The manufacturer of mining equipment Bitmain carried out a corporate restructuring, during which he was firedits co-founder and CEO Mikri Ketuan Jean.
On Tuesday, Chinese news agency Sina Finance reported that Jihan Wu, the creator of Bitmain, had taken over Zhan's responsibilities.
Wu reportedly sent out an email that stated:
"Co-founder, Chairman and CEOBitmain Director Jihan Wu decided to fire Ketuan Zhang with immediate effect. Bitmain personnel are no longer required to follow Jean's instructions or participate in meetings organized by Jean. Bitmain may, depending on the situation, consider terminating the employment contracts of those who violate this notice."
It is unclear why Bitmain decided to get rid of Jean.as he was the company's major shareholder with a 60% stake, according to Bitmain's September 2018 initial public offering (IPO) filing. Wu and fellow co-founder Yushen Je, on the other hand, only hold about 30%.
Bitmain tried to IPO in Hong Kong, but its attempts were unsuccessful. Subsequently, reports emerged that the company was planning an IPO in the United States, competing with Bitmain.
Note that yesterday Canaan Creative publicly filed for an IPO in the United States with the goal of raising $400 million.
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