Jihan Wu had lost their voting rights in the Board of Directors Bitmain

Jihan Wu had lost their voting rights in the Board of Directors Bitmain

The world’s largest manufacturer of equipment for mining Bitmain has reorganized, which resulted in the Jihan Wu lost his seat in the Board of Directors.

Now co-founder and shareholder of the company is no longer its Director and co-Chairman of the Board of Directors — local media claims that Wu remains as a member of the Supervisory Board and participate in polls on issues of operational management of the company will not accept.

This and other personnel reshuffle, obviously, due to the preparation for the IPO in any case, it is logical to assume that the departure of Wu from the operative management of the company needs to reassure potential investors who might be not happy with too great powers of the Creator and the owner of the company, at the same time he was its CEO.

Recall that Bitmain filed its preliminary application for IPO on the Hong Kong stock exchange in late September. In the document disclosed the company’s financial performance, but do not specify a number of details regarding the IPO. in particular, it does not indicate the number of shares to be placed, and a timeframe for placement.

According to the prospectus offering of shares and revenue Bitmain for 2017 is $2.5 billion, in 2016 — $277,6 million Revenue for the first half of 2018 amounted to $2,84 billion in gross profit last year was $1.2 billion, in 2016 — 151,3 million for the first half of 2018 — $1 billion.

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