Bitcoin has secretly submitted a listing application to the US SEC. The sponsor is Deutsche Bank.

Author: Tencent News "periscope" Liu Peng

Editor's Note: The original title is "Population" | The founder has driven away another founder inside the Bitt mainland what happened?

Source: Tencent News


Wu Jihan (left) and Jank

The direct cause of this "coup" is the second annual organizational restructuring of the Jank Group, which directly led to the departure of a large number of old employees who have followed the Bit China mainland for many years. The internal public anger is extremely high, and even the employees have evaluated "Old Jang Head." "Squeezed by the door", "Old Zhan went crazy."

On October 28, 2019, Jenke, one of the chairman and co-founder of Bitland, released its latest version of the AI ​​server at the Shenzhen Expo, and ambitiously entered the field of video image intelligence analysis.

However, Beijing, a bit of mainland China headquarters more than 2,000 kilometers away, is brewing a storm against him. At the beginning of this year, Wu Jihan, the co-founder of Bit China, who resigned from the CEO and withdrew from the management team, changed the legal representative and executive director of Beijing Bittland Technology Co., Ltd. from the Jenke group to himself at the Trade and Industry Bureau, and followed the Wu Jihan’s many years of Ge Yueyu as the new Supervisor.


The next day, a bigger storm hit. Wu Jihan sent an e-mail to all members of Bitco, removed all positions of the Jenke group, and blocked its access to the company. The person in charge of HR brought by the Jank Group was also dismissed. Wu Jihan was appointed to follow the multi-year Suo Chao and re-elected as the head of human resources.

At noon on October 29, after the mailing of all the members was completed, Wu Jihan urgently held a full-time meeting. At the one-hour meeting, Wu Jihan’s Jenke group managed misbehavior, appease employee sentiment, and asked everyone to unite and save the company, not going further and further on the wrong road.

Tencent News "First Line" was exclusively informed that the direct cause of this "coup" was the second annual organizational restructuring of the Jank Group, which directly caused a large number of old employees who had followed the Bit China mainland for many years to leave, and the internal public anger was extremely high. Even by the staff evaluation, "Old Zhan's head was squeezed by the door" and "Old Zhan went crazy." Superimposed on the Jank group's unusual diligence and self-reliance, and at the same time has an absolute control of the management of the way, the insiders are heart-rending, began to call Wu Jiuhan back to the overall situation.

Previously in the personnel shock in March this year, Wu Jihan suddenly retired, the Jank group went to the front of the board to serve as the chairman, but the official seal of Bitian Company has been kept by Wu Jihan, so on October 28, Wu Jihan could The Industrial and Commercial Bureau successfully changed a series of industrial and commercial materials including legal representative and supervisor.

Wu Jihan launched a raid despite not notifying any shareholders before, but external shareholders began to shake apart. Internally, Wu Jihan also obtained a number of executives including Liu Luyao, the CFO who joined the IPO of China, and his newly appointed veteran HRBP Suo Chao, who is a shareholder and a new supervisor, Ge Yuezhen. Layers and general support from employees.

A person familiar with the matter said that after Wu Kaihan started the full assembly meeting, he began to discuss with the shareholders how to negotiate with the Jank group to let the latter leave the company. As of now, the Jenke group that was expelled from the team did not make any noise. Tencent News "Plough" repeatedly called its mobile phone and was hung up. However, according to a person close to the Jank group, Zhan has begun to look for a lawyer and is ready to resort to the law.

Behind the strong return, it is the conflict between Wu Jihan and Zan Ke Tuan that is irreconcilable to the company's development ideas. After starting with a mining machine and then building up a head advantage in multiple fields such as mine pools, mines and bitcoin cash, the two co-founders of Bittland have disagreed in the future direction. The Jank team is the master of the mining field. The strength advantage cuts into the AI ​​field. However, the huge investment in the unfamiliar field has made Bitumin has been "cultivating AI with mines", and the main business continues to research and develop blood transfusion artificial intelligence, which leads to various problems such as stagnant main business and staff turnover.

