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BY Fintan Ng - November 14, 2018

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Wu Jihan reportedly gives up directorship in Bitmain

Bitmain is said to have undergone changes to its board of directors
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Wu Jihan, a cofounder of Beijing-based bitcoin rig producer Bitmain, has reportedly given up his seat on the board of the company that filed for a public offering in Hong Kong.

Sanyan Blockchain, a crypto news site, says in a Nov 12 report that Wu together with Zhao Yifeng, Ge Yuezhen, Zhou Feng and others that previously served as directors have withdrawn from the board.

Wu is now a “supervisor” and with the withdrawal from the board, will have no voting rights and can no longer participate in the decision-making of the company, a lawyer that Sanyan Blockchain spoke to says.

Notably, the other cofounder, Zhan Ketuan’s name, was not mentioned as one that withdrew from the board. Zhan and Wu collectively hold 60% stake in Bitmain.

The changes in personnel were made on Nov 7 but the news report did not mention who took over from those that vacated their positions on the board. There was also no mention as to reasons why the board changes took place.

Bitmain, the world’s largest bitcoin mining rig producer, officially filed for an initial public offering (IPO) with the Hong Kong Stock Exchange on Sept 26.

Previous reports noted that the Beijing-based company was seeking to raise as much as US$18bil from the IPO, giving it a potential market capitalisation of US$40bil to US$50bil.

However, the heavily redacted draft prospectus made available with the filing did not indicate the share price target nor how many of the company’s shares will be offered for sale or even when the listing will take place.

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