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2021-07-23

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Who paid to bring Jia Yueting back to life?

2021-07-22

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The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a happy smile in the audience, which was the happiest day for him in five years.</p><p>Listing can raise $1 billion in life-saving money for FF, so that FF91 can be mass-produced. A passenger learned from someone close to FF that the FF91 alliance version is priced at about $200,000 (about RMB 1.3 million).</p><p>However, going public is just the starting point for FF, and there are more difficulties to overcome. According to the documents submitted by FF to the CSRC, investors in \"certain first-tier cities\" failed to convert RMB into US dollars within the specified time because they failed to pass regulatory approval, so the original investment of 175 million US dollars will not be paid.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo courtesy of the company</p><p>\"A certain first-tier city\" refers to Zhuhai. Previously, Zhuhai SASAC had contacted FF, and Zhuhai was also considered the most likely landing place of FF's headquarters in China. Now that Zhuhai's investment has failed, FF needs to continue to seek the support of local governments, so that FF can build factories in China and seize China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Markets.</p><p>After a brief surge in FF's listing, it immediately fell back. As of the close, FFIE's share price was $13.98, an increase of only 1.45%, with a total market value of $4.511 billion (about RMB 30 billion).</p><p><img src=\"https://static.tigerbbs.com/673cd6717e38887975c5f6b7a78331bc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting's road to \"true return\" is still a long way away.</p><p>$1 billion can't quench your thirst</p><p>\"Wei Xiaoli\" stock price skyrocketed, millet,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Under the background of building cars one after another, it is Jia Yueting's best choice for FF to renew its life through listing financing.</p><p>As soon as the news that FF is expected to go public in July came out, the object of FF's planned backdoor on the same day<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>. (hereinafter referred to as \"PSAC\") stock price increased by more than 17%, and the market<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you are optimistic about the car, you will naturally look high at FF.</p><p>According to FF's earlier filing with the SEC, FF is expected to raise $1 billion through a public offering of shares.</p><p>FF thinks $1 billion can help FF91 reach mass production. The FF91 is scheduled to be built at the Hanford, California, facility, and FF will also need to spend about $90 million to retrofit the facility. FF expects to start delivering FF91 within 12 months of backdoor listing. If everything goes well, FF91 will meet consumers in July 2022.</p><p>Until the FF91 is delivered, FF will still need to replenish its operating funds through financing. Right now, FF's financial position is not positive. After Jia Yueting parted ways with Sun Hongbin and Evergrande, financing became extremely difficult, and FF once relied on layoffs to survive. Currently, FF has only 288 employees worldwide, most of whom are engaged in research and development, manufacturing and supply chain. Such a team configuration is almost in a state of \"hibernation\".</p><p>According to the documents submitted by FF, in the first quarter of 2019, 2020 and 2021, FF's net losses were US$142 million, US$147 million and US$75.525 million, respectively, and the losses have a trend of expanding. As of March 31, 2021, the cash on FF's books was only $47.525 million, and this was the financial situation after PSAC provided $100 million in debt financing. At the end of 2020, FF's cash was only $1.124 million.</p><p>After the listing, $1 billion arrived, but FF had to spend more money: to make up for the previous operating losses, to lay out the distribution system, to purchase parts, to test FF91, etc., and to invest in R&D of FF81 and FF71.</p><p>According to FF's plan, the delivery time of FF81 and FF71 is 2023 and 2024. According to the three-year investment cycle of new cars, FF is now at the peak of using money, and $1 billion is just sprinkling water for FF.</p><p>Whether FF91 can be mass-produced has become a metaphysics. Since its debut at CES in the United States in 2017, FF has repeatedly jumped tickets because of funding problems. At first, it was claimed that FF91 was officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production, and in 2020, it became only one step away from delivery. Now, whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's listing.</p><p>Unfortunately, FF listing is still unknown. Because PSAC changed the backdoor listing plan once, requiring more equity and voting rights, which requires FF shareholders to vote and approve before it can be listed smoothly.</p><p>Going all out to go public</p><p>The listing of FF is an important condition for the mass production of FF91, and it is also a promise that Jia Yueting must fulfill.</p><p>In October 2019, Jia Yueting filed for personal bankruptcy in the United States. According to the bankruptcy reorganization plan, Jia Yueting set up a creditor trust with his FF equity, and handed it over to the creditors for control and management, that is, all debts owed by Jia Yueting will be repaid with FF's equity, successfully turning creditors into shareholders of FF.