War begins: Bitmain’s former chairman Zhan Ketuan files lawsuit in Cayman (with exclusive illustrations)

According to Bloomberg, Bitmain co-founder and former chairman Zhan Ketuan filed a lawsuit in Cayman. In December, Zhan Ketuan submitted a subpoena to the Cayman Islands Court, asking the court to cancel the results of Bitmain's shareholders' meeting held in November. The shareholders' meeting cancelled Zhan Ketuan's original 10 votes per share and changed it to 1 vote per share.

An insider confirmed the news to WuSaidBlockchain and revealed that Zhan Ketuan has hired lawyers from Beijing, Hong Kong, Cayman and other places to participate in the lawsuit. The lawsuit also revealed Wu Jihan's two key steps to remove Zhan Ketuan: first, remove Zhan Ketuan's legal person status in Beijing through the Hong Kong company, and second, cancel Zhan Ketuan's B-share voting rights through the shareholders' meeting.

According to public information at the time of its Hong Kong IPO, Bitmain Cayman originally implemented the AB share system, with Micree Zhan holding 59.6% of the voting rights, Jihan Wu holding 33.5%, and other shareholders holding a total of 6.9%.

After canceling Jihan Wu’s voting rights, the equity structure of Bitmain is roughly as follows, with Jihan Wu having an absolute advantage.

Zhan Ketuan issued an open letter to fight back on November 7. On the morning of December 9, Zhan Ketuan took the initiative to convene a shareholders' meeting, demanding the removal of existing directors and the election of him as the sole director, but was rejected because he lost the majority of voting rights.

After Wu Jihan launched the three-pronged sales strategy, S17 is being shipped in large quantities. However, Bitmain is still working on the legacy issues left by Zhan Ketuan. Due to the previous blind expansion of business and the rejection of AI joint ventures, which led to redundant personnel, Bitmain will start staff reduction optimization in the near future to meet the "big test" of Bitcoin halving with a healthier personnel structure.