Financial fraud has set a record for 10 consecutive years, and a personal fine of 241 million yuan has also set a record. There are false records in the submitted and disclosed IPO-related documents, the non-public issuance of stocks constitutes a fraudulent issuance, and Jia Yueting has been banned from the securities market for life, with sky-high fines and banned for life. Can Jia Yueting get back? (CCTV News April 15)

With his LeTV, Jia Yueting used to flourish. At that time, he seemed to be a shining supernova. It can be said that capital players want to have a relationship with him, because Jia Yueting is really full of vitality and is with him. Capital players can be a little bit immortal.

At that time, no matter where he was, Jia Yueting was the center of the stage. He was a long-term occupant of the C position on various occasions. Any press conference where Jia Yueting appeared was the time when the reporters were the most complete. Because Jia Yueting often swears in unbelievable words. With him present, he is not afraid of being cold. Every movement of his has the posture of an FF91 sports car, as if he can jump out at any time.

On April 8, 2018, Rui Chi Auto, a domestic affiliate of FF, was blasted to take 601 acres of land in Nansha District, Guangzhou, or to prepare for the mass production of FF 91, which caused a sensation. According to “Frontline” news, Evergrande Group invested in Jia Yueting’s FF as early as the end of 2017, with an investment amount of approximately US$300 million, and Evergrande Group may become the largest shareholder of FF.

With these, Jia Yueting is still a big coffee, because capital players are joining in, and the capital market is the iron law, only big capital entering small capital will rush to follow up. And Jia Yueting knows well that small capitals are all coming here. In Jia Yueting’s view, these small capitals are all Kong Yiji-style capitals, there are not many of them, and there are not many of them.

There is a belief in Jia Yueting’s mind: if you want to play, you can play the big one. Indeed, this is what he did. It is like fishing. If you want to catch a big fish, you have to get a big bait. Jia Yueting’s “big bait” is his “911” sports car, which has attracted a lot of capital. Jia Yueting is very smart. Under this situation, he knew in his heart that it was not enough to just enter the market. It was the posture that he wanted to get them to invest big capital.

But this time, Jia Yueting was wrong, and the capital players were much smarter than him. In the eyes of the big capital players, the bait released by Jia Yueting is simply superfluous, because Jia Yueting himself is the bait in the eyes of the big capital players, just like you are fishing a crocodile on the shore, but in the eyes of the crocodile, you are the most important thing. The right taste. The so-called is: “You stand at the window and watch the scenery, but the person watching the scenery looks at you on the bridge; the bright moon decorates your windows, and you decorate the dreams of others.”

Jia Yueting has been tossing for so long, and there are not a few big capital players really invested. On the contrary, the “placement” has caused Jia Yueting to spend all his dinner money. At this time, the big players of the capital were all over, and Jia Yueting’s Last Supper turned out to be a song of “becoming embarrassed”.

Originally, Jia Yueting wanted to play with capital, but in the end, Jia Yueting let the capital play.

Jia Yueting was banned from entering the securities market for life.

Financial fraud has set a record for 10 consecutive years, and a personal fine of 241 million yuan has also set a record. There are false records in the submitted and disclosed IPO-related documents, the non-public issuance of stocks constitutes a fraudulent issuance, and Jia Yueting has been banned from the securities market for life. News 1+1 tonight connects with Ye Lin, the director of the Civil and Commercial Law Department of Renmin University of China, together Attention: Can Jia Yueting get back with a high-priced ticket and a lifetime ban?

Ten years of financial fraud, Jia Yueting was fined 241 million

LeTV’s financial fraud over the past ten years, LeTV, Jia Yueting, etc. have five illegal facts, LeTV’s company was fined 240 million yuan in total, and Jia Yueting was fined 241 million yuan.

There are “five crimes” in LeTV, Jia Yueting, etc., and fraudulent registration and false statements are the worst

Ye Lin, Director of the Civil and Commercial Law Teaching and Research Office of Renmin University of China: I think the worst is fraud. Because the fraud situation in the securities market is actually very serious in recent years, the cases discovered after investigation should be intensified. Therefore, I think that among all the “five sins”, the most core is the fraudulent registration and fraud. Statement, this is the most important.