</p><p>Because FF has no products yet, and its own assets are not many, creditors who want to realize it can only get funds by selling their equity after FF is listed. Only by doing FF with Jia Yueting can creditors get more claims. Jia Yueting also emphasized in his personal bankruptcy plan that after FF's IPO, creditors can get more than expected returns, and after IPO, creditors can sell FF's equity in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Possible gains for creditors under FF valuation boost</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>The static period of the creditor's lawsuit to Jia Yueting is four years, that is, no claim will be filed against Jia Yueting within four years, so as to prevent Jia Yueting from being on the list of \"Lao Lai\" and being unable to return to China or operate in China. If FF succeeds in IPO, the litigation standstill period is automatically extended until the debt is paid off.</p><p>Therefore, Jia Yueting must make FF go public as soon as possible, whether it is for the mass production of FF or to fulfill its promise to creditors.</p><p>Prior to the passage of the personal bankruptcy case, FF had hired Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\"), an American investment banking firm, to look for possible financing and listing opportunities. At that time, it was very popular to go public through Special Purpose Acquisition companies, which were founded to give other companies backdoor listings. Because the process is simple, time-consuming, low cost and high success rate, this model is very popular with start-up companies, and it also meets Jia Yueting's demand for FF to go public as soon as possible.</p><p>When Stifel sought a financing plan, it received a letter of intent from Riverside Management Group (hereinafter referred to as \"RMG\"), and FF also hoped to raise funds as soon as possible. In July 2020, two months after Jia Yueting's personal bankruptcy was passed, RMG secretly launched an all-round investigation and research on FF.</p><p>FF was introduced to PSAC through RMG's introduction, which is exactly a special purpose acquisition company. Subsequently, the two sides reached a confidentiality agreement to discuss how to operate so that FF can go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, plant presence, car testing visits, and accounts review. After the due diligence was completed, RMG worked with FF and PSAC to formulate a backdoor formulation plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG (WANG JIAWEI) and CHAOYING DENG (DENG CHAOYING). The former is regarded as Jia Yueting's nephew and once served as FF's chief financial officer. The latter won Jia Yueting's trust and served as FF's executive vice president and CEO of many subsidiaries of FF.</p><p>Jia Yueting resigned as CEO of FF and became chief product and user officer. He is still present in the company's important negotiations.</p><p><img src=\"https://static.tigerbbs.com/d152b548a54a96fe85dc45fbd4bfcace\" tg-width=\"1080\" tg-height=\"579\" referrerpolicy=\"no-referrer\"></p><p>▲ Caption: FF's ownership structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>In the personal bankruptcy case, he divorced Gan Wei Ka Point, making Gan Wei an indirect shareholder of FF as a creditor. The net debt of creditor trust is USD 3.44 billion, and Gan Wei accounts for 7.2% with a creditor's right of USD 250 million. The creditor trust has a super voting right of 1:10, which can supervise FF's business decisions through the debt committee, which means that Gan Wei can indirectly exert influence on FF.</p><p>After FF is successful, Gan Wei can also get a piece of the pie.</p><p>Are partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step develops in the direction expected by Jia Yueting. It is not an exaggeration to call Jia Accountant.</p><p>The calculation of capital operation is easy to control, but to really enter the car-building link, it is necessary to link the upstream and downstream, and things are far more complicated and uncontrollable than capital operation.</p><p>Anyway, FF is already in action. The first step in building a car is to have a factory. At present, the one that can meet the production of FF91 is the Hanford factory in California, which covers an area of 1.1 million square feet (about 153 acres). It is rented by FF. Previously, it was a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation, with a designed capacity of 10,000 vehicles. FF expects to begin deliveries of the first FF91s in 2022, with 2,400 units sold that year; 113,000 vehicles sold in 3 models in 2024; By 2025, the annual sales volume of four models should reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles definitely can't meet the \"big pie\" painted by FF. FF sought out Myoung Shin, a South Korean auto parts supplier, to solve the production capacity problem. The company will build a factory with a production capacity of 270,000 vehicles in the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, founded by<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>Executives, this company is mainly OEM for Hyundai Motor. After the sales of Hyundai Motor declined, it also signed a strategic cooperation agreement with Byton Motor. Later, Byton went bankrupt and turned around to embrace FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction, and it still needs FF's capital injection before it can hope to build the factory.</p><p>Compared with South Korea, China's OEM is more important. FF and Geely signed a framework cooperation agreement in January this year, which gives people the suspicion that Geely may OEM for FF. FF also expects the production capacity of Chinese factories to reach 100,000-250,000 vehicles in 2025.</p><p>However, documents filed by FF show that it and Geely have not yet reached a definitive agreement on the joint venture company, and there is no guarantee that the company will eventually be established. On the other hand, Li Shufu made it clear that Geely does not want to work for anyone, and the two sides only cooperate in technical and engineering services.