Bitmain: Zhan Ketuan maliciously sued, undermining national policies
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1. In this case, Ketuan Zhan sued Fujian Zhanhua Intelligent Technology Co., Ltd. (“Fujian Zhanhua”) to the People’s Court of Changle District, Fuzhou City, requesting the court to confirm that it holds 36% of Fujian Zhanhua’s shares.
Regarding the matter reported by the media that "the dispute between Bitmain and Ketuan Zhan's shareholder qualification verification case maintains the original ruling", the clarification statement is as follows: 1. In this case, Ketuan Zhan sued Fujian Zhanhua Intelligent Technology Co., Ltd. (“Fujian Zhanhua”) to the People’s Court of Changle District, Fuzhou City, requesting the court to confirm that it holds 36% of Fujian Zhanhua’s shares. 2. The ruling reported by the media is only a procedural jurisdictional ruling, that is, the Fuzhou Intermediate People's Court finally ruled that the case should be heard by the Fuzhou Changle District People's Court. The shareholder qualification confirmation case between Ketuan Zhan and Fujian Zhanhua has not yet been heard, let alone the final judgment. 3. Ketuan Zhan’s claim that he holds 36% of Fujian Zhanhua’s shares has no factual and legal basis. Fujian Zhanhua is only one of Bitmain’s many domestic and foreign subsidiaries. The outcome of this case will not have any impact on Bitmain’s normal production and operation, nor will it affect Bitmain’s absolute controlling interest in Fujian Zhanhua. 4. Ketuan Zhan ignored the common interests of the company and all employees, maliciously filed a lawsuit during the special period of the epidemic, interfered with the normal operation of the company, and undermined the country's policy of maintaining stability and growth. The company strongly condemns Ketuan Zhan's behavior of putting his self-interest centered on personal control and vanity above the common interests of the company and all shareholders and employees, and will resolutely take legal measures to protect the legitimate rights and interests of the company, company shareholders and employees . 3. Ketuan Zhan’s claim that he holds 36% of Fujian Zhanhua’s shares has no factual and legal basis. Fujian Zhanhua is only one of Bitmain’s many domestic and foreign subsidiaries. The outcome of this case will not have any impact on Bitmain’s normal production and operation, nor will it affect Bitmain’s absolute controlling interest in Fujian Zhanhua. 4. Ketuan Zhan ignored the common interests of the company and all employees, maliciously filed a lawsuit during the special period of the epidemic, interfered with the normal operation of the company, and undermined the country's policy of maintaining stability and growth. The company strongly condemns Ketuan Zhan's behavior of putting his self-interest centered on personal control and vanity above the common interests of the company and all shareholders and employees, and will resolutely take legal measures to protect the legitimate rights and interests of the company, company shareholders and employees . The court upheld the original ruling and froze the equity of Fujian Zhanhua, a subsidiary of Bitmain According to the latest ruling issued on April 26, the Fuzhou Intermediate People's Court held that Beijing Bitmain claimed that the value of 36% of Fujian Zhanhua's equity was more than 20 million yuan, but did not provide evidence, so the grounds for its appeal could not be established, and the original ruling was upheld. The equity value of Fujian Zhanhua Technology cannot be estimated by the outside world. However, according to a document obtained by Bixin, Fujian Zhanhua entered the list of the top 100 taxpayers in Fujian Province in 2018, ranking 58th. According to the estimated tax payment, the value of its 36% equity is likely to exceed 20 million yuan. secondary title Fujian Zhanhua was once an important puzzle of Bitmain According to data from industrial and commercial registration information platforms such as Tianyancha, Ketuan Zhan is currently the legal representative of Fujian Zhanhua.Fujian Zhanhua was once an important piece of the puzzle of Bitmain. In the 2018 prospectus, Fujian Zhanhua was positioned as the "mining machine hardware sales center" of Bitmain in China.According to CoinDesk, two of Bitmain’s sales channels — Antminer’s pre-sale and post-sale WeChat accounts — were previously owned and operated by Fujian Zhanhua.2. The ruling reported by the media is only a procedural jurisdictional ruling, that is, the Fuzhou Intermediate People's Court finally ruled that the case should be heard by the Fuzhou Changle District People's Court. The shareholder qualification confirmation case between Ketuan Zhan and Fujian Zhanhua has not yet been heard, let alone the final judgment.
Earlier this year, the Fuzhou Changle District People’s Court froze Bitmain’s 36% stake in Fujian Zhanhua. Bitmain appealed, arguing that the corresponding value of the 36% equity in dispute has exceeded 20 million yuan, which exceeds the jurisdiction of the Changle District People's Court and should be under the jurisdiction of the Fuzhou Intermediate People's Court.