What impact did LeTV and Jia Yueting’s “falsification” have on the securities market?

Ye Lin, Director of the Civil and Commercial Law Teaching and Research Office of Renmin University of China: The most direct consequence is that investors have lost a lot of money, because everyone may buy these stocks at a very high price. After the Dongchuang incident was revealed, the price of the stock dropped sharply. Naturally, investors suffered huge losses. Our confidence in the securities market will be affected to some extent, because we always hope that this market is highly transparent and can achieve fair protection for investors. However, these counterfeiters or misrepresenters have caused investors to have a strong impact on the market. Some kind of worry. And if this concern extends, it may have a very negative impact on the healthy development of our future securities market.

There are administrative penalties for LeTV. Can investors initiate litigation for claims?

Ye Lin, Director of the Civil and Commercial Law Teaching and Research Office of Renmin University of China: I think the feasibility is very high. ① Regardless of whether it is in accordance with the old law or the new law, the probability of investors filing a lawsuit should be said to have greatly increased. ② The current administrative penalties provide convenience for many investors to initiate civil lawsuits. If investors filed a lawsuit, they do not need to prove that Jia Yueting and LeTV have false statements, because these have been identified, and what they may need to do further is the calculation of losses and the confirmation of causality. Through some of these methods, I think investors should be able to get compensation in a certain sense, and help to improve investors’ confidence in the securities market.

After the administrative punishment, will Jia Yueting and others be held criminally responsible?

Ye Lin, Director of the Civil and Commercial Law Teaching and Research Office of Renmin University of China: There may be criminal liability, because Jia Yueting himself is not in China now, and may be abroad. In this case, it may be necessary to assist the judicial authority of the country where Jia Yueting is located to see if he can return. Another way is to request the International Criminal Police Organization, or the International Criminal Police Organization to cooperate to bring the parties or criminal suspects back to the country. This is very difficult, but it is still feasible from the current legal mechanism. If he can be brought back to China, I believe that criminal proceedings in the country may be launched. This case is indeed a very typical case. There are various fraudulent behaviors. Therefore, the criminal charges that may be triggered are not limited to one, and there may be multiple charges. So if it can be dealt with in a criminal manner in the end, I believe it will indeed bring a textbook case to the capital market or the securities market, which is very meaningful.

LeTV began to falsify before it went public, causing fraudulent issuance. What enlightenment does this bring to regulation?

Ye Lin, Director of the Civil and Commercial Law Teaching and Research Office of Renmin University of China: During the securities issuance process in recent years, a series of reforms are being carried out, including the reform of the registration system. The fraud uncovered in the Jia Yueting case actually raises a new problem, that is, whether it is the approval system or the registration system, in the IPO stage—new share issuance or initial public offering stage, stronger measures should be taken to ensure that the issuer The information published is true, accurate and complete. If the first pass falls below, it may be a catastrophe for investors in the entire capital market, or the loss will be very huge. Therefore, no matter what kind of review system is adopted, it is the most important thing to work hard to ensure that the information published by the issuer is true, accurate, and complete.

(The original title is “News 1+1丨The sky-high price ticket, life-long ban, can Jia Yueting come back?”)

(This article is from The Paper. For more original information, please download the “The Paper” APP)

Recently, according to foreign media broke the news, Faraday Future announced that it will merge with SPAC to be listed in the United States in the next few weeks to raise more than 1 billion U.S. dollars. After listing, its market value can reach 3.4 billion U.S. dollars. CEO Bi Fukang even released a message, planning to achieve the sales target of 2,400 electric vehicles in 2022, in order to stabilize investor confidence.

