Bitmain Appoints New CEO Amid Failed IPO Attempt

The company assured that it will refile for a public listing in the future.

After a failed attempt to list itself on the Hong Kong Stock Exchange (HKEX), Bitmain Technologies has confirmed the appointment of Haichao Wang as its new CEO.

Wang replaced the co-CEOs the Chinese crypto miner manufacturing giant – Wu Jihan and Zhan Ketuan – who were also the co-founders. He was the director of the product engineering team at the firm and the process of his appointment reportedly started last December.

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The rumors of the change in the leadership were already floating around since January when Finance Magnates reported that the decision was fueled by the founding duos disagreement over certain issues.

According to the press release issued by the company, both Jihan and Ketuan will hold their position on the directors’ table and will make calls on the company’s strategic decisions.

“Mr. Haichao Wang has been appointed as CEO of the company. Haichao not only has extensive experience in the chip industry but also successfully headed-up multiple departments at Bitmain,” Bitmain noted. “We are confident that through his experience and passion, he will drive better products and services for our customers. Mr. Micree Zhan and Mr. Jihan Wu, the co-founders of Bitmain, will continue to be our directors to guide the company’s strategic development.”

Failed to Go Public

Bitmain’s application for a public listing also lapsed today as HKEX did not provide a hearing date for the listing. The stock exchange earlier raised questions on the “sustainability” of the crypto-related businesses as it was hostile to list Bitcoin miner making companies.

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“Bitmain’s listing application to HKex in September 2018 has reached its 6-month expiration date,” Bitmain stated. “We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry.”

The Chinese company, however, assured that it would refile for a public listing at an “appropriate time in the future.”

Despite the failed attempt for an initial public offering (IPO), the crypto miner-manufacturer is investing heavily in its businesses. Earlier this month, the company launched a new mining device to mine the Equihash-based digital currencies.

Meanwhile, the company is also reportedly planning to indulge in large scale crypto mining by deploying around 200,000 miners from its inventory in southwestern China.

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