Just at 22:30 on November 21, mining machine manufacturer Jia Nan Zhizhi officially landed on the NASDAQ Stock Exchange, stock code "CAN". The "first block of the blockchain" was finally born.
Jianan Technology was established in 2013. The main player in China, Jianan Zhizhi, is a provider of supercomputing solutions through high-performance computing proprietary chips. It is the second largest manufacturer of bitcoin mining machines and the bitcoin mining machine sold by Jianan. It accounts for 22% of the total computing power of all Bitcoin mining machines sold worldwide, and mining machine revenue accounts for more than 90% of sales revenue. In 2017 and 2018, the net income was 375.8 million yuan and 122.4 million yuan respectively.
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Ling listening blockchain (public ID: lingtingqkl) is the first commercial observation and observation column in the blockchain industry. It was created by the China News Award winner and Babbitt editor Tang Xialing.
Ling listening to the blockchain for the first time exclusive dialogue with Jia Jian, the chairman of the joint venture, Kong Jianping. 26 questions, one-time answer to all your questions about the listing of Jianan Zhizhi.
1. Ling listen: How is your mood now?
Kong Jianping : It may be because the period of listing has been extended to a few years, so I am not as excited as I was in previous years, but I am still very happy that mainstream capital markets and investors have finally linked with the blockchain industry. I also see that everyone is working for us. For the blessing of this industry, I am still very moved.
(Photo) Kong Jian, Chairman of the Board of Directors of Jia Nan
2. Ling listen: What expectations are there after the listing?
Kong Jianping: This listing is actually a link. A link between the traditional capital market and the new industry. A link between the traditional world and the new economic world may lead to more chemical reactions. We also expect more people to Blockchain and artificial intelligence industries have better and more comprehensive perceptions.
(Photo) Babbitt editor, Ling listen blockchain promoter Tang Xialing
3. Ling listens: Jia Nan’s income model is very simple. What do you think?
Kong Jianping : In 2015, we positioned ourselves as a chip, not a mining machine. Our income includes chips, mining machines and AI. In 2016, the design and development of the AI chip industry will begin. Mass production will begin in 2018, and this revenue will increase. As far as the mining machine is concerned, its base is getting bigger and bigger, and income stability will be higher and higher. The iteration of the mining machine will increase the certainty of the revenue, and the growth will be more clear. A few years later, we expect that the blockchain will achieve a 1:1 ratio to the AI business .
4. Ling listen: The chip needs big resources and big capital investment. Where is your competitive advantage?
Kong Jianping : The calculation of digital currency bitcoin POW has very high requirements on the low power consumption and high performance of the chip, which is much higher than other chips. And nearly 80% of the cost of a mining machine is a chip, so the profit of selling a mining machine is essentially the profit generated by the chip .
This makes the mining industry two important points, one is the accumulation of technology, and the other is the process. The chips used in mining machines are the most advanced technology nodes, and the investment is very huge. The general startup team will not have too many production opportunities.
The core of mining competition is the competition of chips . Therefore, chip design, supply chain and capital strength are indispensable. The mining machine industry has entered several major leading patterns, and the Bitcoin mining company that is still in the initial financing stage is definitely not a chance.
(Figure) An AI chip developed by Jia Nan Zhizhi
5. Ling listen: Why is the mining company's willingness to list so strong?
Kong Jianping : The mining company is mainly based on chip design and has a higher degree of compliance, so it is easier to take the IPO.
When we were planning for the company in 2015, the digital currency and blockchain industries were not recognized. The way to go public can make the industry more recognized; it can absorb and reserve more talents; at the same time, we can use the power of capital. A better early layout of the entire industry.
6. Ling listens: Why did the first three impacts on the market go wrong?
Kong Jianping : Blockchain companies, especially mining companies, have been listed on the road. Jianan Zhizhi has been at the forefront: from A-shares to Hong Kong stocks to US stocks. We have never been denied, and we are constantly asking questions. One question is the next question. We are too optimistic to estimate the regulatory level's understanding of this matter, the timing is not mature.
Take Hong Kong as an example: We have done three months of pre-A1 communication, and after the pre-hearing, we will formally submit the prospectus. But after other families submitted it, the supervision began to ask more questions. The Hong Kong stock market also collapsed. The price of the currency fell, and we did not continue to push it.
Jianan Minzhi mining machine sales only accept RMB . Therefore, we also lost this part of the market to buy mining machines with digital currency, which is one of the reasons why Jianan Zhizhi originally lost a market share.
