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"false technical contributions, as well as suspected embezzlement of huge amount of state-owned assets." on April 27, 2020, a real-name report letter from Qiao Yudong, a former legal employee of Jiangsu Sailin, to Wang Xiaolin, chairman of Jiangsu Sailin, made Jiangsu Sailin the focus. Although Jiangsu Sailin immediately issued a statement called false remarks, the incident also made Jiangsu Sailin much questioned.

With constant questioning, Wang Xiaolin issued an internal letter to all the staff of Sailin in Jiangsu Province, saying that the company's efforts over the past three years had to come to an end temporarily because of Qiao Yudong's false accusation, and that if shareholders could not reach an agreement to resolve the company's working capital, the company would not be able to continue.

Wang Xiaolin said in the letter that under the influence of Qiao Yudong's false accusation in online media, some suppliers completely froze Jiangsu Sailin accounts through the court, and the Rugao municipal government has organized a working group to investigate Qiao Yudong's matter. Wang Xiaolin said he was in the United States and had bought more than a dozen air tickets to return home in the past few months, all of which were cancelled by the airline.

On April 27 this year, Qiao Yudong issued a real-name report letter, saying that the shareholders of four foreign-funded enterprises actually controlled by Wang Xiaolin acquired Jiangsu Sailin shares at a price of 6.6 billion of "false technology contribution". Jiangsu Sailin's only state-owned shareholder, Nantong Jiahe, has actually provided funds, including all the daily operation and factory infrastructure costs of Jiangsu Sailin.

According to Tianyan, the registered capital of Jiangsu Sailin Automotive Technology Co., Ltd. is 10 billion yuan, and the major shareholder is Nantong Jiahe, which contributes 3.34187 billion yuan in currency and holds about 33.42% of the shares. The above four foreign-invested enterprises under Wang Xiaolin have contributed at the price of intellectual property rights, holding a total of about 66.58% of the shares, becoming the actual controllers of the company.

It is understood that Wang Xiaolin's 6.6 billion yuan "technology contribution" is based on the evaluation of Bandung and the evaluation report of Songde in Central. In the above evaluation report, the technology-funded model "Jitai Maimai MyCar" of Jitai Electric vehicle Co., Ltd. is valued at 1.10692 billion yuan, while the other three models marked with the Sailin brand are valued at 1.88042 billion yuan, 1.89452 billion yuan and 1.77627 billion yuan respectively, with a total valuation price of 6.6581.3 billion yuan.

In response to this matter, Jiangsu Sailin said in a statement that Qiao Yudong was indeed an employee of the company. Qiao Yudong was criticized and warned by the company for serious discipline violations during his tenure. After that, Qiao Yudong did not repent and deliberately undermined the cooperative relationship between the company and a third party. The company terminated the labor contract with Qiao Yudong on September 25, 2019. In view of the fact that Qiao Yudong continues to fabricate and spread false news, the company has investigated Qiao Yudong for criminal liability and civil liability by means of criminal charges and civil proceedings in accordance with the law.

After reporting the incident, Jiangsu Sailin fell into a storm of public opinion, and the company also had great difficulties in its operation.

Wang Xiaolin said in an internal letter that none of the points falsely accused by Qiao Yudong, from capital contribution to related party transactions to personal expense reimbursement, were true. However, affected by the incident, the company's efforts over the past three years have to come to an end for the time being. According to the joint venture agreement of Jiangsu Sailin, the models, technology and brands are provided by foreign shareholders, the basic operating capital guarantee is provided by state-owned shareholders, and the development of the company is supported by joint financing by both parties. The 3 billion yuan of financing capital originally agreed with investors should be put in place step by step in May this year. Qiao Yudong's false accusation and his act of directly calling investors to sabotage financing led to investors' decision to shelve their investment before the government made the conclusion of the investigation. "

Wang Xiaolin said, "although four foreign shareholders immediately agreed to hold a shareholders' meeting, we have not received a reply from state-owned shareholders until now." Because state-owned shareholders have a veto over major decisions of the company, shareholders' meetings without the participation of state-owned shareholders will not be able to make any major decisions. " If the shareholders can not reach an agreement to resolve the company's working capital, the company will not be able to continue.

Sailin is an American supercar brand. After it was introduced by Wang Xiaolin, Jiangsu Sailin was established on this basis. On July 20, 2019, Sailin held a brand and new car press conference at the Bird's Nest in Beijing, announcing that Sailin has a total of four products, including the fuel version of the supercar Sylin S7, the coupe Sailin S1 and the SUV Sailin Maike, and the pure electric model Sailin Miami. At present, only Sailin Mai Mai has been put on the market, and the car is positioned as a miniature electric sports car.

Due to poor sales and the company is in trouble, Sailin Maimai is also rumored to have suspended production. An internal employee said in a media interview that the factory has not been in production since it resumed work at the end of April, mainly doing some work such as equipment debugging, cleaning and internal training, and has not been notified when it will officially resume production.

"if the shareholders can not reach an agreement to resolve the company's operating funds, the company will not be able to sustain", Jiangsu Sailin Motor continues to operate or disbanded, we will continue to pay attention. However, after this incident, it is undoubtedly a serious blow to Jiangsu Sailin.

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