Media: Jihan Wu and Mikri Chang discuss the settlement of the conflict in Bitmain

06/24/2020

Alex Kondratyuk

Bitmain distributedan official statement alleging that disagreeing shareholders Jihan Wu and Mikri Zhang reached a compromise. Information about a new turn in their confrontation passes the portal 8btc.

Subsequently, the published material was deleted. According to the publication, the initiative came from Jihan Wu, while Mikri Zhang’s reaction at the time of writing was not known.

In the publication, the content of the negotiations was divided into points:

1. Zhang currently controls shipments.
2. Wu controls offices in Beijing and chips for miners.
3. A conflict resolution is currently required to develop a new miner model.
4. Wu suggested Zhang pay monthly for deliveries, salaries to employees in the Beijing offices of the company, and a certain percentage for each miner sold.
   The funds will be intended exclusively for the operating activities of the company and guarantee the unconditional fulfillment of obligations to clients. Zhang does not agree with the proposal.
5. Wu is blocking the supply of components from TSMC from Taiwan to a factory in Shenzhen via Hong Kong, which makes production unprofitable due to higher customs tariffs for direct delivery to China.

Based on the nature of the negotiations in the publication cameto conclude that Wu is still responsible for the company's sales and finances, which may not be acceptable to Zhang. At the same time, it is not known for certain who controls the interaction with contractors and whether Zhang has the opportunity to sell equipment.

Your view of the observer in a new roundconfrontation is with Dovi Van of Primitive Ventures. She believes that the winner in this battle will be the one who receives "actual trust" from the supplier of semiconductors TSMC. Only due to this, Bitmain will be able to avoid bankruptcy in the long run. In her opinion, Wu should not be at the head of the company.

"Zhang is responsible for a key part of communicationswith TSMC for capacitance and integrated circuit design. Trust can only be achieved through long-term engagement, not by the designated authority, ”Wang explained.

Recall the other day Mikri Zhang accused the currentCEO of Cihan Wu in falsifying shareholder signatures and illegally seizing control. Zhang also offered to buy back the shares of Wu and other employees while valuing Bitmain at $ 4 billion.