That's because we have longer-term considerations. If you accept a digital currency to buy a mining machine, then we have to do KYC, this practical operation is very difficult. The question that comes with it is: Do you need to hold a license to hold the currency and collect the money? After a large amount of money is held, it is assumed that you are listed, and should the company that buys your stock be licensed? Therefore, we are clear: only accept the French currency to buy mining machines.
(Figure) Kong Jianping is accepting an interview with Tang Xia Ling
7. Ling listen: So, have you started planning to go public very early?
Kong Jianping : I made a strategic positioning in 2015. I mentioned two points:
One: To be legal and compliant in doing business in China, don't have original sin, or tomorrow is very bullish tomorrow, the day after tomorrow is not necessarily.
Two: Two roads are placed in front of us, one is to make chips, and the other is to do bitcoin's entire industrial chain. From the perspective of the company's genes, we are more suitable for chips, because the pumpkin (Zhang Nanxuan) team is still a technology gene, and the entire industry chain layout is unlikely to succeed in every field, so we decided to make chips. We believe that this industry will be very big, and it is impossible to be the first in every field. We need to focus on one area to break through.
Of course, we personally invest in blockchain or digital currency projects, but the company's main body is as simple as possible, around the main business development .
8. Ling listen: What do you think of the competition between Jianan Zhizhi and other companies such as Bitian and Yibang International?
Kong Jianping : Everyone has made great contributions to this industry. From a specific competitive point of view, because our company does not accept bitcoin, it does not mainly mine, and does not trade coins. Some markets cannot get it, and the value-added profit of the currency is not. In recent years, we are the second in the market. However, after the listing, the supply chain and capital investment will be even greater. Our goal is to strive to be the industry's number one in terms of market share in 2020.
9. Ling listen: Will the recent problems in Bitland be an opportunity for Jianan’s rebellion?
Kong Jianping : If we say counterattacks, Jianan’s counterattack is definitely not because of the bit mainland, but our own pace. It is our accumulation in the chip field. It is our governance structure, that is, the governance of the board of directors and the management of the CEO. As a result of too many internal power struggles, we certainly hope that Bitcoin can develop very well. The future of a better industry needs to be promoted by excellent friends.
Jia Nan Zhi Zhi has only one CEO, and that is Zhang Nanyi. But there are two chairman, I am with him. In terms of division of labor, he manages a little more research and development. I see more things in operation. From the whole company structure, he manages all the things, unless the company's board of directors needs to make decisions. He also has the most voting rights after the listing, which can well ensure the stable development of the company. My job is to cooperate with his work. Cooperate with the company's strategic needs.
There are two basic principles in my company management. First, the completion of the resolution of the board of directors must put it in place, even if it is wrong. Second, the CEO has only one Zhang Nanyi, and all of them are under the management of the CEO.
There is no god in business operations, and anyone's decision may be wrong, but it is not important. The important thing is how to keep the company in a low-risk and long-term survival state in order to seize opportunities in the ups and downs of the industry.
10. Ling listen: Corporate governance is the chassis of operations management. Now, because of the early stage of the industry, many blockchain teams are very irregular in corporate governance, but your governance structure has been relatively clear early. What do you think?
Kong Jianping : Because the industry is too early, everyone has not experienced this stage. I put forward some ideas for compliance and listing in 2015, and everyone agrees on this strategic direction. Therefore, in 2015, we made a very transparent corporate structure and governance norms, which ensured the steady development of Jianan Zhizhi to a certain extent.
I have always been a business myself, and partners are the best and most difficult to get along with . Good because everyone is a friend, it is difficult because the mutual expectations are too high. Just because it is a friend, everyone will pretend that at first it will show the good side to the partner, this is the instinct of people. The process of entrepreneurial partnership is to tear apart the mask of camouflage step by step . Many people have not experienced this process, so there will be hostility, and employees will stand up because of high-level differences.
We should believe that people are not perfect, you have to identify with each other's shortcomings , knowing each other's shortcomings is easier to get along than not knowing the shortcomings . For example, you know that this person is not good at managing details, this is not a disadvantage. You will give him a person with a tube detail.
11. Ling listens: The mining machine manufacturers have gradually formed an oligopoly. Does this and the distributed, decentralized thinking advocated by the blockchain run counter to one another?
Kong Jianping : In the end, any industry has a small number of people who have the most resources . In the end, it must be that a small number of people have the most bitcoin. It may not even be the 28th law, it will become more concentrated.
This is the law of free competition. When a company is doing more on a certain product, its R&D capability and financial strength are stronger, it has lower natural costs and is easier to go farther than others. Who is the competition? The cost is lower.
The mining machine manufacturer can be regarded as an important node for efficient operation of this industry, but it is certainly not the center of this industry.
