Bitcoin mining firm Bitmain announces leadership changes following lapse of IPO application

Following the lapse of its initial public offering (IPO) application, bitcoin mining giant Bitmain has announced leadership changes.

The company has named Haichao Wang as the new CEO. Wang has extensive experience in the chip industry and has successfully led multiple departments at Bitmain. Co-founders Micree Zhan and Jihan Wu will continue to be Bitmain’s directors and guide the company’s strategic development.

“We are confident that through his experience and passion, he [Wang] will drive better products and services for our customers,” Bitmain said.

Bitmain also said that although its listing application to HKex has reached its 6-month expiration date, the listing process has made it more transparent and standardized.

The company said that it has made operational changes including adjustments to its personnel; alignment of its focus on cryptocurrency and artificial intelligence (AI) chips, as well as products and services based on such chips; establishment of clear business divisions for mining hardware, AI, mining farms and mining pools; and integrated the resource lines for chip design, hardware and software, among others.

“These all help to ensure the success of our core business and commitment with our customers through a more robust lifeline and competitiveness,” it added.

Furthermore, the company said that it has already “funded a great deal” in 2019, but refrained from disclosing the details.

Bitmain said it will restart the listing application work at an appropriate time in the future.