The original was banned from entering the market for life, and Jia Yueting has no hope of building a car

When does Jia Yueting stop building cars?

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!