12. Ling listen: You started out as an investor in Jianan Zhizhi. Under what opportunity, join the management team?
Kong Jianping : I started out in 2013 when I bought a second-hand Avalon mining machine. I lost money. Then I was an investor in 2015 and later joined the company. Pumpkin Zhang also talked a lot about people before I found out. At that time, he didn't think about investing. He just wanted to get some money to make chips, and the miners made a penny. But I said that this thing must be corporatized, which is more suitable for long-term development. He listened to this suggestion and moved the company from Beijing to Hangzhou. Then I went to the Tsinghua Yangtze River Delta Research Institute to participate in the investment, and other shareholders also invested in Jianan Zhizhi at different prices.
13. Ling listens: Is there any noble person in the development of Jia Nan?
Kong Jianping : From the perspective of investors, I think the Changsanyuan is our noble person. It’s not because of money, but when they don’t understand the industry, they stand up and help Jianan’s wisdom when they need it most.
14. Ling listen: What is the most exciting thing in the development of Jia Nan?
Kong Jianping : It is an industry. In the past, China had no chance in the chip field, but we have great opportunities in the blockchain, digital currency, AI, edge computing, and more new areas in the future. I personally are very optimistic about the blockchain, digital currency and AI, and I am excited about the few tracks that Jia Nan Zhizhi has been involved in. This has nothing to do with making money. It is very difficult for people to encounter a good whistle in their lifetime . It is difficult to identify which track will be the vent in the early days, and we have been on this track very early, and it will be much harder to come in now.
15. Ling listen: What is the corporate culture of Jia Nan Zhi Zhi?
Kong Jianping: We don't have corporate culture now, nor do we say no. Actually, we don't want to summarize. Blockchain companies have a lot of room for imagination in the future. We feel that there is no need to frame a concept. It will continue to iterate for a while, and if you feel good, you can introduce us to study.
16. Ling listens: What is the goal of Jia Nan?
Kong Jianping : Listing is not a goal, and the boundaries of this industry cannot be predicted. For example, in 2015, I said that we have to do a 100 billion company, and several founders said: Old hole, there are 10 billion is enough. Then I bought a book about the history of Intel's development, and Intel grew from a small company to a giant, becoming a company with a market value of $100 billion.
17. Ling listens: So, in 2015, you decided that Jianan Zhizhi might be a 100 billion company?
Kong Jianping : I thought that the future development of chips, blockchains and artificial intelligence might be very large. If we have been on this track, we will definitely have the opportunity to enjoy the dividend of this era to become such a company.
18. Ling listen: Will you go to the field outside the mining machine? Will it be issued? Will you be an exchange?
Kong Jianping : It is not excluded that the business outside the mining machine will be laid out. We will discuss the business related to our main business and compliance, and do different things at different stages. No money will be issued in the short term, nor will it be directly used as an exchange.
I think two things, the first illegal subject of listing must not be done, but must pay attention. Because all innovations start from the edge of many regulatory policies, laws and regulations will also change the technology-driven industry that brings greater value to humans. The blockchain industry has a segmentation track that does not seem to be compliant, but Technology drive can create a better tomorrow for mankind, and he will be able to integrate with this society.
Second, don't be too superstitious about the short-term changes brought about by technology. If Bitcoin has only one dollar now, then everyone will have no motivation. But don't be too short-sighted about the future of this industry. If it really represents the arrival of a new era, its growth will far exceed the economy of the previous era.
Gold is the anchor of the industrial revolution era. In the information age, the carrier of gold has not met the needs of international trade. The dollar is the digital economy. The digital economy will be digital currency. His settlement will be more efficient and more suitable for this. Stage production relations and productivity. In terms of economic volume, the agricultural society is overtaken by industrial society, the industrial society is overtaken by the information society, and the information society will certainly be surpassed by the digital society. Once Bitcoin becomes the anchor of true numbers, its volume must exceed gold, even more than the US dollar. Of course, the digital age must be used for anchoring digital currency, and maybe not necessarily bitcoin in the end, but the probability of bitcoin is currently the highest.
19. Ling listen: You are firmly optimistic about the blockchain industry, what is the underlying logic?
Kong Jianping : I first came into contact with the blockchain and Bitcoin in 2012. At that time, technical geeks were involved. Bitcoin was really convenient for cross-border transfers. I think this is a technology-driven change . But at that time, I felt that this thing might have a future, how big the future is, and my heart is not at all.
After 2014, the first is the market, and the second is that more digital currencies are ecological. I found that Bitcoin can be anchored and traded with all digital assets in the digital world. It has become the anchor of the digital world . Since then , it has been firmly optimistic and believes that there is a future, and more data assets will be added to circulation in the future. More physical assets will be digitized, and more machines and machines will communicate with each other. His future may not be able to imagine with the present vision.
