Editor's Note: This article comes fromDeep tide DeepFlow (ID: deep-flow), reprinted by Odaily with authorization.
, reprinted by Odaily with authorization.
At about 11 am on May 8th, on the second floor of the Government Affairs Center in Haidian District, Beijing, Ketuan Zhan, the co-founder who was expelled from the company last year, was sent by Bitmain CFO and legal representative Liu Luyao when he was receiving the business license of the company whose legal person was Ketuan Zhan. Snatched Beijing Bitmain's business license from the industrial and commercial administrators.
As soon as this matter came out, it caused melon noises.
The partners who used to start a business together in the past are now fighting each other. Typical but uncommon dramas in the market, and the self-media used this to say that "the scandal contributed by the blockchain and the currency circle is far greater than their actual contribution to society at present."
While eating melons, what is little known is that at the same time as the stamp grabbing incident, a round of silent migration was taking place within Bitmain.
A person who just resigned from Bitmain told DeepFlow (id: deep-flow) that inside Bitmain, some people have left one after another, and those who stay have re-signed work contracts with a new company in Chongqing, while retaining Beijing Bitmain. Si Ling of the mainland.
On April 28, Bitmain announced that the collection account of Antminer's official mall was changed to Chongqing Siyuan Continental Technology Co., Ltd.
This is considered to be a counterattack by Wu Jihan, the co-founder of Bitmain.
Will Jihan Wu succeed? Was it Ketuan Zhan or Jihan Wu who won the final victory? Bitmain is going from bad to worse, who will save it in the end?
secondary title
a farce
On May 8, there was a fight for a business license on the second floor of the government service center in Haidian District, Beijing.
One party involved is the founder of Bitmain who was expelled from the company last year, Zhan Ketuan, the richest man in the currency circle, and his two lawyers. The other party is Liu Luyao, the chief financial officer and legal representative of Bitmain. Wu Jihan, another Bitmain co-founder who was able to be present, entrusted him to come to the scene.
Ketuan Zhan, Jihan Wu, and the two co-founders of Bitmain broke up their relationship, and now they are getting together again to compete.
"It's finally turned into a farce!" According to Caixin, at the scene, Ketuan Zhan said on his mobile phone, his tone excited.
The former mining tyrant is now the protagonist of a commercial farce, which can't help but cause embarrassment.
Bitmain once sat firmly on the top spot of global mining machine manufacturers, accounting for 90% of global mining machine sales. Wu Jihan was once jokingly called a mine tyrant.
Today, Bitmain, like Dangdang, has become a "melon-eating company". The infighting among the founders has become a public joke and gossip. Bitmain has long since lost its mystery and majesty as a company with a market value of tens of billions of dollars.
It all starts with the sudden personnel shock at Bitmain in 2019.
On October 29, 2019, Jihan Wu sent an email to all Bitmain employees, announcing the removal of Ketuan Zhan from all positions in Bitmain, and changing the legal representative and executive director of Beijing Bitmain from Ketuan Zhan to himself. Ketuan Zhan, who returned to Beijing on the day of the conference in Shenzhen, found that he could no longer enter or leave the office.
Afterwards, Ketuan Zhan did not give up on taking back Bitmain easily. In addition to filing a lawsuit in the Cayman Islands where Bitmain’s parent company was registered, he also filed an administrative reconsideration in Beijing on November 7 last year and February 12 this year, requesting the revocation of Beijing’s The Beijing Haidian District Market Supervision Bureau approved the change of the legal representative and executive director of Beijing Bit, and the Beijing Municipal Bureau of Justice made a decision to agree to the revocation twice.
On May 8, the legal representative of Beijing Bitmain's new business license is Ketuan Zhan.
At 3 p.m. on the 8th, Bitmain issued an official statement stating that it would not recognize Ketuan Zhan’s act of impersonating the legal representative of “Beijing Bitmain” and reserved the right to pursue the legal responsibilities of Ketuan Zhan and related parties.
This is a struggle between Ketuan Zhan and Jihan Wu on the surface, but secretly, the two sides are also competing in secret.
On the other hand, Wu Jihan, who is familiar with economics and psychology, seems to have been prepared for a long time. Under his operation, the personnel and business of Beijing Bitmain have been quietly relocated.
secondary title
westward migration
A quiet westward migration movement is taking place within Bitmain.
A person who just left Bitmain told DeepFlow (id: deep-flow) that Bitmain employees are re-signing a labor contract with a new company located in Chongqing, Chongqing Siyuan Continental Technology Co., Ltd. HR said that Beijing Bitmain can be retained. Si Ling of the mainland.
