Bitcoin is expected to complete its listing in early 2020, raising up to US$500 million

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Bitcoin has secretly submitted a prospectus to the US Securities and Exchange Commission (SEC) in late October, and plans to complete its listing in early 2020, raising up to $500 million.

Bitcoin's road to listing is quite rough.

On September 26, 2018, Bittland first submitted an application for listing on the Main Board to the HKEx, but in the next six months, the listing document was not updated. According to the regulations of the Hong Kong Stock Exchange, if the company has no progress within 6 months after submitting the listing application, the application will be invalid.

On March 26 this year, the last day after submitting the listing application for six months, the co-founders of the "honeymoon period", Ji Kequ and Wu Jihan, and CEO Wang Haichao issued a full e-mail saying, " This round of IPO application will expire in the near future, and the listing will be restarted at an appropriate time in the future."

For the reason why the HKEx does not apply for listing of a number of mining machine manufacturers including Bitcoin, the original words of the Hong Kong Stock Exchange President Li Xiaojia at the World Economic Forum in Davos, Switzerland this year, is, "You used to I earned billions of dollars through the A business, but suddenly said that I want to do B business in the future, but I still have no performance. Then I feel that the A business model that you brought to the market is not sustainable. Then you can do this. Business, can you still make this money?" Among them, A business refers to mining machine sales, while B business is AI chip.

In June this year, Bloomberg quoted people familiar with the matter as saying that Bitcoin will resume its IPO plan and submit the listing documents to the US Securities and Exchange Commission (SEC) in July. According to the information that Jianan currently displays on the SEC, the date of the first submission of the draft application for listing is July 23. In other words, Bitcoin still has a good chance to become the "first share" of the mining company.

In addition, Bitcoin also signed a new round of large-scale employee options at the end of June, and even almost "full shareholding", which can also be regarded as the preparatory work for listing in the United States.

Until the end of October, there was a “shock” in the management of Bittland, and the contradictions between the two co-founders were also made public.

According to the information of Tianyue, the business of Bitcoin, Beijing Bit Continental Technology Co., Ltd., changed its business on October 28, and the chairman of the Bitland Group, Zhan Kexuan, stepped down as the legal representative and executive director, and was replaced by Wei Jie, co-founder of Bit China. . At the same time, Ge Yueyu, who had followed Wu Jihan’s new “Matrixport” project, replaced Wu Jihan as a supervisor of the company.

On October 29th, the first day after the change of industrial and commercial information, the bite mainland co-founder Wu Jihan sent a full-mail mail, saying that it was decided to release all the duties of the Jenke group on Bitland, and it will take effect immediately. According to the e-mail, any employee of Bitland can no longer execute the instructions of the Jank Group, and may not participate in the meeting convened by the Jank Group. If there is a violation, the company will consider dismissing the labor contract according to the seriousness of the case; if the company’s economic interests are damaged, the company will pursue civil or legal criminal responsibility.

The above-mentioned mail was issued by Wu Jihan, founder of Bitcoin, Chairman of the Board of Directors of Bitian Group, and legal representative and executive director of Beijing Bitland Technology Co., Ltd. On November 5th, the identity of the manager of the Jank Group was also replaced by Wu Jihan.

On November 2nd, Bitland once again issued a full-mail mail saying that “the salary will be 2019 will be opened from November 4th. The salary will cover no less than 80% of employees.” This is also the case for Wu Jihan to regain control of the company. After the first company management initiative, the goal is to get more support from internal staff.

On November 7th, the Jank Group issued a statement in response to its being expelled from Bitcoin. He said, "As the founder of Bitcoin, I have never known the first major shareholder. The legal representative registered in the government department will actually be in the cause. The business trip was suddenly changed without knowing it.", and said that "there will be a legal way to return to the company as soon as possible, ending this extraordinary period and restoring the normal order of the company."

It is worth noting that the above-mentioned bidding documents submitted by Bitcoin to the Hong Kong Stock Exchange show that the two co-founders, Jenke Tuan and Wu Jihan, are the major shareholders, holding 36% and 20% of the shares respectively. I do not know that this is a "shock". How will the shareholding ratio of the two players change?

The prospectus also shows that the shareholding ratios of major investment institutions are not large: Sequoia Capital holds approximately 3.14%, Innovation Works holds approximately 1.13%, Temasek holds 0.35%, IDG Capital and Beijing IC Industry The fund holds 0.02% and 0.07% of the shares respectively.

It is true that for companies that choose to go public in the US, changes in domestic legal representatives and directors will not directly affect the listing process.

But it is undeniable that the internal struggle between the two co-founders will affect the confidence and judgment of investors more or less. In addition, it is possible for both parties to seek their respective rights and interests through legal proceedings, which will directly slow down the entire listing process.

This article is from " IPO knows ".