AutoBeta(AutoBeta.net)06/15 Report--

According to the China Executive Information publicity Network, due to the failure to fulfill the payment obligations set out in the effective legal documents on time, the Beijing Financial Court issued a consumption restriction order against Jia Yueting, the applicant is the China Securities Regulatory Commission, involving the administrative non-litigious enforcement case.

The consumption restriction order points out that Jia Yueting is restricted to carry out the following high consumption and consumption behaviors that are not necessary for life and work: (1) when taking means of transport, choose second-class or above space such as plane, train soft berth and ship; (2) high consumption in places such as hotels, hotels, nightclubs and golf courses above star level; (3) purchase real estate or build, expand or decorate houses with high grade (4) renting high-end office buildings, hotels, apartments and other places for office work; (5) purchasing non-essential vehicles for business operation; (6) traveling and vacationing; (7) children attending high-fee private schools; (8) paying high premiums to purchase insurance financial products; (9) other consumption behaviors that are not necessary for life and work, such as all seats on G-prefix trains and first-class seats on other EMU trains. If the aforementioned prohibited consumption activities are carried out due to the necessity of daily life, an application shall be submitted to the court for approval.

According to reports, Jia Yueting was forced to execute more than 240 million yuan because of the case, and his shares were frozen several times. Earlier, Leeco issued an announcement that the Beijing Securities Regulatory Bureau fined it a total of 240 million yuan and Jia Yueting a total fine of 241 million yuan for ten consecutive years of financial fraud from 2007 to 2016. Since then, the CSRC has applied for restrictions on consumption of Leeco Information Technology (Beijing) Co., Ltd.

At the end of last month, Jia Yueting's dream of building a car "suffocated" for nine years finally ushered in substantial progress. On May 31st, Faraday will hold the "final Conference of FF 91 & Faraday Future 2.0". It is understood that there are three models in the FF 91 series: FF 91 2.0, FF 91 2.0 Futurist (futurist version) and FF 91 2.0 Futurist Alliance (futurist alliance version). Among them, the FF 91 2.0 Futurist Alliance sells for $309000, or about 2.2 million yuan. Jia Yueting, who made a high-profile appearance at that time, said: "after nine years of unyielding, we have finally ushered in a moment of subversion." It also announced that FF 91 2.0 Futurist Alliance will begin the first phase of industry expert delivery, which will be limited to 300s and will only accept a full payment of US $309000 (RMB 2.21 million).

It should be noted that at the press conference, Jia Yueting and a group of FF executives spent up to two hours talking about the advanced nature of the FF91 model, calling it "silicon-based luxury", while the ultra-luxury cars represented by Rolls-Royce and Bentley were carbon-based luxury. But in fact, the large-scale mass production of FF91 is still uncertain, and the outside world is not optimistic about the future performance of the FF91 model, which has skipped tickets many times. After all, the FF91, which sells for up to 2 million yuan, is not facing an ordinary consumer market.

On June 15, at the 15th China Automobile Blue Book Forum, Jia Yueting appeared in China as the founder and chief product and user operating officer of FF and delivered a video speech. At the lecture, Jia Yueting said that when FF landed on NASDAQ in July 2020, it was a good opportunity to take advantage of the US capital market and user market, but it encountered a severe challenge that was completely unexpected. As a listed company in the United States, we face more stringent regulatory policies and compliance mechanisms than offshore listed companies in the United States, and we have really withstood the baptism of Wall Street.

I remember the heroic words vividly, but Jia Yueting is already heavily in debt. At present, Jia Yueting is still associated with four pieces of information about the person subject to execution, with a total amount of more than 2.2 billion yuan. In addition, due to violating the property reporting system and having the ability to perform, Jia Yueting refused to perform the obligations determined by the effective legal documents. Jia Yueting was listed as the executor of bad faith, and was associated with a number of consumption restriction orders and final case information, with a total outstanding amount of more than 9.8 billion yuan.

In addition, according to the financial data, Faraday's total net loss over the next three years has reached $1.216 billion, or 8.643 billion yuan, compared with a net profit of $6.487 million in the first quarter of this year, an operating loss of $83.027 million and a total current assets of $103 million, while the total debt has reached $319 million, and the financial situation is still grim.

At present, although FF91 has started the first phase of industry expert delivery, the date of large-scale mass production of FF91 is still uncertain, whether Faraday's future or Jia Yueting is already heavily in debt, in which case, no one knows whether FF will have enough funds to support mass production.

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