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