At 16:30 on June 25th, the Evergrande Health Announcement stated that Evergrande Group acquired 100% of the shares of Hong Kong Shiying Company for HK$6.746 billion and indirectly acquired approximately 45% of the shares of Smart King Ltd. (hereinafter referred to as Smart King Company). The company's largest shareholder. The above move means that Evergrande has officially entered the Faraday Future.
At the same time, the Faraday Future was announced on the official Weibo recently (June 25th). It officially passed the US government's CFIUS approval and completed the first round of financing of US$2 billion. Founder Jia Yueting was the chief executive officer.
According to the contents of the Evergrande Health Announcement, Smart King is a new company jointly established by Hong Kong Shi Ying and the original shareholders of Faraday Future as early as November 30, 2017. Hong Kong Shi Ying invested US$2 billion to acquire the joint venture company. 45% equity (after full dilution); while the original shareholder of Faraday Future acquires shares in the technology assets and business owned by Faraday Future Group and obtains 33% equity of the joint venture company (after full dilution). The remaining 22% equity of the joint venture company (through all After dilution, it will be reserved as equity allocated to employees under the equity incentive plan.
Smart King Company wholly owns 'FF USA' and 'FF Hong Kong', and the previously highly-regarded Guangzhou Nansha R&D production base is wholly owned by FF Hong Kong.
Equity structure chart
In addition, the contents of the announcement show that Hong Kong Times has invested a total of US$800 million in investment amount for the joint venture company based on its merger agreement with the original shareholders of Faraday Future on November 30, 2017.
Pursuant to the merger agreement, Hong Kong Times will further invest a total of US$1.2 billion in the joint venture company at the following points:
(1) A total investment of US$600 million in installments on or before December 31, 2019;
(2) A total of 600 million U.S. dollars will be invested in phases on or before December 31, 2020.
The announcement also stated that after the Evergrande Group officially entered the FF, Evergrande will appoint Deputy Chairman of the Group Board of Directors and President Xia Haijun will serve as Chairman of Smart King.
Founded in May 2014, Faraday Future has established a core R&D team in the United States. As of June 2018, there were approximately 1,400 employees worldwide, including approximately 1,000 new energy vehicles, computer algorithms, the Internet, information systems, and artificial intelligence. Frontier technical professionals in the field.
FF's first high-end model FF 91, designed to accelerate 0-96 km acceleration time of 2.39 seconds, a maximum range of 700 kilometers, equipped with multiple smart sensors and smart lift 3D laser radar, no automatic parking, facial recognition technology, no Seated into the system and other cutting-edge technologies. Located in Los Angeles, Hanford factory plans to complete production preparations by the end of 2018, has now officially received Hanford City engineering permission to start construction and will fully carry out the production line equipment commissioning.
Faraday Future has set up R&D centers in Beijing, Shanghai and other places in China, and plans to build large-scale integrated R&D and production bases in Guangzhou and other places to allow the world's advanced new energy vehicle technologies to land in China.