</p><p>South Korean and Chinese factories are still just floating in the air.</p><p>Although the car has not been produced, the dealership network has to be laid out in advance. On May 25th, the first FF Future Experience Center opened its doors in Manhattan, New York, USA. FF plans to set up stores in 20 cities in the mainstream markets of China, the United States and Western Europe.</p><p>In addition to self-operation, FF is ready to find dealers to cooperate to spread the distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric car dealer, but there is no information on its official website except for a few design plans of stores. The Associated Press describes the company as a start-up that mainly distributes electric cars, electric bicycles and electric scooters.</p><p>In China, FF's partner is<a href=\"https://laohu8.com/S/03836\">Harmony Car</a>This dealer is a luxury car dealer, and it represents more than ten luxury car brands at the same time. FF is only one of them. How much sales it can bring to FF is still unknown.</p><p>More importantly, even if the factories and dealers go smoothly, FF's technology accumulation was accumulated around 2017. Four years have passed, and the technology of domestic smart cars has already undergone earth-shaking changes. FF's competitor is the initially mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>As well as new car-making forces such as Xiaomi and Baidu, they are not short of money and people.</p><p>It is not that easy for FF to stand out.</p><p>How to break the domestic stalemate?</p><p>The prerequisite for FF to stand out is to open the Chinese market. In the era of intelligent electric, the Chinese market with rich Internet ecology is undoubtedly the best cultivation soil for new car forces.</p><p>Jia Yueting wants to turn over with FF, and China is a battlefield that can't be given up. However, FF hits a wall everywhere in China, and many plans are still suspended in the unknown.</p><p>The most promising opportunity for FF in the Chinese market is that Evergrande Group acquired Hong Kong Season Wing Company for HK$6.746 billion in June 2018, indirectly becoming the largest shareholder behind FF. Xu Jiayin also drew up a grand plan to produce 5 million FF cars per year in ten years (2028).</p><p>Hope comes and goes quickly, though. After investing 800 million USD in advance, Evergrande Group and Jia Yueting staged an annual drama of \"mutual tearing\". Although the two parties finally reached a settlement, FF's control in China has fully fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's upfront investment of US$800 million will be converted into 32% preferred equity of FF and 100% holding of FF Hong Kong, while FF Hong Kong holds all FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of FF equity held by Evergrande within five years, with an exercise price of USD 600 million in the first year and USD 700 million, USD 800 million, USD 920 million and USD 1.05 billion in the second to fifth years respectively.</p><p>Unfortunately, Xu Jiayin, who owns all the assets of FF China, has no intention of running FF at all, but sets up a stove and rebuilds his own new energy vehicle empire — —<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>。 After the \"Xu Jia War\", FF has become a stagnant water in China, but Jia Yueting obviously didn't give up China.</p><p>The turnaround came in January 2021.</p><p>According to the latest round of financing announced by FF, state-owned assets in Zhuhai, Guangdong Province invested 2 billion yuan in FF. In fact, the two parties have been in contact for a long time, and on December 14, 2020, Fafa Automobile (Zhuhai) Co., Ltd. was established, with a registered capital of USD 250 million and the legal representative is Jia Chentao.</p><p>Whether FF can make a comeback in Zhuhai has become a hot topic in the industry. At the same time,<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Also throwing out an olive branch to FF. Geely Holding Group said that it had signed a framework cooperation agreement with FF. The two parties plan to cooperate in the fields of technical support and engineering services, and explore the possibility of the joint venture company of Geely and Foxconn providing foundry services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's listing. With the possibility of paying, producing technology and providing OEM services, Geely really loves FF.</p><p>With the help of Zhuhai government and Geely Automobile, FF's rebirth is expected. If nothing unexpected happens, FF's Chinese base will land in Zhuhai, Guangdong. In a recent investor demonstration, it was also said that FF, Geely Holding Group and first-tier Chinese cities planned to establish a joint venture to support FF's production in China and the landing of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not stated that the city is Zhuhai, from the map shown, the city is located in the Pearl River Delta region. Combined with the previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>At present, FF's rebirth dream is full of hope. However, even if you step on the trend of the times, no one can say that Zhuhai, who can't afford Yinlong, will join forces with Jia Yueting, the \"Lao Lai\" who has become the norm to break his trust, and will surely have a wonderful spark. At least up to now, FF's Chinese factory still hasn't exactly landed.</p><p>In the unpredictable new energy vehicle market, the birth and bankruptcy of a new car manufacturer is too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs more efforts to be proud of FF.</p>","source":"lsy1578451694161","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Who paid to bring Jia Yueting back to life?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWho paid to bring Jia Yueting back to life?