Although the FF 91 completed the second-season winter test and verification of the pre-production car in the United States last month, this scene is compared to the previous scene where Wang Xiaolin was in the Bird’s Nest two years ago, and staged an old man music joke to show his muscles to investors. , With a little convincing meaning, but as the behind-the-scenes trader Jia Yueting obtained a decision letter from the China Securities Regulatory Commission, his dream of building a car is destined to be an empty drama.

On April 12, LeTV announced that LeTV was fined 240.6 million yuan and the actual controller Jia Yueting of LeTV was fined 241.2 million yuan due to financial fraud and fraudulent issuance. The next day, the China Securities Regulatory Commission simply issued a market ban decision and decided to take lifelong security market ban measures against Jia Yueting.

Although the parties and their agents put forward defense opinions in the hearings and defense materials that the evidence for LeTV’s financial fraud was insufficient, Jia Yueting even tried to make him lighter and mitigated punishment. However, according to the administrative penalty decision, the China Securities Regulatory Commission will administer Jia Yueting’s The defense opinion of the company was not adopted.

After investigation, LeTV and Jia Yueting himself have the following illegal facts:

1. LeTV’s financial fraud from 2007 to 2016, the documents submitted and disclosed for the initial public offering and listing (hereinafter referred to as IPO) and the 2010-2016 annual report contain false records, including in the initial issuance stage, LeTV used fictitious business and false collections to inflate its performance to meet the listing and issuance conditions, and continue to post the listing and in 2010 after LeTV’s online market financial fraud. 2. LeTV failed to disclose related party transactions as required. 3. LeTV did not disclose the guarantees provided for LeTV Holdings and other companies. 4. LeTV failed to truthfully disclose the performance of Jia Moufang and Jia Yueting’s loan commitments to listed companies. 5. The non-public issuance of shares by LeTV in 2016 constituted a fraudulent issuance.

   

So far, no matter how long this car-making farce will end, Jia Yueting’s desire to return to China to continue his dream of car-making has obviously added even greater obstacles. From the point of view of the time point, the fact that LeTV illegally committed crimes almost accompanied the entire company’s entire process from establishment to decline. Especially since its listing on the Growth Enterprise Market in August 2010, the ailments related to the capital level have gradually spread to the entire company.

It just so happened that in 2016, Jia Yueting’s phrase “suffocating for dreams” opened LeTV’s car-making history. On January 5 of the same year, LeEco announced its important strategic partner FF (Faraday Future) in Las Wikis, USA, and jointly released FF’s first concept car FF ZERO 1.

The story thereafter, as everyone knows, as the personal financial crisis broke out, LeEco left LeEco and ran to promote FF’s car-building project. LeEco was struggling to support it for 3 years, on July 21, 2020. Delisting was announced on the same day.

It was also at the moment when LeTV died that Jia Yueting published an apology letter titled “Working and Entrepreneurship, Restarting Life, with My Apologies, Gratitude and Commitment” on Weibo. It seems that this is an apology to all those who have chosen to support LeTV, but it has become a new beginning for Jia Yueting to reignite his dream of building a car.

Because he resigned from the position of FF Global CEO and applied to the United States for personal bankruptcy and reorganization, all assets were transferred to creditors through creditor trust, Jia Yueting’s FF then received US$45 million from two financial institutions in the United States. Of bond financing loans. The money also indirectly contributed to the establishment of Fafa Automobile (Zhuhai) Co., Ltd.

From China’s “fleeing” to the United States due to debt problems, and now completing a series of harassment operations in an attempt to return to China with FF, Jia Yueting did everything for the dream of building a car that was sentenced to death from the beginning.

What’s more magical is that not only are there personnel changes that are so incomprehensible as the original Chery Jaguar Land Rover executives announced to join FF and become the CEO of FF China, FF also announced on March 26 that it has raised nearly 100 million US dollars. The debt financing of FF may help FF start production preparations for the Hanford factory in advance and accelerate the landing of FF’s business in China. Now, regardless of whether the plan can be implemented as scheduled, Jia Yueting’s hope of returning to China to witness the commissioning of FF91 is slim.

