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Once announced in high profile to build a supercar, now some of the company's assets are listed for auction. The attention of the automobile industry learned from the Ali auction website that the Intermediate people's Court of Nantong City, Jiangsu Province, updated a piece of legal auction information about "Jiangsu S Automobile Company".

According to the information, the subject to be auctioned was formerly known as Rugao High-tech Entrepreneurship Service Co., Ltd., which was founded on July 10, 2009, with a registered capital of 10 billion yuan. The scope of business involves technical research in the automotive industry and auto parts manufacturing. Through the basic information combined with the public pictures on the racket platform, it is found that Jiangsu S Automobile Company is Jiangsu Sailin Automobile Investment Co., Ltd. (referred to as "Sailin Automobile").

According to the information, the first phase of Sailin Rugao Plant covers an area of 230000 square meters, with an annual production capacity of 150000 vehicles in two shifts, including pure electric, hybrid and mechanically supercharged internal combustion engine passenger cars. It was originally planned to complete the capital construction by the end of 2019, mainly including stamping, welding, painting, final assembly, inspection workshop, joint station, sewage treatment station and 110KV substation and other ancillary facilities. The auction starts at nearly 2.38 billion yuan, with a starting price of nearly 2.38 billion yuan, and groups 5, 6, 7 and 8 in the south community of Chengbei Street, Rugao City, and 7, 12 and 18 groups of land use rights in Ssanglong Community, as well as the above-ground buildings and the assets involved in machinery and equipment, production lines and assembly lines.

Sailin Motor has been in trouble since 2020, when a real-name report letter directly pulled off the car-building "scam" of Sailin Motors. With the exposure of former chairman Wang Xiaolin's criminal case and broken capital chain, it has now been reduced to being photographed by the law. Sailin Automobile has come to an end.

According to public data, Jiangsu Sailin was formerly known as Rugao High-tech Entrepreneurship Service Co., Ltd. (hereinafter referred to as "Rugao Entrepreneurship"), which was established on July 10, 2019, with a registered capital of 500000 yuan. Rugao New District Infrastructure Investment Co., Ltd. and Rugao Economic and Trade Development Corporation were held respectively. On March 4, 2016, Rugao Venture was changed into Jiangsu Sailin Automobile Investment Co., Ltd. (hereinafter referred to as "Sailin Investment"). According to Tianyan check, there are five shareholders in Sailin, Jiangsu, among which Nantong Jiahe Technology Investment and Development Company (hereinafter referred to as "Nantong Jiahe"), which contributes 3.342 billion yuan and accounts for 33.42% of the shares, is a 100% holding investment company in Rugao City, Jiangsu Province. In addition, Nantong Weimeng, Rugao Salin, Nantong Shimai and Rugao Jitai are priced with intellectual property rights, with a total investment of 6.658 billion yuan and a share of 66.58%. All are Wang Xiaolin, legal representative of Jiangsu Sailin. It is understood that the evaluation of 6.658 billion yuan of "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 6.658 billion yuan.

It is understood that Wang Xiaolin brought the brand into the Chinese market through a strategic cooperation reached with the well-known US supercar brand Sailin in 2014, and invested and built a factory in Rugao, Jiangsu Province in 2016 to make a domestic decision on some of its products. According to Jiangsu Sailin, it has built two factories in Jiangsu, one with a highly intelligent production line with an annual capacity of 150000 units, and a factory that makes supercars, with a combined annual production capacity of 220000 vehicles. It is worth mentioning that the acquisition of Jiangsu Sailin production qualification is precisely the connection between Youth Automobile and Rugao City, while Hangzhou Youth Automobile Company, which is owned by Youth Automobile, completed the bankruptcy proceedings in November 2109.

According to the original plan, Sailin has a total of four products planned, including the fuel version of the supercar S7, the sedan race S1, the SUV Sailin Maike and the all-electric subcompact Miami. In July 2019, Sailin Motor spent 300 million yuan to hold a new car launch at the Bird's Nest in Beijing, launching the mini car Miami and the supercar SUV Mike, which has a mileage range of 305km, with a subsidised price of 15.88-168800 yuan. However, shortly after the launch of the minicar, the flagship store of Sailin Maimai Tmall was cancelled and closed. According to media reports, by the end of May 2020, Sailin had sold a total of 27 Miami, which was a surprise.

"false technological contributions, as well as suspected embezzlement of huge amounts of state assets," supercar brand Sailin collapsed overnight. On April 27th, a real-name report letter from Qiao Yudong, a former legal employee of Jiangsu Sailin, to Wang Xiaolin, chairman of Jiangsu Sailin, said that Wang Xiaolin actually controlled four shareholders of foreign-funded enterprises in Jiangsu Sailin. Jiangsu Sailin shares were acquired at a price of 6.6 billion at the price 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.

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.

At the same time, 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 funds are 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. 'Although four foreign shareholders immediately agreed to hold a shareholders' meeting, we have not received a reply from state-owned shareholders to this day, 'Mr. Wang said. Because the state-owned shareholders have a veto over the 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.

Because of the tit-for-tat confrontation between the two sides, the market does not know who to trust for a while. However, with the seriousness of the situation, Sailin's car-building "scam" was pulled off step by step. After Wang Xiaolin released the internal letter, some employees revealed that Sailin Motor had been unable to pay wages, the internal management even left collectively, and there was no way for employees to protect their rights in an instant. Subsequently, it was exposed on the Internet that the Shanghai branch of Jiangsu Sailin Automotive Technology Co., Ltd. had been seized by the Intermediate people's Court of Nantong City, Jiangsu Province, and the notice showed that in the case of Nantong Jiahe Technology Investment and Development Co., Ltd. V. Jiangsu Sailin Automotive Technology Co., Ltd., all the assets of the Shanghai Branch of Jiangsu Sailin Automotive Technology Co., Ltd. had been sealed up in accordance with the law. On July 2, 2020, the Management Committee of Jiangsu Rugao Economic and technological Development Zone issued a "Circular". According to the "situation Bulletin," after audit and verification by Nantong Jiahe Technology Investment and Development Co., Ltd. (hereinafter referred to as "Nantong Jiahe"), it was found that Jiangsu Sailin Chairman and CEO Wang Xiaolin and others were suspected of providing false certification documents, misappropriating huge funds of Jiangsu Sailin by taking advantage of his position, and other important clues. Nantong Jiahe promptly reported the case to the public security organs, which have accepted and are investigating the suspected crimes committed by relevant personnel in accordance with the law. In response to the "briefing", Wang Xiaolin responded on moments: "Nantong Jiahe has spared no effort to seize the company's assets and control." The so-called pick-up company was set up as early as March last year, and as early as April 1, it secretly signed a contract with the security company to take full control of the company's assets; seized the company's assets, frozen the company's accounts, cut off water and electricity, and forced employees to resign. Starting from today, I will return to my old profession: lawyer and law professor. "

From the initial more than 100 to less than 10 this year, it is still unknown who is the next new force in car building. But what is certain is that for the new forces who still want to continue to "fight" in the emerging battlefield of new energy vehicles, not running means accelerating "death". Perhaps, when it comes to Sailin again, it seems difficult to raise waves. After all, its sense of existence in the market is not strong, and it is a flash in the pan to build its own label through the American supercar brand. Whether or not to die today does not have much impact on the market. Of course, when some people fall down, some people begin to look forward to a bright future, such as Evergrande, Xiaomi, Baidu and so on. Where will these brands go?

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