Bitmain Restructured Board of Directors Ahead of IPO

Bitmain Restructured Board of Directors Ahead of IPO

A securities authority said the restructuring occurred in Beijing Bitmain Technology Co., Ltd. (the subsidiary), to meet listing regulation requirements and to simplify the board for the company’s upcoming IPO

The change happened on November 7, last week, just a day before the release of the company’s new Antminers, according to 8BTC.

A temporary Bitmain stock ticker was seen on the HKEX (Hong Kong Exchanges) on November 5. Many were speculating this signaled that Bitmain’s IPO application was approved.

Four out of six directors relinquished their positions to make way for new members. The four who resigned are Zhao Yifeng, Ge Yuesheng, and Zhou Feng. While Hu Yishuo resigned from the board of supervisors.

Jihan Wu

Bitmain Co-founder, Jihan Wu, also resigned from the board as executive director. He now assumes the position of supervisor, with no voting power.

As a director, Jihan had the right to vote when the board makes decisions. However, after changing to a supervisor, his power becomes smaller that he can no longer vote. As thus, Wu will be unable to participate in the business decision-making but only serve as a supervisor.

Tian Yangang, Bitmain Lawyer

Wu is replaced by Zhan Ketuan.

Bitmain and Bitcoin Cash

Bitmain positioned 90,000 miners in China’s Xinjiang region, at the same day as the board restructure, allegedly to increase hash power for the upcoming Bitcoin Cash hardfork anti BCH SV.

Wu is an avid supporter of BCH ABC and is unfavorable of BCH SV.

There is one day left before the BCH ABC upgrade. And with Wu out of Bitmain’s board, the question remains on whether Bitmain will still be uncompromising in their support for the said ‘official’ Bitcoin fork.

BCH

437.73 USD
-8.18%

BCHABC

266.67 USD
-6.81%

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