Established for 6 years, with a valuation of 15 billion, mining machine giant Jia Nan Zhizhi will be listed in the US

On October 10, a person in charge of a securities company issued a message saying that the mining machine manufacturer Jia Nan Zhizhi was listed in the US on November 20, and the securities company would provide USDT deposits for new services.

The person in charge of the securities company said that the news has not been officially announced, and it is not convenient to disclose the source of the news.

In response to this matter, Shenzhen Financial Group has verified the internal personnel of Jianan Zhizhi. The insider said that Jianan Zhizhi is indeed going to be listed in the US. The specific date is not convenient to disclose. It is necessary to participate in the new risks and benefits through a securities product. Investors judge on their own.

1" Established for 6 years with a valuation of 15 billion"

Jia Nan Zhizhi was established in Beijing in April 2013. In 2015, Hangzhou Branch of Tsinghua Yangtze River Delta Research Institute introduced Hangzhou from Zhongguancun. Jia Nan Zhi Zhi is the world's first 7nm chip research and development mass production organization, its "Avalon" (Avalon) series of mining machines are well known for the encryption market.

According to the prospectus, Jianan Zhizhi's revenues in 2015, 2016 and 2017 were RMB 48 million, RMB 316 million and RMB 1.308 billion, respectively, and gross profit was RMB 14 million, RMB 132 million and RMB 604 million respectively; gross profit margins were respectively It was 29.1%, 41.7%, and 46.2%, and the after-tax profits reached RMB 200 million, RMB 53 million, and RMB 361 million, respectively.

In 2017, Jianan Zhizhi Global Bitcoin Mining Machine is expected to have a total shipment of 294,500 units, accounting for 20.9% of the global market share of shipments; 19.5% of the global market share calculated by calculation, the second largest in the world. Encrypted currency mining machine manufacturer.

In January 2019, Shao Jianliang, head of the block chain business unit of Jianan Zhizhi District, revealed in an offline activity that Jianan Zhizhi's sales revenue in 2018 exceeded RMB 4 billion.

On March 11, the Securities Times reported that Jianan Zhizhi had just completed a round of financing worth hundreds of millions of dollars. After the current round of financing, the valuation was billions of dollars.

Shao Jianliang, head of the block chain business unit of Jianan Zhizhi District, revealed to Shenzhen Chain Finance that after completing hundreds of millions of dollars in financing, Jianan Zhizhi is still negotiating with many institutions in the near future, and there may be new financing in the future. The situation will be announced to the market.

Another insider of Jianan Zhizhi also revealed that in the latest round of financing, there may be another round because there are some investment institutions that have not had time to enter.

Shao Jianliang said that Jianan Yuzhi will still be in the artificial intelligence and blockchain ecology, with the chip as the entry point, and build an ecological platform with artificial intelligence and blockchain.

However, for this round of financing, Coindesk broke the news that this round of financing did not enter new investors, all of which were additional investments by the old shareholders.

In addition to this financing, Jianan Zhizhi’s most recent round of financing was the acquisition of nearly RMB 300 million from Jin Jiang Group, Yu Pu Investment and Yan Capital in May 2017. The value is nearly 3.3 billion yuan.

According to the "2018 Hurun Greater China Unicorn Index" released by Hurun Research Institute in January 2019, Jianan Zhizhi's valuation is 15 billion yuan.

2 "Three impacts on the capital market, three failures"

The three major mining giants have long been eager to enter the traditional capital market, but the road to listing has been bumpy.

Among them, Jia Nan’s listing of the road can be said to be the most difficult, three times impacting the capital market, three failures.

In 2016, Jia Nan Zhi Zhi tried to land A shares through the “backdoor” approach.

In June 2016, Luyitong Electric Co., Ltd., a listed company of the Shenzhen Stock Exchange, issued a notice saying that it plans to restructure the major assets. It plans to purchase the entire equity from the existing 14 shareholders of Jianan Zhizhi at a price of 3.06 billion yuan. However, since then, Suspected by the Shenzhen Stock Exchange.