20. Ling listens: There are two types of people in this circle, one is an early practitioner, and the other is a newcomer who has come in with a good professional background in these two years. What do you think of them?
Kong Jianping : No matter which category, including myself, most people will definitely become the cannon fodder of entrepreneurship, but it will make the soil more fertile. In the iterative process, someone will become a new force or giant in the entire blockchain field, and the participation and process of all kinds of people is indispensable.
21. Ling listen: This year, mainstream institutions began to enter, including Morgan and Facebook. What do you think of them?
Kong Jianping : They have played more role in public opinion and links, that is, let more people pay attention to this field, bring more users into the blockchain ecology, and at the same time, they will also occupy the opportunities and space of startups on some tracks.
22. Ling listens: There is a voice that says that big factories can't do blockchains. What do you think?
Kong Jianping : The more the policy is not optimistic, the more opportunities there are. But the big premise is technology-driven, which is called disruptive innovation, or edge innovation. The more you are in the center of power, the less likely you are to make a big breakthrough, because no one wants to play your own face. It is difficult for big factories to have subversive innovations. It does blockchains for the original business, not for their own lives.
Why are there more? Because Tencent and Ali make money too easily. When you lie down and make money, you don't want to stand to make money, and you won't walk to make money. If you run, you won't even think about it. All subversive innovations are on the verge, this logic is in line with the laws of nature, and it is not easy to grow up under the trees . The blockchain is now on the edge and will become mainstream in the future. You see that the mining machine and the exchange are not made by the giants. Before the policy is unclear, the giants are afraid to take the risk and are not willing to take the risk. But now the policy is better, and the block of the currency-free blockchain is not ruled out. The giant may be To some extent, it has an advantage over the startup team.
23. Ling listens: From a longer historical dimension, what stage is the blockchain technology now, and where is the future of commercialization?
Kong Jianping : Digital currency has entered a relatively clear upward trend, but I still can't see the immediate outbreak of blockchain application.
The explosion of blockchain applications lies in the development of artificial intelligence and the data industry. It is more explosive when it comes to machines. Because machines need trust, they can only use data to talk, and use code and smart contracts to achieve. In the machine age, more intelligent devices are connected, and when human-computer interaction and machine interaction, more data will be truly digitized, and the value of the blockchain will explode.
In the 2G era, you can't think of today's headlines and beauty groups. Now that the blockchain industry has broken out a little earlier, more digital currencies will be coming out now, including legal digital currencies, such as the China Central Bank’s DC/EP, cross-sovereign digital currencies, like Libra, and super-sovereign digital currencies. Like BTC, they are the mainstream of these two or three years. The application of other industries is valuable and meaningful, but at this stage it is not a giant, and the future growth space may exceed imagination.
24. Ling listen: What is the connection and difference between the blockchain and the Internet?
Kong Jianping : The blockchain is a value Internet. In the exchange of value, the blockchain achieves better iteration. For example, digital currency, which does not require an intermediary to achieve circulation, it will make the global value flow become very efficient, which will generate more value. We say the Token incentive mechanism. I think the blockchain and Token are the carriers and mediums for the transfer of value in the future. Everything is inseparable from Token. I don't agree with others about the currency-free blockchain. The biggest value of the blockchain lies in the credible exchange of values. The center is not centered for how to be more credible.
But in the future, for example, if there is a machine, it can't realize value exchange without it, and it can only do other things. So Token is undoubtedly one of the most important things in the future, it is oil or blood.
25. Ling listens: In October, what is the impact of the Central Political Bureau’s collective learning on the blockchain on the blockchain industry?
Kong Jianping : First, the most important thing is to name the entire blockchain industry. When we talk to other people about the blockchain , we will get more respect and more talents.
Second, from a regulatory perspective, it should support the blockchain and not completely exclude digital currency, which is good for both the blockchain and the digital currency industry.
26. Ling listen: What impact does the emergence of Libra have on the entire industry?
Kong Jianping : First of all, I personally feel that it has promoted the deeper thinking of China's major leaders on digital currency and blockchain , and promoted China's research and policy landing in the digital currency and blockchain industries.
Secondly, as far as Libra itself is concerned, it certainly contributes to the globalization of the dollar, and it anchors which currencies are more helpful for the globalization of which currencies. But it will wash away the legal currency of countries with weak sovereignty and easy depreciation of the French currency. But for China, it is completely capable of defending and more likely to be attacked. It is also a major benefit to the entire digital currency industry, bringing more digital currency incremental users.