Regarding the story of Jia Yueting, countless people have fully analyzed it. But today, under the current situation where everything is closely watched by the regulatory authorities, this big man who has been away for half his life but has no hope of returning, besides welcoming newcomers to join the FF League of Legends every day, what else can he do and what is he doing? Jia Yueting, please stop! You are so cold!

Article丨BT Finance HAN

Jia Yueting, who has been stuck in “returning home next week”, has been abroad for more than three years.

Today, LeEco’s ecological dream is broken, and countless investors are “buried”; on the other side, FF Faraday is still looking for a listing with the undeserved desire to build cars.

latest news,LeTV and 14 responsible persons were fined a total of 480 million yuan by the China Securities Regulatory Commission, setting a record for the highest fine in the history of A-shares.After the penalty decision is made, the collection of investor claims will also start. With the heavy hammer falling, should Jia Yueting wake up in his dream of “LeEco + FF Cars”?

The real hammer of financial fraud, stock prices are everywhere

Since its delisting, LeTV (400084.OC) will be transferred to the “Old Third Board” (two networks and delisted companies of the National SME Share Transfer System) from February 3rd. The transaction will be transferred three times a week, and the price limit will be limited. 5%.

What is staggering is thatLeTV, which retired from the third board, turned on its “demonization” mode and recorded 25 consecutive daily limit. The price soared from 0.19 yuan/share in early February to 0.48 yuan/share, an increase of about 250%.

But willLeTV 3Pulling to the daily limit does not require much capital. Because the company’s rise and fall is limited to 5%, and the price is 0.2 to 0.4 yuan per share of the “floor price”, it means that LeTV 3’s biggest daily rise and fall is no more than 1 cent, and the daily trading volume is sluggish, hundreds of thousands The daily turnover of the yuan can create the appearance of a “surge”.

In this kind of fanaticism, the penalty decision of the Beijing Securities Regulatory Bureau fell heavily.The market is not unprepared for this, because the investigation of LeTV began as early as April 2019, when the China Securities Regulatory Commission opened a case for alleged violations of laws and regulations by LeTV and Jia Yueting.

After more than a year of investigation, in 2020, the China Securities Regulatory Commission issued administrative penalties and advance notice of market bans, “Real Hammer” LeTV’s financial fraud from 2007 to 2016, and determined that the company did not disclose related parties in accordance with regulations. Other illegal facts such as transactions and fraudulent issuance.

The latest news shows that, based on the level of violations and the degree of harm, the Beijing Securities Regulatory Bureau has decided to fine 240 million yuan on LeTV, 241 million yuan on Jia Yueting, and 600,000 yuan on then-executives Yang Lijie, Wu Meng and others. Fines ranging from 30,000 yuan.

It is worth noting that the overall business of LeTV is currently in a state of suspension, and the litigation and arbitration issues involved are still at stake.according toChina Merchants Securities, The major litigation and arbitration of LeTV 3 listed entities involved nearly 5.7 billion yuan. At this time, participating in the share price speculation of LeTV 3 is tantamount to a knife. Although LeTV 3 can be traded on the Old Third Board, the company still has the risk of terminating the transfer due to huge fluctuations.

Investors lost their money, solicitation of claim conditions opens

What’s incredible is that even though LeTV and Jia Yueting have been ruined and burialed with countless leeks, there are still no shortage of investors to support them. For example, on the forum, some investors believed that “the huge fine this time signifies that LeTV can no longer get worse, and the road ahead will be all the way up.”

This view that LeTV has “bottomed out” may not be correct, and investors are still waiting for compensation.

According to “Securities Star” citing lawyer Song Yixin’s point of view, after the decision of the Securities Regulatory Commission’s penalty, it means that the time conditions for investors’ claim litigation have been determined and the collection of claims has started.

There are precedents that listed companies have been sued by investors and awarded compensation for fraud.For example, in January, the China Securities Journal reported that a law firm announced that the court’s decision had previously been involved in financial fraud.YabaiteCompensation of 3.447 million yuan to investors. In addition,Luckin CoffeeIn the fraud case, 14 overseas investment institutional investors have also filed claims in a group.

