Jia Yueting double line operations: one side claims by Wang Sicong, while Hengda fight.

Jia Yueting double line operations: one side claims by Wang Sicong, while Hengda fight.

Author: Sun Wanqiu

The sawing battle between FF founder Jia Yueting and Hengda is still going on, and the control of power is bound to make Jia Yueting unsatisfied with the previous arbitration results.

The new round has already begun.


Jia Yueting sues Hengda again.

On November 12, at the Faraday Future (hereinafter referred to as "FF") strategic meeting on the other side of the ocean, Jia Yueting said emotionally, "In September this year, I had two options. One is to surrender control to Hengda, and then I can lie down and make money or even visit mountains and rivers; the other is to fight to the end.

The "dream suffocating" "Jia busi" still does not forget to sell feelings.

In the burning eyes of employees, he stressed, "we can never give control to Hengda. And I and the company's management have collectively made a decision, will formally withdraw FF China's control and management rights.

According to last year's investment agreement, Evergrande is not allowed to participate in any management of FF worldwide, Jia said. Since then, under the request of Hengda to sign the supplementary Amendment Agreement of the original investment agreement, FF, Hengda and Jia Yueting signed the supplementary agreement in July, which changed the agreement that Hengda could not participate in any operation and management. Hengda requests to be the legal representative and chairman of FF China, and has the right to appoint senior executives from Hengda to participate in the management of FF China. In addition, the supplementary agreement also includes Jia Yueting's resignation from FF Global Director in exchange for a $300 million payment by Evergrande Health on July 31, 2018 and a $200 million payment on October 31 to meet the remaining capital requirements for the delivery of FF 91 production.

"Only after September this year did we realize that the real purpose of Evergrande is to control FF globally." Jia Yueting said that after FF fulfilled the above payment conditions and appointed Peng Jianjun, a senior executive of Hengda, as chairman and legal representative of FF China, Hengda still refused to pay FF.

However, in response to this statement, a person familiar with the matter told the International Finance Daily that Evergrande found out after investing in FF that Jia Yueting had concealed the situation that FF China's foreign exchange account had been frozen in violation of foreign exchange regulations. Moreover, the relevant government departments and financial institutions can not accept the fact that Jia Yueting, the real controller of FF, has been repeatedly listed as a dishonest person, expressly expressing that he will not provide any support, which paralyses FF's business in China, which is the most important production base and sales market of FF.

In order to solve the difficulties faced by FF China, the two sides signed a supplementary agreement on July 18, under the condition that the government and financial institutions accept and can completely solve the problems in China, Hengda will pay $700 million in advance to FF. Later, Jia Yueting offered to transfer FF shares to a third party and resign all the directors of related companies. But in fact, Jia Yueting only left the shares to his friends and remained the actual controller of the joint venture company. This practice has not been recognized by the relevant government departments and financial institutions in China, nor has it solved the problems faced by FF China. Plight. This means that FF does not meet the terms of payment stipulated in the contract, which is why Hengda did not pay in advance.

On the same night, FF's action signal was sent from the eastern hemisphere.

Hengda Health Bulletin said that Jia Yueting once again proposed urgent arbitration, demanding the deprivation of Shiying's assets mortgage.

Since the October 7th Jia Yueting lawsuit on Hengda health, the two sides have taken many rounds.

On October 25, the emergency arbitration results came out. Hengda Health said that the arbitration rejected Jia Yueting's application for the complete deprivation of Hengda's financing consent, and also rejected Jia Yueting's temporary application for further deprivation of Hengda's assets mortgage. FF issued a statement announcing the full victory of the emergency arbitration and officially opening up global financing. According to FF, the arbitrator ruled that Evergrande could no longer prevent FF from obtaining funds from other sources of financing. Evergrande had spared no effort to create a "cash famine" of FF in an attempt to gain control of FF and global intellectual property rights.

On November 7, Evergrande began to fight back, announcing that it had lodged a comprehensive counterclaim against Jia Yueting and Smart King, the joint venture company, for arbitration, demanding that Jia Yueting and the joint venture company fulfill their contracts. Hengda Health said that when Jia Yueting and the joint venture company forcibly evicted the cashier appointed by Shiying and forcibly prevented Shiying's financial personnel from conducting financial reviews, Shiying could not know the financial situation of the subsidiary company. According to the shareholder agreement, Shi Ying has the right to conduct financial review and appoint a cashier to the joint venture company. At the same time, it is agreed that if the cashier does not sign for seven days, he will be deemed to agree to pay.

In response, the FF said that the reason for the suspension of Hengda's appointed cashiers and related financial personnel's access to FF financial information and related work was Hengda's unilateral cause. Hengda actually knows the financial status and financial planning of FF from beginning to end, and can always understand the financial status of FF through relevant channels.

When you come to me, the contradiction is further escalated.

Jia Yueting understands that it is difficult to keep up with Hengda. On the one hand, he is competing for control over an area. On the other hand, he throws olive branches widely and openly seeks new gold owners in order to solve the financial crisis. In addition to being exposed by the media that FF will launch its 2020 listing plan (which is three to four years ahead of the original plan), there is also news that sovereign funds from the United States, Europe and the Middle East have expressed strong interest in investment.

Earlier, Lucid Motors, the electric car brand that Jia Yueting participated in, had received $1 billion from Saudi sovereign fund investment, which also made the new investment seem confusing and uncertain.


Wang Sicong collectors

Compared with the status of plaintiff in the dispute with Evergrande, Jia Yueting's recent status of defendant comes from another lawsuit.

Recently, Le Video Network (3.750, 0.03, 0.81%) announced four arbitration cases. The applicants were new investors of Le Video Sports in Beijing Pusi, Xiamen Jiayu and Tianhong Innovation. They applied for arbitration from former shareholders of Le Video Sports for a total amount of more than 240 million yuan.

Among them, Wanda Group Chairman Wang Jianlin's son Wang Sicong wholly owned Beijing Pusi Investment Co., Ltd. claims 97.85 million yuan and 400,000 yuan for lawyers'fees to the original shareholders of Lexus Sports. Beijing Pusi, owned by Wang Sicong, was a financier of Lovevision Sports A round in 2015. It currently holds 3.96% of the shares of Lovevision Sports and is the eighth largest shareholder of Lovevision Sports.

In December 2016, Leshi Sports lent more than 4 billion yuan to Leshi Holdings without the consent of the board of directors or shareholders'meeting. Beijing Pusi said that this seriously affected the interests of shareholders and demanded that Lexin Sports Compensate for the economic losses of 97.8516 million yuan.

Prior to this, Beijing Pusi and other investors have repeatedly asked Lexin Sports and its original shareholders to solve the problem of capital occupation, but Lexin has not been able to solve the problem, nor has it taken any remedial measures.

Beijing Pu Si finally took a lawsuit and took music as sports and its original shareholders to court.

Since then, Jia Yueting's "luxury" creditor lineup has been further expanded. In addition to creating Sun Hongbin, chairman of the board of directors of China, and Xu Jiayin, chairman of the board of directors of Hengda Group, there are more Wanda "small owner" Wang Sicong.

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