Reports are now circulating that Micree Zhan employed the help of a dozen private guards to storm Bitmain’s Beijing office in an effort to take his position back as the co-founder of the company.
According to the local Chinese news publication Blockbeats, Zhan handed out letters to both the stockholders and employees of the company today that states that he has regained control over the Bitmain China office and has since encouraged them to go back to work. Furthermore, he asked forgiveness for the recent issues that plagued the company and promised that Bitmain remains optimistic and driven to the mission to reach the market value of $50 billion in the near future.
To prove that he has indeed reestablished his position, Zhan seemingly presented the brand new official seal for the Bitmain Beijing division that was purportedly instituted last June 1st. This came after the invalidation of the old seal last May 8th.
However, as per the reports of Mars Finance, Jihan Wu, the other major shareholder, has issued a statement representing Hong Kong Bitmain Holding, which claims that Zhan forged the new official seal and what he presents is invalid. Wu then expressed condemnation towards Zhan’s move to take over the office in Beijing and has noted that the entity in Hong Kong is still the only shareholder of Bitmain in the entirety of China.
That being said, rumors have also surfaced that Wu’s actual position within the company may just be not that high than what is currently implied. Due to Zhan’s apparent success of taking over the company, Wu was forced to handover several worker contracts to a new legal body. Although this has not yet been concretely proven, public record information seemingly confirms this by presenting the establishment of a brand new Bitmain supplementary which has Ge Yueshang as its representative.
The ongoing power struggle within Bitmain
Bitmain remains adamant that Zhan has indeed been ousted from his previous position as the legal representative of Bitmain’s Beijing division. As a matter of fact, a dedicated team of high-profile lawyers is currently engaged in particular litigation regarding this, as per the Weibo account of the company. In accordance with China’s laws, the legal representative of a given company should have complete authority over the assets and capital of the company. This title is often given to the CEO of the company. Taking all that into consideration, the power struggle brewing inside Bitmain does have significant stakes within it.
This internal conflict over the two co-founders – Zhan and Wu – can be attributed to their contradictory opinions over the company’s future direction. Zhan firmly believes that Bitmain should go out of their way and pursue strategies that involve AI specialization. Wu, on the other hand, has faith in the current direction the company faces and believes that the company should just push on through. These diverging views are what led to Zhan getting kicked out of the company last year.