The road to listing in Bitland has been bumpy.

On September 26, 2018, Bitland first submitted an application for listing on the main board to the Hong Kong Stock Exchange, but the listing documents were not updated in the next six months. According to the regulations of the HKEx, if a company does not make progress within six months after submitting its listing application, the application will be invalidated.

On March 26, the last day six months after Bitland submitted its application for listing, the then honeymoon co-founders Zhan Ketuan and Wu Jihan, as well as CEO Wang Haichao released a full email saying, "this round of IPO applications will expire in recent days and will restart the listing work at an appropriate time in the future. "

As to why the HKEx did not approve the listing applications of a number of mining machinery manufacturers, including Bitland, Li Xiaojia, president of the HKEx, said to the media at this year's World Economic Forum in Davos, Switzerland, "you made billions of dollars from A business in the past, but suddenly said that you want to do B business in the future, but you haven't made any achievements yet. Then I think the A business model you brought to the market is no longer sustainable. Then you can still do this business, can you still make this money? "among them, A business refers to mining machine sales, while B business is AI chip.

In June, Bloomberg quoted people familiar with the matter as saying that Bitterland would resume its IPO plan and submit listing documents to the Securities and Exchange Commission (SEC) as soon as July. According to the information currently displayed on SEC, Janan will first submit a draft version of its listing application on July 23. In other words, at that time, Bittern still had a good chance of becoming the "first share" of mining machinery companies.

In addition, Bitland also signed a new round of large-scale employee options at the end of June, even almost "full shareholding", which can also be seen as preparatory work for listing in the United States.

By the end of October, there was a "shock" in Bitterland's management, and the conflict between the two co-founders was made public.

According to Tianyan information, Beijing Bitland Technology Co., Ltd., the main operating body of Bitland, changed its industry and commerce on October 28. Zhan Ketuan, chairman of Bitland, stepped down as legal representative and executive director. Wu Jihan, co-founder of Bitterland, took over. At the same time, GE Yuesheng, who founded the new "Matrixport" project with Wu Jihan, replaced Wu Jihan as the company's supervisor.

On October 29, the first day after the change of industrial and commercial information, Wu Jihan, co-founder of Bitland, sent a full email saying that he had decided to remove Zhan Ketuan from all duties in Bitland, effective immediately. According to the email, any employee in Bitterland will no longer be allowed to carry out the instructions of the Zhanke regiment or attend the meeting convened by the Zhanke regiment. If there is any violation, the company will consider rescinding the labor contract according to the seriousness of the circumstances; if it causes damage to the company's economic interests, the company will investigate civil or criminal liability in accordance with the law.

The above email is signed by Wu Jihan, founder of Bitland, chairman of the board of directors of BitContinental Group, legal representative and executive director of Beijing Bitcontinent Technology Co., Ltd. On November 5, the manager of Zhan Ketuan was also replaced by Wu Jihan.

On November 2, Bitland again released a full email saying that "the 2019 pay adjustment will begin on November 4, and this pay adjustment will cover no less than 80% of employees." This is also Wu Jihan's first company management move since he regained control of the company, in order to gain the support of more internal employees.

On November 7, Zhan Ketuan issued a statement in response to his expulsion from Bitland, saying, "as the founder of Bitland and the largest shareholder, I never knew that the legal representative registered with the government department would travel on business without knowing it. "will return to the company as soon as possible through legal channels, end this extraordinary period and restore normal order to the company," he said. "

It is worth noting that the aforementioned IPO documents submitted by bit mainland to the Hong Kong Stock Exchange show that the two co-founders, Zhan Ketuan and Wu Jihan, are the main shareholders, holding 36% and 20% of the shares respectively. I don't know how their shareholding ratio will change before and after this "shock."

The IPO document also shows that the shareholdings of major investment institutions are small: Sequoia Capital holds about 3.14%, Innovation works holds about 1.13%, Temasek holds 0.35% of focus IDG Capital and Beijing Integrated Circuit Industry International Fund holds 0.02% and 0.07%, respectively.

Admittedly, for companies that choose to list in the United States, changes in domestic legal representatives and directors will not directly affect the listing process.

But it is undeniable that the internal struggle between the two co-founders will more or less affect the confidence and judgment of investors. In addition, both parties may fight for their respective rights and interests by means of legal proceedings, which will directly slow down the whole listing process.