"Last year, the two people began to have more and more differences. Later, because the blockchain market was not good, the listing also suffered setbacks. Han Zong (referring to Wu Jihan) chose to avoid, let the Jenke group lead the entire company, and retired. "A person close to the top of the mainland has described to Tencent News "Peak" that after the Jenke group went to the stage, the situation has not improved. Even in 2019, as the market warmed up, the development and manufacture of a new generation of mining machine chips in Bitland It has been slow. In the mining machine market, the rising star Shenma mining machine has become a strong competitor, and the mining pool has been overprinted. However, the Jank group is fascinated by the research and development of the AI ​​business, and interferes with the sales department of the core department of the mining machine. At the same time, because it is not good at communication, there is not much mass base but the wrist is tough, resulting in a lot of internal grievances.

External shareholders also showed anxiousness. In the financing of Bitcoin in 2017, investors and their management signed a gambling agreement for listing within five years. Nowadays, Jianan Zhizhi has officially submitted a prospectus, which will soon be on the NASDAQ. There are still many uncertainties in the road to the listing of Hong Kong stocks.

Tencent News "Peeping" has learned from many parties that the week before Wu Jihan launched this "coup" raid, Bitian has secretly submitted a listing application to the SEC, and the sponsor is Deutsche Bank. According to informed sources, from the initial target Hong Kong stocks to the current US stocks, Bitco's IPO process has been dominated by Wu Jihan and CFO Liu Luyao, and the Jank Group is less involved.

In order to increase the chances of success in this trip to the US, Bittland even hired Zheng Hua, the former representative of Nasdaq's former China region, as a consultant to the company.

The strong return of Wu Jihan means that if it receives shareholder support, Bitian will focus on the most advantageous blockchain industry, regrouping in the mining machine and mining pool business, and launching an impact on US stocks.

"coup" raid

On October 29, when the second largest miner manufacturer Jia Nan officially submitted the prospectus to the SEC to embark on the US IPO road, the industry leader Bit China launched an internal personnel "coup."

Wu Jiuhan sent a very fierce message to the whole staff in the afternoon, saying that the decision to lift all positions of the Jenke Group on Bitland was effective immediately. Any employee of Bitian mainland may not execute the instructions of the Jank Group, and may not participate in the meeting convened by the Jank Group. If there is any violation, the company will consider dismissing the labor contract depending on the circumstances; if the company damages the company's economic interests, the company will pursue civil or criminal liability according to law.

The time of this raid coincided with the Shenzhen Anbo Fair in 2019. The Jank Group led the team to participate and released new products one day before the opening of the Expo on October 28. Security is one of the most widely used areas of AI, and it is also the direction of the main development of the AI ​​team after the development of AI, so he attaches great importance to this.

On the morning of October 29, the Jank group, who received the signal to be dismissed, immediately returned to Beijing, but his authority to enter the company has been stopped.

At the full-time meeting held by Wu Jihan, Wu Jihan said from the establishment of the company, which will include the difference between the two shareholders, the difference in voting rights, and the contradiction in the company's strategic direction. It also pointed out that the Jank Group made in 2018. The chip's decision to make the company consume a lot of manpower and resources, but also caused a direct loss of 1.5 billion US dollars.

"One hour will sound like a couple of quarrels, what I paid, what you did wrong." An employee described it. However, in the choice of the two co-founders, he still stood on Wu Jihan's side, arguing that the Jank group's series of actions after serving as chairman in March hurt the Bitland.

"The two people are relatively twisted in character, but in contrast, Wu Jihan's handling is more popular, and customers are more recognized."

"The two co-founders, Wu is more like the spiritual leader of Bitian Continent. It is very logical and is the earliest evangelist of Bitcoin. Zhan has more advantages in the technical field, but his style is more arbitrarily unspoken and believes in Buddhism. Also believe in Chinese medicine, the internal feelings are not too able to understand him, so there is no reputation for Wu Jihan." The insiders of the Bitland, which have frequent contacts with Wu Jihan and the Jank Group, commented on the internal reputation of the two founders. He cites the example of Yang Zuoxing, the founder of Shenma Mining, which threatened Bittland today. After developing the most sought-after mining machine ant S9 for Bitland, the Jank Group did not honor his commitment to Yang Zuoxing, nor did he Communicating well led Yang to anger and leave.

Difficult to resolve

Both Wu Jihan and Jenke were born in prestigious schools. Wu Jihan graduated from Peking University and the Jenke group graduated from the Chinese Academy of Sciences. According to the seniors of the early years, the two men made a hit in the street in 2013, and developed an ASIC mining machine suitable for bitcoin mining. It was established as a bite continent for the mining machine and mining industry.

However, the differences between the two in the direction of the company's development began to appear in 2018, and gradually became irreconcilable. The Jenke Group objected to Wu Jihan’s big hand movement on the bitcoin cash BCH, and raised the hope that he could open up a new business when the overall situation of the digital currency turned cold, that is, with the help of the bitcoin mining machine’s computing power accumulation, The computing power experience in mining is copied to the forefront of the world's technology – artificial intelligence.

But AI is obviously a business with huge investment and not obvious results. The three mining machine companies, especially Bitcoin, are currently considered by the industry to “reserve AI with minerals” and supplement the profit of mining machine sales to the research and development of artificial intelligence. In the previous interview, the Jank Group also revealed that there are 300 people in the research and development of the Bit Continental AI chip, which exceeds the scale of the R&D team of Bitcoin mining chips.

However, in the field of AI chips, miners are faced with a strong lineup of opponents. Top players such as Google, AMD, and Nvidia are not to be underestimated in terms of R&D funding support or in the accumulation of technology and data.

With the increase in investment in AI, the Jank group suddenly made an attack at the end of 2018, requiring management to start the second round. At the moment when the cryptocurrency was in the lowest moment, Bitcoin hit the wall in the Hong Kong stock IPO. After several months of internal consultation, Wu Jihan retired from all positions and retained only the company's directors. The Jank Group served as the chairman and Wang Haichao served as the CEO and announced the company. It will focus on digital currency and artificial intelligence chips as well as products and services based on this.

According to Tencent News "Plough", this organizational restructuring is the main force of the Jenke group, the company's strategic direction is also dominated by the artificial intelligence direction of the Jank Group, and Wu Jihan is only responsible for the blockchain related business. Subsequently, the Jank Group opened up drastic reforms and personnel changes, and led the new equity incentive framework to prepare for listing in the United States.

However, in the first half of 2019, when the cryptocurrency market recovered, the Shenma mining machine, which was founded by Yang Zuoxing, who had traveled out of the mainland, began to suppress the bitumin. The Jank group also cited some criticisms about the major customers of the mining machine, which led to more orders for their competitors.

In addition to the most advantageous mining business, the leading position of Bitcoin in the mining pool business was also overtaken. It was also the first in the market by the coin-printed pool created by Zhu Xi and others who had left the Bit China.

The main business was caught up by competitors and led to internal instability. A senior employee of the sales department told Tencent News that "Peeping", due to the slow movement in the development of new generation chips, "the competitors who had played half dead before are now alive." coming".

The market's dominant position is lost, and the larger contradictions are intensified in the internal restructuring. A number of employees said that the Jank Group has gradually implemented the second organizational restructuring of the year since August, and various departments have exchanged each other and issued a number of personnel arrangements that employees can't understand. Many old employees and even business leaders have been adjusted to the new department and reported to the higher-level superiors, causing large numbers of old employees to leave.

Therefore, at the meeting held by Wu Jihan at noon on October 29, when the second organizational restructuring announced on October 20 was suspended, the applause was the most enthusiastic. Many employees described it as: "Everyone's mood is like New Year."

