Jihan Wu managed to regain control of the mining equipment manufacturer Bitmain – he became the official representative and CEO of the company.
The updated business registration data in China suggests that Jihan Wu is once again the CEO and legal representative of Beijing Bitmain Technology, Bitmain’s operating arm. Micree Zhan lost these positions, although he remains in the company.
Note that the status of a legal representative of a company in China gives broad powers to conduct business. It is the legal representative who usually keeps the official seal of the company, with which important management decisions are certified.
The official WeChat account for the AntMiner brand confirms Jihan Wu’s entry into office and that attitudes towards Zhang “remain unchanged.” According to the statement, Jihan Wu will work to resolve any issues that have arisen for Bitmain employees, partners, and customers.
“In 2020, the power struggle damaged Bitmain’s market share as well as the company’s image. We lost clients, and employees were forced to side with one of the co-founders. Various events prevented us from entering the stock exchange, and the promised share option for employees has become a useless piece of paper,” said the CEO of Bitmain.
As a result of the power struggle, Bitmain has effectively split into two companies with different production chains and customer service departments. This led to a disruption in the supply of equipment and the loss of customers.
Recall that in October last year, Jihan Wu accused Mikri Zhang of bad business decisions and removed him as CEO. Zhang did not put up with the situation and filed several lawsuits against Bitmain, and in June “took by storm” the company’s office in Beijing.
