On October 30, 2019, according to Tencent Technology, the mining machine manufacturer Bitmain had secretly submitted a listing application to the SEC (US Securities and Exchange Commission) a week ago, and the sponsor was Deutsche Bank.
Just before this news came out, Bitmain had just staged a "power-seizure coup". Wu Jihan, who had resigned from Bitmain CEO at the beginning of this year, issued an internal email on October 29 announcing that Ketuan Zhan was relieved of all positions in Bitmain, effective immediately.
The email also stated that any employee of Bitmain shall no longer carry out the instructions of Zhan Ketuan and shall not participate in the meetings convened by Zhan Ketuan. If there is any violation, the company will consider terminating the labor contract according to the severity of the circumstances. criminal responsibility.
On October 28th, Beijing Bitmain Technology Co., Ltd. also underwent industrial and commercial changes. Wu Jihan also became the new legal representative, and the previous legal representative Zhan Ketuan withdrew. The executive director changed from Zhan Ketuan to Wu Jihan, and Ge Yuesheng became the new supervisor.
Tianyancha information shows that the sole shareholder of "Beijing Bitmain Technology Co., Ltd." is "Bitmain Technologies Limited", which is also the subject of Bitmain's application for listing.
Generally speaking, changing the legal representative requires strict procedures in accordance with the company's articles of association, etc. When changing registration, it is necessary to provide materials with the company's official seal to the Industrial and Commercial Bureau before making changes. However, when Hong Kong Bitmain is the 100% shareholder of Beijing Bitmain, the Hong Kong company can issue a decision to change the legal representative to achieve the purpose of replacement.
According to Tencent Technology, the official seal of Hong Kong Bitmain has been kept by Wu Jihan's assistant, so he can smoothly change the legal representative and other information on October 28. The Company Law stipulates that no matter what the parent company's internal shareholders' meeting, shareholders' meeting or board of directors stipulate, the resolution will have legal effect as long as the parent company stamps it and places it in writing in the subsidiary company.
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However, after knowing that Bitmain has secretly submitted a listing application, some commentators are worried whether such internal turmoil will affect the listing process. For example, compared with the domestic main board listing requirements, the directors and executives of listed companies in the past three years cannot undergo major changes. Judging from the prospectus of Bitmain last year, the main body of its application for listing is Bitmain Technologies Limited, and Beijing Bitmain Technology Co., Ltd. is its main body in China and its indirect wholly-owned subsidiary.
Lawyer Pang Lipeng of the chain law team believes: "Beijing Bitmain is not the main body of the listing. The internal email sent out is also signed by the legal representative and executive director of Beijing Bitmain. Therefore, whether the "coup" will affect the listing and the size of the impact At this stage, it is difficult to make a definite conclusion, depending on the provisions of the US securities laws and which exchange it is listed on.”
In other words, in terms of regulatory principles, the replacement of legal persons and directors may not necessarily have a great impact on listing. However, as a company about to go public, in terms of investor confidence, whether the political struggles and differences among internal executives will make people think that there are major management problems within the company, which will affect the overall development of the company, thereby affecting investors' pricing of shares ?
Dovey Wan, founding partner of Primitive Ventures, tweeted: "Totally rational, even Wu Jihan's 'raid coup' is applauded." But she also pointed out: "1. Ordinary investors will not Believe that any one of them can manage the company well; 2. Litigation will follow, and the US IPO plan will be in trouble; 3. Bitmain's customers will not believe them."
When Odaily asked related questions, a Bitmain investor sighed: "I just hope they don't make trouble anymore, it's not good for the company."
Obviously, everyone has different answers to this question, and some investors even think that Wu Jihan's return is a good thing for Bitmain. Yang Haipo, Jiang Zhuoer and others made it clear on Weibo that they welcome their return. Inside Bitmain, which is fully owned by all employees, it seems that many employees support Wu Jihan, and some Bitmain employees even asked Odaily very directly: "Who do you think Wang Haichao, Zhan Ketuan, and Wu Jihan will be the CEO of? The valuation of the company is high? "To show support for Wu Jihan.
I'm Odaily Little Parker, looking for reports on high-quality blockchain projects, you can add WeChat lmm662381, please note the company + name + reason. For reprint/content cooperation, please email report@odaily.com.
I'm Odaily Little Parker, looking for reports on high-quality blockchain projects, you can add WeChat lmm662381, please note the company + name + reason. For reprint/content cooperation, please email report@odaily.com.
