhan ketuan to Wu Jihan. In addition, Wu took over the post of executive director of the janke regiment.

This was seen as Wu Jihans strong return to drive away the janke regiment. It is quite dramatic that on October 27, bitland held a conference of the third generation smart server SA5 in Shenzhen, and janke group also appeared as chairman of bitland.

Compared with the past, their position in the company seems to have changed. On March 26 this year, bitcontinental issued an internal letter announcing the organizational structure adjustment, with Wang Haichao as the CEO of the company. At that time, Zhan ketuan continued to serve as the chairman of the company, while Wu Jihan served as the director of the company.

Before that, it was reported that janke regiment and Wu Jihan were moving away. In the first half of this year, a number of blockchain media reported that Wu had faded out of bitlands management or set up his own new company. The reason for his departure is that he and the Jank group have different opinions. According to an employee who has left bitland, the main difference between Wu and Zhan ketuan is that Wus focus is on blockchain, while Zhan ketuans focus is on chip and AI.

Todays water and fire are not allowed, it seems that the two have announced that their previous good relationship is no longer. In June last year, in the ten questions of Wang Feng of Mars finance and economics, Wu Xihan responded to the relationship with zhanke group and said that zhanke group was co-CEO (co CEO) at the beginning, which has been known to all in Chinas blockchain industry. Wu Jihan said, and Jenk group more is a complementary team situation, like a table tennis doubles, the ball hits, who is the best catcher position who has the final say, everyone matches the match, winning is the key.

No response to the new listing plan

Compared with the personnel shock, the outside world also pays more attention to the capital trend of bitcontinent.

After the booming cryptocurrency market in 2017, Jianan Yunzhi, Yibang international and bitcontinental, the domestic mining machine giants, applied for IPO in Hong Kong in May, June and September 2018 respectively, but all three mining machine giants failed.

In addition to being blocked on the way to sprint for IPO, the market of miner manufacturers has also changed. Since the second half of last year, with the continuous decline of digital currency and the tightening of supervision, the three major mining machine manufacturers have also faced major disputes in the market, with frequent news of layoffs and losses.

In the week before the internal personnel changes, bitcontinental had secretly submitted an application for listing to the SEC, sponsored by Deutsche Bank, according to media reports. However, bitland did not confirm the news to reporters of the daily economic news.

According to the prospectus of bitcoin, the company is the worlds largest producer of bitcoin mining machines, focusing on the design of ASIC chips for cryptocurrency mining and artificial intelligence. Bitcoins main businesses include the sale of cryptocurrency mining machines and AI hardware, mine pool operation, mine service, self mining and other businesses related to cryptocurrency. From 2015 to 2017, bitcontinentals revenue increased from $137 million to $2.518 billion, while its net profit increased from $48.603 million to $701 million. In the first half of 2018 alone, its revenue and net profit reached $2.845 billion and $743 million. Its prospectus also shows that bitcontinental is the worlds largest ASIC based cryptocurrency miner based on 2017 revenue, with a market share of 74.5%.

On March 26 this year, the information disclosed by the Hong Kong Stock Exchange showed that bitcoms prospectus was invalid. About the failure of bitlands IPO, at that time, the companys relevant people told the reporter of daily economic news that the company would restart the listing work at the right time in the future.

On October 29, Jianan Yunzhi, the second largest mining machinery manufacturer, formally submitted a prospectus to the SEC and embarked on the path of IPO of U.S. stocks. Jianan Yunzhi also had a bumpy way to go public. It once hit A-share, new third board and H-share, but it didnt work.

Source: editor in charge of daily economic news: Wang Fengzhi, nt2541