Bitcoin, Crypto currency, Blockchain

Bitmain IPO in limbo & the rumour: back Jihan Wu, the CEO?

Bitmain IPO in limbo & the rumour: back Jihan Wu, the CEO?

Home News Bitmain IPO in limbo & rumor: Jihan Wu, the CEO back?

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Marcus Misiak –
31.12.2018

The financial regulatory authorities of Hong Kong are currently reluctant to support any crypto-related transactions, while it will be drawn up appropriate rules for the regulation of crypto-related IPOs (Initial Public Offers, IPOs). This could have an impact on the Bitmain-IPO, which is currently in limbo. In addition, there are further rumors about Bitmain. CEO Jihan Wu is supposed to come back.

Hong Kong was until recently one of the crypto-friendly destinations in Asia, but as the regulatory authorities change the tone across the continent, the Hong Kong crypto to take place now in the balance. As the South China Morning Post reported, the regulatory authorities to ensure that the correct framework for the implementation of crypto-awaited-related business in Hong Kong, before you authorise the company, or IPOs, including the Bitmain-IPO.

Sources close to the Hong Kong regulatory authorities, the South China Morning Post said anonymously:

It is premature for a cryptocurrency trading platform – or the industry-related company – procured through an IPO in Hong Kong before the proper regulatory framework.

Bitmain Technologies has turned to the Hong Kong regulatory authorities, the advice to the Listing Committee of the Hong Kong Stock Exchange (HKEX), to an IPO in the amount of 3 billion US-dollars, but it seems that the IPO of Bitmain is now at serious risk.

Rumor mill: step back Jihan Wu, the CEO of Bitmain?

In other news, the industry rumors that Bitmain is facing radical changes in the Top Management says. According to a report from Odaily Jihan Wu, and Jenke-group will occur in the near future as CEO of the company. According to Odaily Bitmain with the implementation of the Changes is currently in a transition phase.

The unconfirmed reports of major changes in the top management of Bitmain come a month after similar rumors emerged that Bitmain had a massive reshuffle of the Board. In the case of the restructuring Jihan Wu had lost his seat as the managing Director of the Executive Board and was now as a Supervisor. His Position at Bitmain has been replaced by Zhan Ketuan.

Odaily also added that the company could reduce all of Bitmain carried out Mining operations. For this purpose, the company could sell all of the currently in operation Antminer S9.

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