However, even if the unilateral announcement of the removal of all positions of the Jenke group and the cessation of access to the company's authority, the people around the Jank group revealed that they were already looking for a lawyer to fight back. According to the prospectus disclosed in Bitin 2018, the Jank Group holds 36% of Bitcoin, which is the largest shareholder, and Wu Jihan is the second largest shareholder, with a shareholding ratio of 25.25%, and the voting rights of the B shares held by the two. In the middle, the Jank group is as high as 60%.

However, there are also insiders in the mainland who said that in 2018, the management team and investors such as Jenke Group and Wu Jihan signed a new gambling agreement. According to the conditions, the shareholding ratio of the Jenke group has been reduced in the latest shareholding details. More than 20%, also lost a vote veto. For this statement, Wu Jihan and Jenke have not responded to their true or not.

Long listing road

Tencent News "Peeping" has learned from many parties that the week before Wu Jihan launched this "coup" raid, Bitian has secretly submitted a listing application to the SEC, and the sponsor is Deutsche Bank.

When Bitcoin hit the Hong Kong stock IPO, the biggest obstacle was the issue of marketability. On January 23, 2019, at the World Economic Forum in Davos, Li Xiaojia, president of the Hong Kong Stock Exchange, spoke exclusively to Tencent News "Plough" and said:

"For the IPO, the core principle of the HKEx is the suitability of the listing. Is the business model proposed by the listed company to investors suitable for listing? For example, in the past, it has earned billions of dollars through the A business, but suddenly said the future To do B business, but there is no performance. Or B's business model is better, then I feel that the A business model that you brought to the market is not sustainable. Then, can you still do this business, can you make this money?"

The sound of the strings is coming out. Whether it is the mining machine business that had previously attracted gold, or the AI ​​business that wants to transform, Bitcoin could not meet the “marketing adaptability” proposed by Li Xiaojia.

“The blockchain industry itself is not easy and controversial. There are scammers and idealists, geeks and speculators. Surviving and advancing in the cracks, only one bit of land has emerged in five years, and in the next ten years, There may not be a second one."

A practitioner named Tension is so represented in his public account. As a representative of the blockchain industry, it is imperative to ensure sufficient cash flow through the industry's long winter after the IPO hover.

From the Hong Kong stocks to the US stocks, according to the SEC process, generally after the application for listing, will experience three rounds of inquiries, after answering the regulatory requirements, you can submit a formal prospectus, and then officially listed through the inquiry and other procedures. The entire process takes at least 1-2 months.

Tencent News "Plough" exclusively learned that in order to increase the chances of success in this trip to the United States, Bittland even hired Zheng Hua, the former representative of Nasdaq China, as a consultant to the company.

But this does not mean that the road to listing is smooth. Those familiar with the listing process once told Tencent News that "the SEC has no biased position on the blockchain business, but it is more concerned about professional and technical issues, so the SEC's inquiries will be more professional and more focused. She judged that Bitcoin's bitcoin cash BCH, which was split in 2017, would be the biggest roadblock on its way to the market.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


TaxDAO Writes to the U.S. Senate Finance Committee Addressing the 9 Key Issues of Digital Asset Taxation

On July 11, 2023, the United States Senate Finance Committee issued a letter soliciting opinions from the digital ass...


Is decentralized exchange (DEX) legal in China?

Blockchain technology is a technology that utilizes cryptography and consensus mechanisms to achieve distributed stor...


From robots to terminals, the user experience of Web3 is becoming more and more intense.

As the user experience of cryptocurrency continues to improve, Gosselin, Jackson, Just Another Guy, and even Warwick ...


Arthur Hayes: Why Bitcoin Will Become the Preferred Currency of Artificial Intelligence?

In this article, I will explain why Satoshi Nakamoto's creation will become the preferred currency of artificial inte...


From Rags to Riches: The Tale of KyberSwap’s Infinite Money Glitch

Fashionista, Ambient DEX founder Doug Colkitt described the KyberSwap attack as the most complicated one he has ever ...


The growth engine of the DeFi field: a detailed explanation of the four innovative mechanisms of Uniswap V4

Although there are still significant differences between DEX and CEX in terms of user experience, cost, and security,...