AutoBeta(AutoBeta.net)07/03 Report--

On the evening of July 2, Jiangsu Rugao Economic and Technological Development Zone Management Committee issued the "Information Circular." According to the Circular, Nantong Jiahe Science and Technology Investment and Development Co., Ltd.(hereinafter referred to as "Nantong Jiahe") audited and verified, and found that Wang Xiaolin, chairman and chief executive officer of Jiangsu Sailin, was suspected of providing false supporting documents and misappropriating huge funds of Jiangsu Sailin by taking advantage of his position. Nantong Jiahe reported the case to the public security organ in time, and the public security organ has accepted and is investigating the suspected criminal behavior of relevant personnel according to law.

In response to the "Information Circular" issued by the Jiangsu Rugao Economic and Technological Development Zone Management Committee, Wang Xiaolin issued a message in the circle of friends on the morning of July 3:"Nantong Jiahe has spared no effort in order to seize the company's assets and control rights!" As early as March last year, he invested in the so-called takeover company. As early as April 1, he secretly signed a contract with the security company to fully control the company's assets. He sealed up the company's assets, frozen the company's accounts, cut off water and electricity, and forced employees to resign…From today onwards, he will return to his old job: lawyer + law professor."

It is understood that although Jiangsu Sailin Automobile Technology Co., Ltd. has five shareholders, in fact there are only two major shareholders-Nantong Jiahe and Wang Xiaolin. The former holds 33.42% shares of Jiangsu Sailin, which is the only shareholder with state-owned background in Jiangsu Sailin; the four foreign-invested enterprises actually controlled by the latter invest in intellectual property rights, holding about 66.58% shares in total, which is the actual controller of the company.

Sai Lin's "lie" exposure originated from a real-name report letter posted by former legal officer Qiao Yudong on Weibo, in which he said that Wang Xiaolin was suspected of increasing capital by nearly 6.658 billion yuan with "false technical contribution" through four foreign "shell companies" actually controlled by Wang Xiaolin and obtaining controlling shares of the company. Although Sailin Automobile issued a statement at the first time saying that the above remarks were false, the exposure of this incident still made Wang Xiaolin and Sailin Automobile become the focus of attention.

On June 9, Wang Xiaolin issued a letter to all employees. According to the letter, affected by Qiao Yudong's false accusation, some suppliers completely frozen the company's accounts through the court, and the 3 billion yuan financing that Sailin Automobile originally planned to reach an agreement with investors in May was temporarily put on hold, resulting in the inability to pay compensation to employees normally and facing a large loss of employees.

From June 16 to June 23, Nantong Intermediate People's Court successively sealed up two local factories of Sailin Automobile, frozen the equity of four companies owned by Wang Xiaolin and sealed up Shanghai Branch of Sailin Automobile.

On June 30, Nantong Jiahe issued a "Notice" to employees, saying that because Wang Xiaolin, chairman, CEO and legal representative of Jiangsu Sailin, avoided the United States and neglected to perform his duties, Jiangsu Sailin could not continue. In order to protect the legitimate rights and interests of employees to the greatest extent, Jiangsu Sailin would use its own funds to solve the social security, accumulation fund and individual tax of employees who completed the resignation procedures before June 30, and instructed Jiangsu Sailin Management Committee members to be responsible for implementation and implementation. It is worth noting that shortly after Nantong Jiahe's "Notice" was posted at the gate of Jiangsu Sailin, another red fingerprint "Notice to Jiangsu Sailin Shareholders and Management" was posted next to it, signed as "All Jiangsu Sailin Employees".

On the same day, Wang Xiaolin sent a "Public Statement on Nantong Jiahe and Relevant Responsible Persons 'Serious Illegal Activities Leading to the Current Situation of Jiangsu Sailin" to all employees. The statement said that "some leaders of Nantong Jiahe and Rugao City ignored the facts and used Qiao Yudong's false accusation case to frame themselves and foreign shareholders in the name of investigation, resulting in the suspension of Jiangsu Sailin's operation and the unemployment of thousands of employees without pay." He pointed out that the responsibility for the suspension of Jiangsu Sailin lies in Rugao and Nantong Jiahe.

In just two months, Sailin Automobile has fallen into the state of "eternal damnation". At present, Sailin's "dream of building a car" has basically come to an end. In 2014, Wang Xiaolin acquired Saleen brand and introduced Saleen Automobile into China and landed in Rugao, Jiangsu Province. In July 2019, Sailin released its first model in Beijing Bird's Nest as a "Sailin Maimai" mini electric car, but sales were very bleak and it has been discontinued.

Since its birth, the new force of car-building seems to have no lack of topics and heat. Under the promotion of market and policy, many car-building brands have emerged, hoping to break into a world with the beautiful vision of "curve overtaking", but it turns out that car-building is not an easy thing.

Obviously, at present, the survival of the new force of car building in China has been difficult: on June 15, Bojun issued a human resources notice, saying that due to fund problems, all employees of the company are on duty from now on; on June 30, Baiteng Automobile internal email informed all employees in China that the company has stopped production since July 1, and all employees are on duty. What these three brands are encountering at present is the epitome of the new forces of car-making. Without capital, technology and core products, these car-making brands will be eliminated.

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