Loss of trust does not affect Jia Yueting's return to China.
On April 12, the Guangzhou Municipal Public Resource Trading Center announced that Ruichi Automobile has competed for a processing and manufacturing block at the Wanqingsha Bonded Port in Nansha District. The land area is 400,988 square meters and the transaction price is 3,641.10 million yuan. The previous day In the evening, LeTV Holdings also confirmed that Rui Chi Smart Car is a FaradayFuture affiliate invested by Jia Yueting.
Desperately investing in cars is the last resort of Jia Yueting, who is carrying huge amounts of debt. But the car is also the main reason why Jia Yueting owes huge amounts of debt. Can cars make Jia Yueting turn into a hero or fall into a deeper debt quagmire?
Nansha settled
The person behind Rui Chi’s car was finally taken to be Jia Yueting.
On the evening of April 11, a related statement issued by LeTV Holdings issued a statement to the Huaxia Times reporter. Rui Zhi Smart Car (Guangzhou) Co., Ltd. is an affiliate of FF. There is no legal relationship with the Levision holding system controlled by Jia Yueting. Independent operation. Jia Yueting is the FF global business CEO.
Rui Chi smart car was previously thought to be an affiliate of the electric car company Faraday Futures (FF) invested by LeTV founder Jia Yueting. Its shareholders are inextricably linked to Jia Yueting's car system.
On February 12, 2018, Ruichi Smart Motors was incorporated on the 9th floor, Haibin Road, Nansha District, Guangzhou City. The registered capital was US$300 million. The legal representative is Wang Zhigang. Its wholly-owned controlling shareholder is SmartMobility (HongKong) Holdings Limited. Hong Kong, China According to information disclosed by the Companies Registry, SmartMobility was originally named FFHONGKong Holdings Limited, and its Chinese name is Fafa Automotive Ecology (Hong Kong) Limited.
Business and industry data also show that Fafa Auto Ecological (Hong Kong) Co., Ltd. is also a shareholder of Fafa Motors (China) Co., Ltd. The latter's official microblog name is 'FaradayFuture'. The other is Fafa Motors (China). A shareholder, France and France Internet Smart Electric Vehicle Co., Ltd., was renamed LeTV Automotive Technology (Beijing) Co., Ltd. in May 2017.
What is even more noticeable is that the area of Ruixin Motors in Nanxa is more like 'tailored'.
At the beginning of March this year, the official website of the Guangzhou Nansha Land Resources and Planning Bureau hung out the transfer information for the 'Processing Manufacturing Block of Wanqingsha Bonded Port in Nansha District' (No. 2018NGY-2). In addition to the requirement that 'bid applicants must establish a project in Nansha. The company's main business scope is technical research and development of vehicle engineering; development of auto parts and accessories, sales; sales of automobiles, but also the requirements for project registered capital of not less than 300 million US dollars.
According to the “Huaxia Times” reporter, the only bidding company that participated in the plot was Ruichi Motors. The auction began on April 8th at 3pm. After a few minutes, the Guangzhou Public Resource Trading Center website disclosed the transaction results.
This land grant announcement also announced Jia Yueting’s domestic automaker’s schedule.
According to the announcement, Rui Chi Smart Cars must introduce a pure electric vehicle assembly project with world-class pure electric vehicle R&D and manufacturing level within one month of the bidding for the land, and it needs to start construction within 24 months from the date of land transfer. The project will be completed and put into operation within the month. The approval of the entry of pure electric vehicles will be obtained within 5 quarters after the start of the project.
Where does the money come from?
Money is the focus of Ruichi Motors' acquisition of land in Guangzhou. Prior to this, Jia Yueting was on the list of untrustworthy executives on several occasions in China. The Levision holding system was previously exposed to LeTV.
LeTV Holdings's response showed that FF Strategic Investor is a Hong Kong investment institution. In this round of financing, Jia Yueting did not sell any equity and did not receive any funds. The RL Chia Auto Land Auctions all come from the investment of FF strategic investors. There is no relationship between related payments between LeTV and LeTV Holdings.
Some industry experts who are familiar with LeTV analyzed the “Huaxia Shibao” reporter and stated that there is no legal relationship between FF and Ruishi Automobile and Jia Yueting’s holding of Levision’s holding system, which means that LeTV has nothing to do with debt collection.
On the evening of April 11, LeTV also announced a repayment plan.
In addition to the previously disclosed LeTV financing price of RMB 1.4 billion and LeEco's e-commerce price of RMB 93 million repaying debt, the latest proposal is that the shares of the new LeTV Wisdom (formerly 'LesVision') held by LeTV Holding will be auctioned off. Reimbursement of related debts. The announcement indicated that LeTV Holdings had pledged the shares held by the new Lezhi Zhijia and loaned 1.1 billion yuan to China National Student Trust Co., Ltd. This part of the stock is currently entering the judicial auction process.
In March this year, the new music as wise family has announced a capital increase. After the completion of the capital increase, LeTV Holdings also holds 16.5590% of new music as Wisdom. According to a valuation of 9 billion, this part of the share value of nearly 1.5 billion.
In fact, in January of this year, Jia Yueting responded to the Beijing Securities Regulatory Bureau’s previous propaganda in his personal WeChat account, saying that it would recoup the debt owed to the listed company by selling assets to obtain funds and using assets to offset debts.
The above-mentioned industry analysts of the “Huaxia Shibao” analyzed that Jia Yueting’s shares of the listed company were frozen by judicial rotation, the assets of the unlisted company system were also frozen, and the assets available for sale were very limited. He also predicted that LeTV would The holding company will completely withdraw from the TV and movie sections of the original LeTV chairman Sun Hongbin to repay the debt.
At present, Jia Yueting's repayment of listed companies is only 500 million yuan in progress. According to the latest data disclosed by LeTV, as of the end of 2017, the balance of related parties' arrears of listed companies is about 7 billion yuan.
However, building a car is a bottomless pit for money. Jia Yueting's car stalls spread out in China are still in the middle of the shutdown. It is reported that LeTV had not made progress in 2000 acres of land in Moganshan, Zhejiang Province. There is news that FAW or Geely is interested in Took over. In overseas, in February this year, Jia Yueting announced that FF had completed a $1.5 billion equity financing, basically met all equity financing needs prior to the IPO, and restarted the vehicle manufacturing business. Jia Yueting promised to deliver the vehicle by the end of 2018.
But how long is Jia Yueting's financing supported by 1.5 billion U.S. dollars, and will delivery vehicles mean success?