Wu Jihanfa reviewed the history of entrepreneurship: Bitt mainland has twice broken capital chain on the verge of collapse, determined to start alternative plan

Legal BlockBeats news, on July 17, Bitcontinentalreleased again "to all colleagues book", detailed explanation of the recent events of the cause and effect.

In 2013, Wu Jihan invited Zhan Ke Group to jointly develop mining machine products. At that time, both parties were employees no. 001 and No. 002 of the company. Wu Jihan promised To Zhan Ke Group that if the development was successful, he would give majority shares to Zhan Ke Group and its technical team. Then came the first miner, in which The Janko group acquired a 60 per cent stake. But the technical team did not receive a share, and eventually the first-generation members left Bitland.

Then in 2018, the company found a funding gap of hundreds of millions of yuan in October, which was the first time the company broke its capital chain after its initial founding period. Wu Jihan advocated reducing expenditure, causing serious differences between the two sides. The early morning of December 17, 2018, Wu Ji. Han was on a business trip in Hong Kong, and The Janke team called the management team one by one, and asked the management team to select him as the sole CEO on that day (previously the dual CEO system was adopted in Bitar mainland). In the end, both sides agreed to step down from the management of the company, and the management chose the CEO.

In September 2019, the fund gap of the company reached 300 million US dollars, and it was close to collapse. Due to the serious crisis of capital chain rupture, the shareholders decided to dismiss the former position of The Company on October 28, 2019. After Wu Jihan returned to China, he made a comprehensive adjustment to the strategy and finally realized positive cash flow and stepped out of the crisis in the first half of 2020.

Based on what the Jenck group has done in the last six months, Bitcontinental has decided to cut further. In order to ensure the production supply chain of mining machinery returns to normal as soon as possible, the operation of the second part of the supply chain has been started, and the research and development of mining machinery and AI chip will continue. The company is determined to launch alternatives.

& have spent

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia