In the early morning of December 5, well-known investor Zhu Xiaohu responded to the recently hotly discussed Dark Side of the Moon arbitration incident in WeChat Moments, adding yet another twist to the dispute in the investment community. The origin of the
incident can be traced back to November 11. A report published by "Undercurrent Waves" revealed that Yang Zhilin, the founder of Dark Side of the Moon, and Zhang Yutao, co-founder and CTO, were involved in investment issues in the circular intelligence era. The Hong Kong investee initiated arbitration. The core dispute in the arbitration is that Yang Zhilin and Zhang Yutao started the arbitration before obtaining the consent and exemption letters from several investors of Circular Intelligence (Jinshajiang Venture Capital, Wanwu Capital, Jingya Capital, Huashan Changying and Boyu Capital). raised new financing and founded Dark Side of the Moon. It is worth noting that not all investors in Circular Intelligence participated in this arbitration. Institutions such as Sequoia China and Zhen Fund that invested in Dark Side of the Moon in the early stages did not participate.
Faced with this accusation, Dark Side of the Moon quickly issued a statement through lawyer David Morrison, a senior partner at Mingde Law Firm, saying that the arbitration matter lacked both legal basis and factual basis, and stated that it would file a defense in accordance with the law.
However, Zhu Xiaohu’s response in the circle of friends revealed more unknown details. He mentioned that "Dark Side of the Moon" was originally a project that had been developed internally by Circular Intelligence for two years, and the spin-off has not yet been signed by the shareholder resolution of Circular Intelligence.
He emphasized that this was not just a matter of exemption. The signing of the directors’ resolution was delayed until January this year, more than half a year after the spin-off, and because a director (Zhang Yutong) concealed his significant interests in the newly spun-off company. Conflict (9 million shares, equivalent to 14% of the initial shares, far exceeding the 9.5% shares obtained by the parent company Circular Intelligence), the legality of the resolution has also been questioned.
Zhu Xiaohu also pointed out that Zhang Yutong not only concealed his huge shares in the new company from fund partners and other circular intelligent investors and shareholders, but also deceived them. This behavior violated the fund partners’ LP (limited partner) fiduciary duties, and also violated the fiduciary duties of company directors to shareholders. As a result, Zhang Yutong was fired from Jinshajiang Venture Capital.
(The copywriting of Zhu Xiaohu’s circle of friends wrote Zhang Yutong as “Zhang Yutong”, I don’t know if it was intentional.)
A few months ago, an insider told Future Turing that Zhang Yutong did have some shares in Yang Zhilin Holding on behalf of others.
Regarding the content posted by Zhu Xiaohu in WeChat Moments, a person close to The Dark Side of the Moon said: The Dark Side of the Moon should not respond, after all, it is still in the legal process. Someone familiar with
recently said that since there is no chance of winning in arbitration, the other party (investor) needs to keep looking for trouble, and in the end it is because they cannot agree on funds.
As for the progress of the arbitration, Dark Side of the Moon had not responded as of press time.
In the early morning of December 5, well-known investor Zhu Xiaohu responded to the recently hotly discussed Dark Side of the Moon arbitration incident in WeChat Moments, adding yet another twist to the dispute in the investment community. The origin of the
incident can be traced back to November 11. A report published by "Undercurrent Waves" revealed that Yang Zhilin, the founder of Dark Side of the Moon, and Zhang Yutao, co-founder and CTO, were involved in investment issues in the circular intelligence era. The Hong Kong investee initiated arbitration. The core dispute in the arbitration is that Yang Zhilin and Zhang Yutao started the arbitration before obtaining the consent and exemption letters from several investors of Circular Intelligence (Jinshajiang Venture Capital, Wanwu Capital, Jingya Capital, Huashan Changying and Boyu Capital). raised new financing and founded Dark Side of the Moon. It is worth noting that not all investors in Circular Intelligence participated in this arbitration. Institutions such as Sequoia China and Zhen Fund that invested in Dark Side of the Moon in the early stages did not participate.
Faced with this accusation, Dark Side of the Moon quickly issued a statement through lawyer David Morrison, a senior partner at Mingde Law Firm, saying that the arbitration matter lacked both legal basis and factual basis, and stated that it would file a defense in accordance with the law.
However, Zhu Xiaohu’s response in the circle of friends revealed more unknown details. He mentioned that "Dark Side of the Moon" was originally a project that had been developed internally by Circular Intelligence for two years, and the spin-off has not yet been signed by the shareholder resolution of Circular Intelligence.
He emphasized that this was not just a matter of exemption. The signing of the directors’ resolution was delayed until January this year, more than half a year after the spin-off, and because a director (Zhang Yutong) concealed his significant interests in the newly spun-off company. Conflict (9 million shares, equivalent to 14% of the initial shares, far exceeding the 9.5% shares obtained by the parent company Circular Intelligence), the legality of the resolution has also been questioned.
Zhu Xiaohu also pointed out that Zhang Yutong not only concealed his huge shares in the new company from fund partners and other circular intelligent investors and shareholders, but also deceived them. This behavior violated the fund partners’ LP (limited partner) fiduciary duties, and also violated the fiduciary duties of company directors to shareholders. As a result, Zhang Yutong was fired from Jinshajiang Venture Capital.
(The copywriting of Zhu Xiaohu’s circle of friends wrote Zhang Yutong as “Zhang Yutong”, I don’t know if it was intentional.)
A few months ago, an insider told Future Turing that Zhang Yutong did have some shares in Yang Zhilin Holding on behalf of others.
Regarding the content posted by Zhu Xiaohu in WeChat Moments, a person close to The Dark Side of the Moon said: The Dark Side of the Moon should not respond, after all, it is still in the legal process. Someone familiar with
recently said that since there is no chance of winning in arbitration, the other party (investor) needs to keep looking for trouble, and in the end it is because they cannot agree on funds.
As for the progress of the arbitration, Dark Side of the Moon had not responded as of press time.
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