In August 2017, Jia Nan Yu Zhi once again sought to be listed on the New Third Board.

However, this is not a good time, because on September 4th, a month later, the domestic cryptocurrency market suffered a policy regulatory storm. The relevant departments began to ban all cryptocurrency transactions and lCO in the territory. Jianan Zhizhi also received the opinions of the stock transfer company for four consecutive times in October and November of that year, and finally voluntarily gave up the listing in March of the following year.

In May 2018, Jia Nan Zhi Zhi went to Hong Kong to go public, which is the third effort of Jia Nan Zhi Zhi.

On May 15, Jia Nan Yu Zhi officially submitted a prospectus application to the Hong Kong Stock Exchange, intending to be listed on the main board of Hong Kong in the form of red chips, Morgan Stanley, Deutsche Securities, Credit Suisse and CMB International as joint sponsors.

However, six months later, the official website of the Hong Kong Stock Exchange classified Jia Nan’s listing application as “invalid”, and the road to listing failed again.

Later, some media reported that Jia Nan Zhizhi secretly submitted a listing application to the US Securities and Exchange Commission (SEC), raising funds of 200 million US dollars.

3 “The core executives left the management due to differences in ideas

In addition to the good news on the market, on October 10, Hurun Research Institute released the list of 2019 Hurun Report. In the field of blockchain, Jia Nan and Zhi Zhi were on the list. Among them, Liu Xiangfu and Zhang Nanyu were both in the list. 3.9 billion, Li Jiaxuan 3.8 billion yuan.

Regarding Liu Xiangfu, he had previously heard of his departure from management. On February 12, 2019, Coindesk quoted an insider as saying that Liu Xiangfu had left his day-to-day management position and was no longer a member of the executive board of Canaan Inc., the holding company of Jianan Zhizhi. The specific reason was Liu Xiangfu and the company's overall strategic development. There are differences.

Jia Nan’s prospectus shows that Liu Xiangfu holds 17.6103% of the shares of the listed company and is one of the actual controllers. He and the other two founders and shareholders control the company through a concerted action agreement.

The management of Jianan Zhizhi hopes to continue to build the company into a manufacturer specializing in cryptocurrency mining and artificial intelligence chips. Jianan Zhizhi does not mine or mine the mine itself. The leadership hopes to maintain this state. To better achieve IPO.

However, Liu Xiangfu, who has a background in computer technology, believes that there is no way to completely separate hardware and software in the blockchain industry. The company that produces the mining machine cannot be completely cut with the mine and the mining pool business.

On Liu Xiangfu's movements, on February 13, Shenshen Finance conducted a verification to the insiders of Jianan Zhizhi. The other party responded: "The facts are basically as the media said, Liu Xiangfu is slowly fading out of the company's management."

Regarding Liu Xiangfu's no longer serving as an executive board member and disagreeing with the company's strategic philosophy, the insider did not explicitly deny it. He only said that Jianan Zhizhi is seeking an IPO, and all news must wait for official announcement.

Previous prospectus shows that in July 2006, Liu Xiangfu obtained a bachelor's degree in computer science and technology from Changchun University. In April 2013, he joined Jianan Zhizhi, and in December became a new shareholder after Zhang Nanxuan and Li Jiaxuan.

In 2015, after completing a new round of capital injection, Zhang, Li and Liu held 33.4%, 33.4% and 33.2% of the shares of Jianan Zhizhi respectively. By the time the prospectus was published in 2018, the three persons held 52% of the shares as controlling shareholders, namely: Zhang Nanxuan 17.6010%, Li Jiaxuan 17.2006%, Liu Xiangfu 17.6103%.

Although the road to listing was broken three times, despite the negative news of executives leaving the market, among the three major mining giants, Jia Nan was the first to successfully embark on the listing of the train.

Jia Nan is listed on the market, will Bit China and Yibang International be far behind?

Author

Source | Deep Chain Deepchain