AutoBeta(AutoBeta.net)10/14 Report--

Recently, according to App, Beijing Yingda Capital Management Co., Ltd. (a wholly-owned subsidiary of State Grid Co., Ltd.) sued Jia Yueting and Letv Automobile (Beijing) Co., Ltd., due to a loan contract dispute. The related case, Jing 04, will be heard in Beijing's fourth Intermediate people's Court on November 10.

It is worth noting that on October 12th, about 96.5912 million shares of Leeco Information Technology (Beijing) Co., Ltd. held by Jia Yueting were auctioned online, according to Ali auction official. Of these, 1200 million shares were sold at a price of 18.0576 million yuan, while the remaining 8459.12 million shares failed to sell. As early as September 12, Ali auction officials publicly auctioned about 140 million Leeco shares held by Jia Yueting and his brother Jia Yuemin. At that time, about 44.1 million shares sold a total of 82.9521 million yuan, while the remaining 96.5912 million shares failed. It is understood that the second auction for the September 12 unsold 96.5912 million shares, this part of the shares belong to Jia Yueting alone. The applications for the auction include Minsheng Trust, Guotai Junan, Ping an Bank and Huafu Securities, according to an enforcement ruling issued by the third Intermediate people's Court of Beijing. According to relevant data, up to now, Jia Yueting has 12 items of information about the person subject to execution, and the total amount currently executed is 9.482 billion yuan. In addition, Jia Yueting also has 5 pieces of information about people who break faith and 27 records of high consumption restrictions.

On the morning of July 22nd, Jia Yueting's Faraday Future (FF) was officially listed on the NASDAQ Stock Exchange and officially traded under the stock code "FFIE" at an offering price of US $13.78 per share. For Jia Yueting, the greatest significance of FF's successful listing may be to ease the financial pressure. Jia Yueting said in an interview with China Business that the future listing of Faraday means a new starting point, brings important capital flow to the company, and then will go all out to achieve mass production and delivery in 12 months, and has great confidence in FF91's on-time production. When asked if he would return to China, Jia Yueting said: "that's a must!" With regard to the debt problem that the public is most concerned about, Jia Yueting responded, "I will solve it completely." For Jia Yueting, the listing of FF may allow FF91 to mass produce and solve Jia Yueting's debt problem, but there is also a lot of uncertainty in the future.

Earlier, J Capital Research, an American short seller, released a 28-page short selling report on FF. It said that it did not think FF could sell a car through site visits, analysis of FF's financial data and technical capabilities, R & D investment, and a series of capital operations after listing. In response to J Capital Research's short selling report, FF Jia Yueting said: "Hot fried cold rice, nonsense", and reminded J Capital Research that "this is not the first time I have been hit in the face." People related to FF also said that the report is full of misleading information, lack of logic and no factual basis. FF expressed disappointment and condemnation of the agency's irresponsible actions and reserved the right of legal prosecution for such false allegations.

It is not difficult to see that if Jia Yueting wants to pay off his debts as soon as possible, it seems that the mass production of FF91 to a certain extent determines whether Jia Yueting's "return" can be realized. Some analysts have estimated that Jia Yueting's total debt is about 5 billion US dollars. On this basis, Jia Yueting will be able to pay off his creditors only when FF has a market capitalization of about $30 billion after listing.

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