Jia Yueting is also prepared for compensation, but some of it is out of responsibility to investors and some of it is out of self-protection. From his various performances, it is not difficult to pry and guess.

His debt handling team once stated that “Jia Yueting’s creditor trust does not exceed 10%, and it will still be used for possible LeTV shareholder compensation.” Before the huge loss, it is still a huge question mark to what extent this 10% trust fund can play a role.

Faraday’s future is confusing

The left-handed LeTV’s ecological dream is broken, and the right-handed FF (Faraday Future) has ushered in the wind. This is the reason for the speculation of LeTV 3’s stock price. Rejuvenate the LeTV ecology.

On April 5th, Eastern time, FF formally submitted the S4 listing document to the US Securities Regulatory Commission, intending to use the SPAC (Special Purpose Acquisition Company) model to enter the secondary market.However, there is still uncertainty about whether FF, which has not confirmed any revenue, can be successfully listed.

At the business level, Jia Yueting once stated that the FF91 model is expected to be mass-produced and delivered in the first half of 2022.At the same time, FF finalizedauspiciousIt is a Chinese partner and signed a framework agreement, and said that it will get the support of a certain tier city in China. At present, this city is generally considered to be Zhuhai.

In terms of manpower, in March not long ago, FF announced that Chen Xuefeng, the executive vice president of Chery Jaguar Land Rover (a Sino-British joint venture automobile company), joined as the CEO of FF China.

However, Geely Holdings and FF signed a “framework agreement” and once stated to CBN and other media that “a small amount of investment in FF listed companies”; Guangdong media “Times Weekly” also reported that Zhuhai State-owned Assets and FF is still in contact Negotiation stage.

All in all, it is too early to say that FF is expected to come back to life after almost stagnating for two years.However, the secondary market and the news have long been foggy, attracting some investors to run into the market and want to “play big”; the truth may be that LeTV’s new leek has sprouted. With the heavy hammer of fines falling, Jia Yueting’s dream of “LeEco + FF Cars” may be time to wake up.

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On April 2, the China Securities Regulatory Commission’s website issued the “China Securities Regulatory Commission’s Market Banning Decision (LeTV, Jia Yueting and other 15 responsible entities)”.LeTV and LeTV’s actual controller Jia Yueting will be fined 240.6 million yuan and 241.2 million yuan respectively for ten consecutive years of financial fraud and fraudulent issuance. Among them, Jia Yueting and Yang Lijie will also be sentenced to life-long securities market bans by the China Securities Regulatory Commission. Into measures.

Speaking of LeTV, you can’t get aroundJia Yueting, the man of the year, once expanded wildly in the name of dreams and built a business empire with a market value of 170 billion. In the end, he became the spokesperson of “suffocation for dreams”, and only one remained. The legend of “return home next week”.“Seeing him getting up from the Zhu Tower, seeing him banqueting guests, seeing his building collapsed” is just right for Jia Yueting and his LeTV.

Jia Yueting, a visionary liar

From the perspective of character, Jia Yueting’s financial fraud, non-fulfilment of loan commitments, and fraudulent issuance of stocks; from the perspective of winners and losers, Jia Yueting’s current situation can only be regarded as a veritable “Kou”; butJudging from his previous vision and layout, we have to admit that Jia Yueting is a very far-sighted person.

Jia Yueting founded LeTV in 2004, followed by fighting KuaiBai, buying copyrights, and listing LeTV on the GEM in just 6 years. Regarding the importance of copyright, I believe everyone has already experienced it. Xiaolei now encounters copyright issues when listening to a song or watching a video on a certain platform.

LeTV’s ecosystem covers seven major sectors: content, TV, mobile phones, automobiles, sports, the Internet, and cloud. Its “platform + content + terminal + application” ecosystem is called the “LeTV model” by the industry. From the current perspective, Jia Yueting’s layout at the time was still very forward-looking and strategic.Although Jia Yueting’s credit reputation has fallen to the bottom, the LeTV model has become the originator of the intelligent ecosystem that many Internet companies are vying to follow.

