Start of big break-up of bit mainland: zhanke group returns to China, Wu Jihan withdraws cash with deer of B pool

Wu said that the blockchain learned from a number of insiders. On the evening of December 16, zhanketuan and Wu Jihan formally reached an agreement. The result of the agreement was temporarily to mortgage the shares of zhanketuan and loan us $600 million from bit mainland to acquire some shares of Wu Jihan. As a result, zhanke Group officially returned, and the mediator was rumored to be Sequoia Capital, Shen NANPENG, etc. A kind of
Wu said that the blockchain learned that, After the separation of bitxiaolu and overseas mines at a valuation of US $90 million, it belongs to Wu Jihan team, and other business of bit mainland (mining machinery, AI, ant mine pool, domestic mine, etc.) belongs to zhanke group. The general meeting of shareholders will be held on December 28, but the slight possibility of another change is not ruled out. A kind of
Wu said the blockchain also learned that according to the agreement, zhanketuan promised to complete the qualified listing of US stocks by December 31, 2022. The minimum valuation of qualified listing is US $5.5 billion and the listing financing is no less than US $500 million. If it cannot be completed, it may need to buy back from investors and pay interest. A kind of

previously, Wu said that the blockchain had reported six possibilities for negotiation between the two sides

1. Wu Zhan quit and the management team acquired the shares of both parties

2. Both parties reduce disputes and go public

3. Repurchase of Zhan or Wu shares by the company

4. External investors support Zhan’s acquisition of Wu shares

5. External investors support Wu’s acquisition of Zhan shares

6. The company is divided into AI and blockchain

at present, the third kind of agreement has been reached between the two parties, that is, the company uses cash to purchase most of the shares of Wu Jihan team, but the valuation is less than US $4 billion. It is not known whether there will be changes or even reversals in the end. However, many people familiar with the matter pointed out to Wu that the probability of another change is small. Both sides have promised to properly arrange employees and make a smooth transition, and some businesses have started to hand over. A kind of

previously, there were several rumors about the talks between the two sides. At the beginning of November, it was rumored that the two sides reached an agreement on “Zhan’s return and Wu’s exit”, but the negotiation reached an impasse due to the sharp rise in currency price and the increase of valuation. Subsequently, it came out again that Zhan agreed with Wu Jihan to buy his shares, and finally returned to the first version. It is said that Zhan once said that he wanted to make bitcoin mining machines independently. Wu Jihan chose to compromise in order to avoid the “second Yang Zuoxing”. A kind of
According to Wu Shuo blockchain, after the agreement reached on December 16, Wu Jihan also sent an invitation letter to the general meeting of shareholders. The letter said that the company’s short-term solvency had been greatly improved (it was on the verge of bankruptcy due to insufficient solvency in 2019), and S19 series returned to the same industry competitiveness as S9, but internal disputes were more fatal than external challenges Try to solve the problem with Zhan and get close to an agreement that requires shareholder approval. This agreement can help companies go public as soon as possible and give investors a return. It is reported that the general meeting of shareholders will be held in Beijing on December 28. A kind of

the time line of the change of control right of Beijing bit continental Technology Co., Ltd. (hereinafter referred to as Beijing bit mainland) is:

at the end of 2018, Wu Jihan no longer served as CEO of Beijing bit mainland, and half quit the company’s operation. A kind of

on October 28, 2019, Beijing bit mainland legal person was changed from zhanketuan to Wu Jihan. The reason is that Wu Jihan changed the legal person of Beijing by controlling the Hong Kong bit of Beijing bit. A kind of

on January 2, 2020, Beijing bit mainland legal person was changed from Wu Jihan to Liu Luyao. The reason is that the group changed the legal person through administrative reconsideration, so Wu Jihan’s temporary change was prevented. A kind of

on May 8, 2020, the legal person of Beijing bit mainland was changed from Liu Luyao to zhanke group. The reason is that the administrative reconsideration of zhanketuan was successful. Because of the operation defects in the previous change procedure, Haidian District Judicial Bureau asked the industrial and commercial bureau to change back to the state before October 28. A kind of

on September 14, 2020, the legal person of Beijing bit mainland was changed from zhanke group to Wu Jihan again. A kind of

on December 17, 2020, the two sides reached an agreement to return the zhanke group to Wu Jihan and withdraw. A kind of

many reversals, the outside world has a few guesses on the future trend. A kind of

1. What are the reasons for Wu Jihan’s withdrawal? Take back Beijing bitcoin Corporation to take the upper hand, bitcoin skyrocketed, the company’s revenue soared, his withdrawal made some people feel dismayed. What’s more, it’s impossible to confirm the truth of all kinds of information. A kind of

the first guess is that he wants to be a “Ranger”, an investor rather than a running company. He has also expressed this view in many speeches, and his idol is Buffett. A kind of

the second conjecture is that he and the negotiation team do not want the company to continue infighting, and full listing will benefit everyone. A kind of

the third conjecture is that he is not optimistic about the prospect of mining industry. In addition to the pressure of halving bitcoin, wafer factories have more profits, and there is little room for advanced process improvement and fierce competition. A kind of

the last guess is that Zhan had a majority of voting rights (which was later cancelled), and Wu Jihan was not sure of winning in Cayman. A kind of
What will Wu Jihan do? Maybe it’s going back to matrixport, or building your own VC, or developing a new project. Some of Wu’s team leaders may choose to start a business and get his investment. It is expected that there will be competition clauses in the agreement between the two sides. Wu Jihan should not and will not make bitcoin mining machine again. A kind of

3. What will become of bit continent? A kind of

first, Zhan regression increases the uncertainty of bit continent. Since 2018, Zhan’s decision-making is perceptual and hands-on, while Wu Jihan’s operating company is relatively rational and decentralization. A kind of

second, Zhan will be more aggressive in chip streaming, and will gradually launch higher performance ASIC mining machines such as bitcoin / Ethereum / Wright / small currency, but the uncertainty of quality and stability will increase. A kind of
Thirdly, as Wu Jihan takes most of the company’s cash, Zhan and his sales will be very urgent to build new mining machines and sell futures. A kind of

fourth, due to the pressure of investors, the listing of US stocks will soon be put on the agenda, and there is hope for employees to realize their options. A kind of

looking back, at the 17 year heyday of bit mainland, the best strategy missed the acquisition of mainstream exchanges and entered into finance; the central strategy missed the layout of mining upstream and downstream, establishing ecology and even monopoly; instead, it chose the worst strategy, and invested in the “dream” of little return and great loss, which seems to have been buried early today. A kind of

some people are ecstatic, some are lost, some are calm and some are profitable, but the story of bit mainland, founders and employees will continue. A kind of

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(interest related statement: as of the time of publication, the author has no interest cooperation relationship with the subject mentioned in the article)

welcome to read Wu Shuo’s selected reports: exclusive news of mainstream exchanges, bitland series, regulatory and frozen card series, filecoin series, uncovering the malpractice in the currency circle, and the dynamics of mine supervision

risk tips

according to the “risk tips on preventing illegal fund-raising in the name of” virtual currency “and” blockchain “issued by five departments including the China Banking and Insurance Regulatory Commission, please establish a correct investment concept. This report does not endorse the promotion of any business and investment activities, and investors are requested to improve their awareness of risk prevention. A kind of

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