Chongqing Siyuan Dalu was established on March 24, 2020. It is a wholly-owned subsidiary of Bitmaintech Pte. Ltd. The legal representative is Liu Luyao. He is a classmate of Wu Jihan's Nankai Middle School, Peking University and a fellow of Chongqing.
On the other hand, on April 28, Bitmain announced that the collection account of the Antminer official mall was changed to Chongqing Siyuan Continental Technology Co., Ltd.
The main accounts of the three WeChat public accounts of Bitmain Antminer, "Ant Pre-sales", "Ant After-sales", and "Ant Miner ANTMINER", are Tianjin Shunhua Technology.
On May 1, Beijing Bitmain underwent industrial and commercial changes, and Tianjin Shunhua Technology Co., Ltd. was withdrawn from foreign investment. Tianjin Shunhua was changed to be 100% owned by Chongqing Siyuan Continental Technology.
Chongqing Siyuan Continental became the direct holding company and operating entity of Bitmain Cayman Company in China, and was controlled by Wu Jihan’s faction.
That is to say, under the operation of Wu Jihan and others, Beijing Bitmain has become an empty shell. Even if Ketuan Zhan finally takes back Beijing Bitmain, he will not be able to gain actual control over Bitmain.
And what Wu Jihan has to do and is doing now is to buy as much time as possible for this translation. I believe this is also the purpose of Wu Jihan sending Liu Luyao to the scene to obtain the business license.
On the other hand, Chongqing is becoming Wu Jihan's new stronghold, just like the Hangzhou municipal government did to Canaan.
Long-term attention to Bitmain, the self-media "Wu Shuo Blockchain" founded by former Bitmain employees previously stated on Weibo, "Beijing may lose its leading integrated circuit company, and Bitmain is moving its subsidiaries to Chongqing one after another."
According to relevant sources, the Chongqing local government welcomes Bitmain very much, and will provide many policy support and tax incentives.
Bitmain is not only a mining giant, but also an integrated circuit giant. In 2017, Bitmain surpassed Spreadtrum to become China's second largest integrated circuit design manufacturer, second only to Huawei HiSilicon.
Chongqing is committed to becoming an important national integrated circuit industry base. At present, it has introduced International Semiconductor Co., Ltd. from the United States, and it also attaches great importance to Bitmain.
Shenchao DeepFlow learned from relevant staff in Chongqing Liangjiang New District that Bitmain will be used as a key project to land in Liangjiang Digital Economy Industrial Park.
Regardless of whether the westward journey is smooth or not, Bitmain will eventually resolve the negative crisis entangled in it.
There is not much time left for Bitmain.
secondary title
Who will save Bitmain?
If there is no Zhan Ketuan, Bitmain may still be migrating smoothly.
However, the internal tide of Bitmain has already been surging.
"It's too confusing." Yang Haolin (pseudonym), who just left Bitmain, told DeepFlow that the two founders didn't have much experience in running a company, and they didn't regard the company's future development as the key before.
"I don't distinguish between pros and cons, I just want to fight for right and wrong. If you lay off my team, I will kill your department. Hundreds of millions of dollars will be spent on useless internal friction." Yang Haolin said.
Before founding Bitmain, neither Ketuan Zhan nor Jihan Wu had experience in managing and leading a company. Zhan firmly believes in Buddhism and Chinese medicine, and Wu firmly believes in decentralization and encryption.
"I hope Mr. Han will not focus on scolding Lao Zhan and talk more about how the company should do it, otherwise it won't be the case and it hasn't made much progress in the past half a year." Yang Haolin said.
In a recruiting group for fresh graduates in Bitmain, there are also complaints: "For three consecutive years, fresh graduates and students who have just joined the job for half a year have been laid off. Last year, the fresh graduates recruited by the school were terminated and could not get compensation."
And what about those employees who stayed at Bitmain? After traveling west to Chongqing, what is their follow-up fate?
Lawyer Ding Feipeng, a senior partner of Beijing Lu Ning Law Firm, told DeepFlow that the employee’s labor relationship with Bitmain was terminated, and the employee could no longer approach Bitmain to claim their rights.
In other words, after the contract is re-signed, the transfer of division age may be a blank check for HR.
In contrast to Bitmain are other mining machine manufacturers. Canaan has successfully landed on Nasdaq, and Ebang International has also received news of its listing in the United States. MicroBT has seized most of the Antminer market on high-power mining machines. It is reported that employees of Whatsminer received 30 months of year-end bonuses last year.
On the other hand, there is also news that Bitmain announced that the company’s revenue in the first four months of 2020 exceeded 300 million U.S. dollars, and gave employees a special May Day bonus totaling tens of millions.
But at this moment, Bitmain is still deeply mired in the negative quagmire of internal fighting, and it may have to wait until the day when Wu Jihan returns as the real king.