In the automotive field, Jia Yueting planned a “kangzhuang road” for the ecological development of automobiles for LeEco before 2016, compared with the “sluggish” Xiaomi and Didi. If Jia Yueting did not build a car like his present one, he should also have his top spot among the current auto giants.

So since Jia Yueting is so insightful, how could he still play this game of 100 billion yuan? In fact, the problem lies in this big game.Although the ecosystem laid out by LeTV back then showed Jia Yueting’s advanced strategic vision, the rhythm of his layout was completely wrong. The blind industrial expansion turned LeTV into a magnificent and crumbling loft in the sky.

Now, the era of LeTV has long passed,The first ray of life for Jia Yueting’s turnaround is also pinned on the dream of building a car that suffocates him, and his dream of building a car is currently in a state of coexistence of vitality and crisis.

Jia Yueting’s dream of building a car is coexisting with vitality and crisis

FF has already made a lot of big moves when it just entered 2021. It announced that it would backdoor listing, and it was successful in financing. After that, it has reached strategic cooperation with Zhuhai State-owned Assets and Geely, showing it to the outside world. The scene is booming.

Lack of money is the biggest problem FF has always faced, Backdoor listing means that FF will be able to obtain more funds in the future, Which can make its car-making business complete more smoothly. The successful financing means that although Jia Yueting has long been notorious in China, FF can still be recognized by the capital market. The cooperation with Zhuhai State-owned Assets and Geely also shows that the Zhuhai government and domestic auto giants have a positive attitude towards FF, which will become a powerful boost for FF in the automotive field.

Judging from the various major moves of FF in the past six months, it seems that it has firmly grasped the three major elements of the strategy of war: the time, the right place, and the harmony of people, but in Xiao Lei’s view,The current crisis facing FF is far greater than the vitality.

first of all,The positioning of the FF 91 is too high-end. Even if it can achieve mass production next year and complete its sales target of 2,400 vehicles, it still cannot solve its urgent financial needs.You know, mass production and profitability are two different things. In the long river of automobile history, there are countless cases of suspension of models and bankruptcy of car companies due to high cost and too little output. The annual sales volume of 2,400 vehicles is obviously difficult to bring to FF. How much profit, poor gross profit margin may even further drag it down.

Of course, judging from the positioning of FF 91,The significance of its mass production is obviously not for volume, but for the hope of FF’s dream investors to see their dreams shine into reality.So, whether there are 2,400 diehard fans who will spend more than 2 million yuan to pay for FF 91 has become a key question. If FF 91 completes annual sales of 2,400 vehicles, then it may further stimulate investors to continue to spend money; but if FF 91 only sells 24 vehicles, what mentality will FF investors have?

According to FF’s model plan, its follow-up model FF81 will have to wait until after 2023 to complete mass production at the earliest, and the lower-positioned FF 71 is expected to be mass-produced by the end of 2024.These mass production plans can only be completed when FF is progressing smoothly, and it is difficult to say whether FF, which is already struggling, can survive such a long time.

In addition, FF 91 was originally planned to be mass-produced and launched in 2018. Now even if it can be mass-produced as planned, the time will have to be pushed to the first half of 2022, which means that it has been delayed by 4 years. Smart cars are developing so fast,There are already a large number of smart car giants on the market, and these giants have had the strength to equalize or even surpass the previous advantages of FF in the past four years of development.

to sum up

Finally, come back and talk about the “China Securities Regulatory Commission’s Market Banning Decision (Jia Yueting, Yang Lijie and other 5 responsible entities)” issued by the China Securities Regulatory Commission and what impact will it have on Jia Yueting’s car-making plan.For Jia Yueting, a fine of 240 million yuan is second. Anyway, he has already developed the ability to not overwhelm his debts, butThe SFC’s ban on him can make his situation even worse. He is bound to struggle in the country, and may even have no hope of returning to China from then on.

Note: The material for this article comes from the Internet