Zhanketuan sends open letter: firmly opposed to Bitmain layoffs

According to previous media reports, last month, after the founder of Bitmain and former chairman, zhanketuan, was kicked out of the company, the company launched a new “employee optimization” program, while the AI business previously laid out by the Company was the hardest hit by job cuts. It is reported that at the end of last month, Wu jihan chaired a related meeting, asked all department managers to submit the optimization list, of which AI business will be cut by two-thirds, the optimization plan is expected to be completed before the annual meeting on January 17.

According to the official statement of the Company, which is now functioning normally and has healthy cash flow, but in May 2020 Bitcoin will be halved in half, the company needs to streamline the organization “winter”, while focusing on the main business, the former chairman of the “business arbitrary expansion, free use of funds” to correct, especially the AI business in the zhanketuan layout, Unable to generate profits, it will be the focus of optimization.

On January 6th zhanketuan published an open letter to employees entitled “An open letter to employees: I am firmly opposed to layoffs!” on January 6th, following the new (especially AI business) layoffs that have been revealed by bitmain The open letter said, “I am firmly opposed to layoffs, we do not need to lay off staff, we can not play suicide!” ”

In an open letter, zhanketuan said that Bitmain is doing all the better, in 2019, although the market is not good, but still made a very substantial profit, and 2020 will be better. Although competition in the AI field is fierce, after four years of continuous investment, we have accumulated a very clear advantage in technology, products and markets. As a high-tech company, the staff is the most important asset, if the existing management team really make rumored wrong decisions, as the largest shareholder, founder and the company in the six years since the establishment of the first business responsible person, I firmly oppose such layoffs! In order to protect the cause our team has jointly set, in order to protect the interests of the company, employees and shareholders, I must stand up! ”

Janke group sends open letter: firmly opposed to big continental layoffs

In addition, according to the latest news, Zhanketuan is now in the process of legal proceedings to try to regain control of Bitmain. According to the source, Zhanketuan, through its controlled Great Simplicity Investments, filed a subpoena in December 2019 asking a Cayman Islands court to annul the vote imposed on him at a special shareholder meeting in November. And it was that decision that deprived him of the voting rights and control of the continent.

It is reported that the shareholders of Bitmain voted to convert the company’s B-shares to one vote per share, compared with 10 votes, effectively weakening the influence of Zhanketuan.

According to a previous prospectus, Bitmain co-founder Zhanketuan is the largest shareholder through Cosmic Frontier Limited, and Wujihan co-founder, executive director and co-chairman of the board, Through Victory Courage Limited holds 20.25% of the company and is the second largest shareholder.

Janke group sends open letter: firmly opposed to big continental layoffs

It should be noted that the AB share structure is adopted by Bitmain, with one vote per A-share common stock and ten votes per B-share common stock. With the exception of the company’s two co-founders, Wu Jihan and Mr. Zhan, who hold B-shares, all the company’s management and investors hold A-shares. So, in terms of voting rights, Zhanketuan holds 3,989 million B-shares, compared with 39.89 billion votes, 17.46 billion more than Wu’s 22.43 billion votes.

So even if Mr Wu has the support of the company’s third- to sixth-largest shareholders, the voting rights are far lower than Zhanketuan. (The third largest shareholder, Oceanic Summit Limited, is a trust fund incorporated to reward company participants, holding 18.47 percent, Zhao Zhaofeng, one of the founders of the company, and his family holding 6.26 percent, and The Fifth Largest Shareholder Company Executive Director Ge Yuexuan holding 4.18 percent. Hu, one of the company’s founders, said Hu, the sixth largest shareholder, held 4.18 percent of the shares. That is to say, the Janc group should have absolute control over the big continent.

But the conversion of the company’s original 10-vote voting share of its B-shares to 1 vote at a special shareholder’s meeting in November has undoubtedly significantly weakened the voting rights of the Janker Group, which remains the largest shareholder, but only if the second-largest shareholder, Wu Jihan, controls 18.47 percent of its shares. The voting rights of The Third Largest Shareholder, Oceanic Summit Limited, a trust fund set up by participants in the Continental Corporation, would be a counter-attack on the voting rights of zhanketuan.

As a result, if Zhanketuan is to regain control of the continent, it must overturn a previous decision by the special shareholders’ general meeting to limit its voting rights.

Notably, in November 2019, Zhanketuan wrote in an open letter that he would take legal arms and would return to Bitmain as soon as possible and “restore order”. “If someone wants war, we’ll give them war.” ”

Janke group sends open letter: firmly opposed to big continental layoffs

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