Editor's Note: This article comes fromCaijingOnchain Finance (ID: CaijingOnchain), Author: Chen Yi, reproduced by Odaily with authorization.

Editor's Note: This article comes from

CaijingOnchain Finance (ID: CaijingOnchain)

, Author: Chen Yi, reproduced by Odaily with authorization.

According to public information, Chongqing Siyuan Continental Technology Co., Ltd. was established on March 24, 2020, with a registered capital of 150 million yuan. The legal representative is Liu Luyao, and the industry is computer, communication and other electronic equipment manufacturing.

According to financial news from Caijing.com, Beijing Bitmain Technology Co., Ltd. (hereinafter referred to as "Beijing Bitmain"), which is currently under the control of Wu Jihan, is transferring relevant legal relations and employees.

An internal employee of Bitmain revealed to Lian Shang Finance on May 8: "The door was locked this morning and all employees were required to re-sign labor contracts." Snatch farce.

The above-mentioned person said that Wu Jihan plans to transfer the original business, legal relationship and employees to the new company. The new company, like Beijing Bitmain, is a wholly-owned subsidiary of the group. The employee transfer contract will sign a three-party transfer agreement, the three parties are the employee, Beijing Bitmain and Chongqing Silicon Land Technology Co., Ltd. (hereinafter referred to as "Chongqing Silicon Land").

According to public information, Chongqing Siyuan Continental Technology Co., Ltd. was established on March 24, 2020, with a registered capital of 150 million yuan. The legal representative is Liu Luyao, and the industry is computer, communication and other electronic equipment manufacturing.

In addition, the Q&A information also shows that after the transfer of personnel, the legal department and the intellectual property department will be responsible for the transfer or authorization of business, patents, assets and other related issues. Therefore, the transfer will not affect the business.

In response to the transfer of employee labor contracts, when faced with employees' doubts, the relevant person in charge said: "The change of the contract subject is definitely not for the purpose of 'split the company', but to solve the employee's concern about the instability of Beijing Bitmain. "

In this regard, Suo Chao said: "Many employees still don't understand why they need to change the main body. Let me explain to you again. Many employees have reported that they are worried about the instability of Beijing Bitmain, because Zhan has been working to replace the legal person of Beijing Bitmain. Zhan, the legal person of Beijing Siyuan mainland, cannot be changed, so employees are given one more choice, so that employees can rest assured of the employer and work with peace of mind, and the company's projects and other things will not be affected."

Chainlink Finance learned that Suo Chao was the person in charge of Beijing Bitmain’s employee transfer to Chongqing Siyuan Mainland, and Suo Chao had served as Bitmain’s human resources.

On October 29, 2019, Wu Jihan returned to Bitmain to obtain management rights, during which he received support from Liu Luyao, Suo Chao, Ge Yuesheng and others.

In this regard, Suo Chao said: "Many employees still don't understand why they need to change the main body. Let me explain to you again. Many employees have reported that they are worried about the instability of Beijing Bitmain, because Zhan has been working to replace the legal person of Beijing Bitmain. Zhan, the legal person of Beijing Siyuan mainland, cannot be changed, so employees are given one more choice, so that employees can rest assured of the employer and work with peace of mind, and the company's projects and other things will not be affected."

According to analysis, if Wu Jihan successfully transfers all of Bitmain's business, legal relations, and employee relations to the new company, the "Bitmain" that Ketuan Zhan expects to recapture will become an empty shell, and Wu Jihan will use the silicon original Continental continues to operate Bitmain in the name of Continental.

In the early hours of May 9, some Bitmain certified employees confirmed on Maimai that they had signed a new labor contract, and said: "From now on, they will no longer be from Beijing Bitmain."

And Wu Jihan also admitted the news from the side. On May 9, Wu Jihan responded in Moments: "This will not happen. The Chongqing company does not do research and development, and the employees in Beijing will not move to Chongqing."

According to Lian Shang Finance, although employees in Beijing will not relocate to Chongqing, they may move out of the original office (Building 25, No. 1 Courtyard, Baosheng South Road, Haidian District, Beijing) and move to a new office. At present, the new office is under renovation and affected by the epidemic, so the time for moving out is still uncertain.

According to analysis, if Wu Jihan successfully transfers all of Bitmain's business, legal relations, and employee relations to the new company, the "Bitmain" that Ketuan Zhan expects to recapture will become an empty shell, and Wu Jihan will use the silicon original Continental continues to operate Bitmain in the name of Continental.

In response to the impact of Beijing Bitmain's "fork", Suo Chao said internally that the change of visa will not affect the work of employees and the company's projects.

However, information from various sources shows that the “fork” of Bitmain will have a certain impact on employee benefits, business development, shareholder rights, option cashing and other aspects.

