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Jiangsu Sailin Motor collapsed in just one month, Chairman Wang Xiaolin avoided the United States, the company's capital chain was broken, the doors of two factories were closed, assets were seized, and thousands of employees lost their jobs without pay. Jiangsu Sailin seems to be staging a "farce". Building a car may end in failure. Nantong Jiahe, as a state-owned shareholder in Sailin, Jiangsu Province, officially promised to use its own funds to protect the legitimate rights and interests of employees who went through the departure formalities.

According to the "notice" sent by Nantong Golden Harvest to all the employees of Jiangsu Sailin Automotive Technology Co., Ltd., because Mr. Wang Xiaolin, chairman, CEO and legal representative of Jiangsu Sailin avoided the United States and failed to perform his duties, the legitimate rights and interests of the employees were seriously damaged.

Nantong Jiahe, a state-owned shareholder in Jiangsu Sailin, said that under such circumstances, in order to maximize the legitimate rights and interests of employees, Jiangsu Sailin will use its own funds to solve the social security, provident fund and personal income tax of all employees who have completed their departure procedures before June 30, 2020. Nantong Jiahe also solemnly stated that this move is entirely based on the protection of the legitimate rights and interests of Jiangsu Sailin employees.

In July 2019, Jiangsu Sailin spent a lot of money to hold the Sailin sports car brand conference at the Bird's Nest, and announced the launch of the first model is the "Sailin Maimai" mini electric car, which also plunged Sailin into public opinion. Sailin Maimai can hardly be sold, further aggravating the Sailin crisis. According to media reports, the production workshops of Jiangsu Sailin's two factories in Rugao have been closed, and hundreds of assembled Sailin Maimai are scattered everywhere in the factory.

Wang Xiaolin, chairman of Jiangsu Sailin, has become a recent public opinion figure after a report letter of "false technical contributions suspected of embezzlement of huge amounts of state assets". Affected by the report letter, Wang Xiaolin said that 3 billion of the company's financing was shelved, making the company unsustainable, and he was unable to return home due to repeated cancellation of air tickets.

Tianyan Cha shows that Jiangsu Sailin Automotive Technology Co., Ltd. has a registered capital of 10 billion yuan, and the major shareholder is Jiahe in Nantong, contributing 3.34187 billion yuan and holding about 33.42% of the shares. Wang Xiaolin's four foreign-invested enterprises are funded by "vehicle technology" respectively. in total, he holds about 66.58% of the shares and becomes the actual controller of the company. Among them, Maimai electric car is valued at 1.10692 billion yuan, and 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.

Wang Xiaolin pointed the reason for the instant collapse of the company to the whistleblower and Nantong Jiahe. In the latest public statement, Wang Xiaolin said, "the reason why a company that has completed the construction of the factory in three years and built three models will collapse in a short period of one month, and even cannot even pay its wages, is that some leaders of Nantong Jiahe and Rugao City ignored the facts and used Qiao Yudong to falsely accuse Qiao Yudong of framing himself and foreign shareholders in the name of investigation, Luo Zhi, causing the operation of Jiangsu Sailin to stagnate. Thousands of employees have lost their jobs without pay. "

The fall of Sailin in Jiangsu is related to many factors, such as business problems, product problems, and capital problems, and the important reason for accelerating the crisis is a report letter to Wang Xiaolin. Wang Xiaolin and Sailin Motors' dream of producing sports cars in China may come to an end. At present, the official website of Sailin Automobile can no longer be opened, showing "the web page is inaccessible".

Nantong Jiahe, a domestic shareholder, provided more than 3 billion yuan in actual funds, while Wang Xiaolin acquired shares with technical contributions, which finally ushered in the embarrassing situation of the end of the enterprise, leaving a "mess". It is indeed difficult to distinguish and understand whether some so-called new car-building forces are valuable innovative projects or the true face of deception, but the crazy money-burning new power car companies have repeatedly stalled, which has sounded a wake-up call to the outside world.

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