Hengda health announcement: Jia Yueting wants to tear up the contract to kick Hengda out.
Jia Yueting prosecuted Evergrande Evergrande in response to FF's stake.
Xu Jiayin and Jia Yueting broke up: FF asked arbitration to ask Hengda to go out.
Jia Yueting and Hengda, who are short of money, ripped their faces.
On the evening of Oct. 7, Evergrande Health issued a sudden announcement saying that Jia Yueting had exhausted $800 million of Evergrande's capital in half a year, and asked Evergrande to pay an additional $700 million in advance, and submitted an arbitration after failing to achieve the goal, demanding that Evergrande be deprived of its right to financing consent and tore up all the cooperation agreements.
As of press release, FF did not respond to the first financial reporter.
On June 25, Hengda Health announced that Hengda Group acquired 100% of Hong Kong Shiying Company for HK $6.766 billion, and acquired 45% of the joint venture Smart King Company indirectly, becoming the largest shareholder of the company. This means Hengda officially entered Jia Yueting's new energy vehicle company, FF.
Subsequently, Xu Jiayin visited FF's headquarters in Los Angeles in person on July 13 this year. According to FF's official news, "Xu Jiayin highly appreciated FF's technical strength and said"seeing is believing". Investing in FF is absolutely the right decision. Hengda will base its capital, production base and product sales on FF's full expenditure. Hold. Jia Yueting thanked Xu Jiayin and Hengda Group for their strong support.
After three months, the wind and cloud changed suddenly. According to the agreement, Shi Ying will pay $800 million by the end of 2008, $600 million in 2019 and $600 million in 2020, according to the announcement. In May 25, 2018, Shi Ying paid 800 million dollars ahead of the end of 2018.
In July 2018, the original shareholder of FF, who was actually controlled by Jia Yueting, put forward that Shiying's $800 million had been basically used up and asked Shiying to pay an additional $700 million in advance. In order to maximize its support for the development of Smart King, Shi Ying signed a supplementary agreement with Smart King and FF's former shareholders, agreeing to pay $700 million in advance on the premise of meeting the terms of payment.
Evergrande claims that FF's original shareholders used their right to control Smart King in a majority of its board seats and, in the absence of contractual terms of payment, demanded payment at the time of presentation, which was used as an excuse to submit arbitration to the Hong Kong International Arbitration Centre on October 3, 2008, demanding that the shareholder be deprived of his rights as a shareholder. It is the right to agree with the financing and to terminate all agreements and deprive the right of the relevant agreement.
However, Evergrande believes that Shi Ying has fulfilled its obligations under the relevant agreements, and Smart King's arbitration seriously hurt Shi Ying and its shareholders. Shi Ying has hired an international team of lawyers to explore all necessary actions to safeguard Shi Ying's rights under the relevant agreements to protect the interests of the company and its shareholders.
Although Evergrande did not specify in the announcement that "the terms of payment are met", the first financial correspondent, inquiring about the background of the FF injection in June, found that although Jia Yueting, as founder and CEO, enjoyed the "10 votes per share" vote, he still had control over the company.
It is also pointed out by the auto industry that this is related to the bet agreement signed by the two companies.
"This is not good for Jia Yueting, without Hengda's support, the development of FF can not go on. The reason why Jia Yueting did this may be related to the previous gambling agreement. The general manager of LMC Automobile Market Consulting (Shanghai) Co., Ltd. told First Financial Reporter that this involves legal issues and Hengda will not wait to die. Prior to this, Hengda and Jia Yueting signed a betting agreement, if unable to achieve mass production, Jia Yueting will lose control of the company. "Jia Yueting proposed arbitration, hoping to get support. That is to say, if the agreement is torn up, the betting agreement will expire, which means that Jia Yueting can still control the joint venture. Ceng Zhiling said this is risky.
From this Evergrande and Jia Yueting's "flash collapse", we can see that FF's mass production has been blocked. According to the latest production progress released by FF, on August 28 this year, FF91 first production vehicle was offline, on September 19, the production vehicle was shipped back to Los Angeles headquarters from the Arizona testing ground. This is far from the FF91's plan to achieve mass production at the end of the year.
It is noteworthy that the Evergrande Faraday Future Intelligent Automobile (China) Group (hereinafter referred to as "Evergrande FF") officially opened in Guangzhou Evergrande Center not long ago. Its legal representative is Peng Jianjun, vice president of Hengda hi tech group and vice chairman of Hengda health. Hengda FF will be fully responsible for Faraday's future technology research and development in China and all production and operation management. This means that Evergrande has incorporated new energy vehicle business into its own development system, FF has become an important part of Evergrande's transformation.
Previously, Evergrande for the problem of FF production has said: after a year of road testing in the United States, has obtained comprehensive and systematic test data, FF91 fully meet the conditions for full-scale production. The FF Hanford plant is now fully commissioning large-scale production lines, and plans to complete the overall production preparation by the end of 2018. FF Guangzhou Nansha R&D and production base will be put into operation from the end of 2019 to the beginning of 2020, with an annual production capacity of 100,000 units planned for the first period.
However, from the current progress, the Nansha factory in Guangzhou is still in the initial stage, according to the plan, the vehicle will be produced by the end of 2018, time is less than three months, so FF91 production is through the factory in the United States. At present, the first BIW of FF91 has arrived at the Hanford production base in the United States, and officially began the work of vehicle assembly. That is to say, FF91 will be sold to the Chinese market by way of import. "Sino US trade is still in friction, so there is uncertainty and the cost will be very high." Zeng Zhiling said that production is a crucial node, because the response of the capital market and consumer market determines the success of FF. In addition, FF layout in China is still in the preliminary stage, whether it can proceed smoothly is still uncertain, which also depends on the smooth delivery of the first wheel.
People close to FF told First Financial Reporter that the pre-production FF91 recently caught fire because of battery failure, FF also refused to pay suppliers, and is continuing to lay off employees. For this doubt, FF also did not respond to the first financial reporter.
Before Xu Jiayin, Sun Hongbin was also touched by Jia Yueting's lofty feelings, but after ten billion dollars of money drifted away, Sun Hongbin finally realized that Lexin is a bottomless pit, the reality is far more cruel than the dream.
What about Xu Jiayin's investment? In this regard, a person familiar with Jia Yueting's industry told the first financial reporter: "Unless Jia Yueting buys a 45% stake in Evergrande FF, or find the next person to take over. If FF goes bankrupt, then the money will be wasted. "
Waonews is a news media from China, with hundreds of translations, rolling updates China News, hoping to get the likes of foreign netizens