On the evening of October 7, Evergrande Health announced that Jia Yueting had exhausted Evergrande’s early payment of US$800 million for half a year, and proposed to Jantas to pay 700 million U.S. dollars in advance. After reaching the goal, it submitted an arbitration to the Hong Kong Arbitration Center. Lift all agreements between the parties.
On June 25 this year, Evergrande Health announced that it acquired 100% of Hong Kong Shiying Company for HK$6.746 billion and indirectly obtained 45% of Smart King's shares, becoming the company's largest shareholder.
Previously, Hong Kong Shiying Company and Faraday Future (FF), the original shareholder of FaradayFuture (FF), set up a new company, Smart King, with a joint venture model. US$100 million to acquire 45% equity of the joint venture company. FF original shareholders will acquire 33% equity of the joint venture company with FF owned technology assets and business shares, and the remaining 22% equity will be reserved as equity incentives to the company management.
According to the agreement, Evergrande will pay 800 million U.S. dollars before the end of 2018, 600 million U.S. dollars in 2019, and 600 million U.S. dollars in 2020. In fact, Hengda has been paid in advance on May 25, 2018, and should be paid before the end of 2018. 800 million US dollars.
However, Evergrande thought that it would be possible to wait for the FF91 to mass-produce. I did not expect that it was Jia Yueting’s emergency notice. In July 2018, Jia Yueting proposed that Evergrande’s 800 million US dollars had been basically used up, requiring Evergrande to pay in advance. In this regard, Evergrande said that in order to maximize support for the development of the joint venture company, it signed a supplementary agreement with Jia Yueting, agreeing to pay 700 million US dollars in advance if the payment terms are met.
Evergrande Health’s announcement shows that Jia Yueting used his rights in the majority of the board of directors to control the joint venture company and, in the event that the contract payment was not met, required Evergrande to pay, and used this as an excuse for Hong Kong on October 3, 2018. The International Arbitration Center filed an arbitration requesting the deprivation of Evergrande's consent to the financing as a shareholder and lifting all agreements.
Among them, depriving Evergrande as the shareholder's right to consent to financing means that Jia Yueting can sell the shares of the joint venture at any price at any time, and then dilute the shareholding ratio of Evergrande in FF, and the lifting of all agreements is obviously to kick the constant Big out.
In this regard, people close to Evergrande said, 'Hengda once saved Jia Yueting from the bankruptcy edge, but he was ungrateful to Evergrande. It is not ruled out that Jia Yueting is in the background of failing to fulfill the promise of mass production as scheduled and may lose control. One step of the game. '
It is reported that Shiying Company, which holds 45% of the shares of Smart King, has one vote for each share; under normal operating conditions, 33% of shares held by Jia Yueting, each share is entitled to 10 votes. Jia Yueting and others could not fulfill the promise of the first batch of electric vehicle mass production delivery in the first quarter of 2019, which is regarded as a breach of Evergrande's health. At that time, the above voting rights will be reversed, and Shiying will fully control Smart King.
It is worth noting that Evergrande has responded hard in the announcement to fulfill its obligations under the relevant agreements, and will hire an international team of lawyers to take all necessary actions to defend the rights of Evergrande under the relevant agreements and protect the company and its shareholders. Interests.
Earlier, another real estate giant, Sun Hongbin, also rushed to 15 billion yuan when Jia Yueting was in crisis, but the final outcome was to let Sun Hongbin 's hard to say.'
Some insiders pointed out that in addition to credit bankruptcy, Jia Yueting's biggest problem is that he just used it for himself, so it is inevitable that he will soon have a disagreement with new investors.