"Now Bitmain doesn't care about your work and residence permit. If you want to follow me, you can transfer it. If you don't transfer it, it will be regarded as you don't follow me." Another certified employee commented, "Transferring is a sign of loyalty. Not transferring By default, you stand in line."

Second, in terms of business development, since most of the business of Bitmain Group was carried out in the name of Beijing Bitmain, relevant contracts were also concluded in the name of Beijing Bitmain.

Transferring the employees of Beijing Bitmain to Chongqing Silicon Land, but it is difficult to transfer these contracted businesses.

Bitmain’s account files are all attached to FESCO, and FESCO is opened by Bitmain. Silicon Continental will continue to cooperate with FESCO, so the account registration of employees will not be affected. But Silicon Land does not have the qualifications to settle down.

Transferring the employees of Beijing Bitmain to Chongqing Silicon Land, but it is difficult to transfer these contracted businesses.

Third, the previous relationship between Beijing Bitmain and Chongqing Silicon Land may bury hidden dangers for the growth of shareholders' equity and the listing process.

According to Tianyancha information, Chongqing Siyuan Continental is wholly owned by Bitmaintech Pte.Ltd registered in Singapore. Since then, there will be two parallel branches under Cayman Bitmain, one for Cayman Bitmain to control Hong Kong Bitmain, and Hong Kong Bitmain for Beijing Bitmain; one for Cayman Bitmain to control Singapore Bitmain, and then Chongqing Silicon Land is controlled by Singapore Bitmain.

According to analysis, this may involve a series of matters such as chip foundries, mining machine production, mining machine sales, and balance payment recovery.

Lawyer Ji Fengjian believes that the company is based on the combination of capital, with the purpose of making profits, established in accordance with the conditions and procedures stipulated by the law, and an enterprise organization with independent legal personality, its responsibilities, rights, and interests are independent. Therefore, from a legal point of view, the establishment of a new company and the transfer of employees and assets of the original company to the new company need to go through corresponding legal procedures and may have to pay a corresponding consideration. The employee needs to legally terminate the labor contract relationship with the original company. The new and old companies also need to legally transfer assets, and this requires the consent of the original company. Both parties need to sign a written contract, and may have to perform a series of legal procedures such as registration and tax payment; if the two parties cannot reach a legal and effective agreement , Arbitrarily transferring the assets of the original company to the new company may be suspected of criminal charges such as job embezzlement, and faces a very high risk of criminal liability. In the cooperation agreement signed by the original company and a third party, if the contractual rights and obligations are transferred to the new company, the consent of the third party must be obtained.

Lawyer Ji Fengjian believes that the current status of Bitmain is not only not conducive to promoting the listing process, but may also constitute a serious obstacle to its listing. He said: “Under the VIE structure, Cayman’s shareholders are involved in legal disputes, which do not meet the listing conditions stipulated by the law. Cayman’s affiliates are involved in disputes over assets and management rights, which seriously threaten their business revenue. It also does not meet the listing conditions. In this chaotic state, the relevant listing legal documents cannot be submitted in accordance with the law and in a timely manner, and it is impossible to complete the listing procedures stipulated by the law.”

Fourth, the "fork" of Bitmain may affect the option redemption of some employees after Bitmain is listed in Cayman.

On the morning of May 8th, a chat record from Wu Jihan was circulated on the Internet. Wu Jihan said: "In the past three years, it is obvious to all that Lao Zhan is respected as the founder, but He destroyed the company's upward momentum and destroyed the company's value of billions of dollars." And further stated, "Just do it, don't be cowardly." The slogan then spread widely.

What caused Wu Jihan's comment was a screenshot of Ketuan Zhan's remarks. The content of the screenshot read: Hello everyone, I am Ketuan Zhan. I'll be right back. I will guarantee the options and other salary packages for Beijing Bitmain employees in Cayman Bitmain, and I will also lead everyone to continue to develop, including the company's listing, etc.! Bitmain is our home, we don't leave!

The meaning of Ketuan Zhan’s speech is clear. After the successful listing of Bitmain Cayman, Ketuan Zhan only guarantees the options of Beijing Bitmain employees in Bitmain Cayman, but not the option of Chongqing Silicon Yuan Company in Bitmain Cayman.

On the morning of May 8th, a chat record from Wu Jihan was circulated on the Internet. Wu Jihan said: "In the past three years, it is obvious to all that Lao Zhan is respected as the founder, but He destroyed the company's upward momentum and destroyed the company's value of billions of dollars." And further stated, "Just do it, don't be cowardly." The slogan then spread widely.

Although there has since been news that the AB shareholding system was abolished after Wu Jihan took control of the Bitmain Group on October 28, 2019, so far, no reliable sources have confirmed this news.