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">出行一客</strong><span class=\"h-time small\">2021-07-23 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of July 22nd, Farady Future (hereinafter referred to as \"FF\") went public as desired. The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a happy smile in the audience, which was the happiest day for him in five years.</p><p>Listing can raise $1 billion in life-saving money for FF, so that FF91 can be mass-produced. A passenger learned from someone close to FF that the FF91 alliance version is priced at about $200,000 (about RMB 1.3 million).</p><p>However, going public is just the starting point for FF, and there are more difficulties to overcome. According to the documents submitted by FF to the CSRC, investors in \"certain first-tier cities\" failed to convert RMB into US dollars within the specified time because they failed to pass regulatory approval, so the original investment of 175 million US dollars will not be paid.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo courtesy of the company</p><p>\"A certain first-tier city\" refers to Zhuhai. Previously, Zhuhai SASAC had contacted FF, and Zhuhai was also considered the most likely landing place of FF's headquarters in China. Now that Zhuhai's investment has failed, FF needs to continue to seek the support of local governments, so that FF can build factories in China and seize China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Markets.</p><p>After a brief surge in FF's listing, it immediately fell back. As of the close, FFIE's share price was $13.98, an increase of only 1.45%, with a total market value of $4.511 billion (about RMB 30 billion).</p><p><img src=\"https://static.tigerbbs.com/673cd6717e38887975c5f6b7a78331bc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting's road to \"true return\" is still a long way away.</p><p>$1 billion can't quench your thirst</p><p>\"Wei Xiaoli\" stock price skyrocketed, millet,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Under the background of building cars one after another, it is Jia Yueting's best choice for FF to renew its life through listing financing.</p><p>As soon as the news that FF is expected to go public in July came out, the object of FF's planned backdoor on the same day<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>. (hereinafter referred to as \"PSAC\") stock price increased by more than 17%, and the market<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you are optimistic about the car, you will naturally look high at FF.</p><p>According to FF's earlier filing with the SEC, FF is expected to raise $1 billion through a public offering of shares.</p><p>FF thinks $1 billion can help FF91 reach mass production. The FF91 is scheduled to be built at the Hanford, California, facility, and FF will also need to spend about $90 million to retrofit the facility. FF expects to start delivering FF91 within 12 months of backdoor listing. If everything goes well, FF91 will meet consumers in July 2022.</p><p>Until the FF91 is delivered, FF will still need to replenish its operating funds through financing. Right now, FF's financial position is not positive. After Jia Yueting parted ways with Sun Hongbin and Evergrande, financing became extremely difficult, and FF once relied on layoffs to survive. Currently, FF has only 288 employees worldwide, most of whom are engaged in research and development, manufacturing and supply chain. Such a team configuration is almost in a state of \"hibernation\".</p><p>According to the documents submitted by FF, in the first quarter of 2019, 2020 and 2021, FF's net losses were US$142 million, US$147 million and US$75.525 million, respectively, and the losses have a trend of expanding. As of March 31, 2021, the cash on FF's books was only $47.525 million, and this was the financial situation after PSAC provided $100 million in debt financing. At the end of 2020, FF's cash was only $1.124 million.</p><p>After the listing, $1 billion arrived, but FF had to spend more money: to make up for the previous operating losses, to lay out the distribution system, to purchase parts, to test FF91, etc., and to invest in R&D of FF81 and FF71.</p><p>According to FF's plan, the delivery time of FF81 and FF71 is 2023 and 2024. According to the three-year investment cycle of new cars, FF is now at the peak of using money, and $1 billion is just sprinkling water for FF.</p><p>Whether FF91 can be mass-produced has become a metaphysics. Since its debut at CES in the United States in 2017, FF has repeatedly jumped tickets because of funding problems. At first, it was claimed that FF91 was officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production, and in 2020, it became only one step away from delivery. Now, whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's listing.</p><p>Unfortunately, FF listing is still unknown. Because PSAC changed the backdoor listing plan once, requiring more equity and voting rights, which requires FF shareholders to vote and approve before it can be listed smoothly.</p><p>Going all out to go public</p><p>The listing of FF is an important condition for the mass production of FF91, and it is also a promise that Jia Yueting must fulfill.</p><p>In October 2019, Jia Yueting filed for personal bankruptcy in the United States. According to the bankruptcy reorganization plan, Jia Yueting set up a creditor trust with his FF equity, and handed it over to the creditors for control and management, that is, all debts owed by Jia Yueting will be repaid with FF's equity, successfully turning creditors into shareholders of FF.</p><p>Because FF has no products yet, and its own assets are not many, creditors who want to realize it can only get funds by selling their equity after FF is listed. Only by doing FF with Jia Yueting can creditors get more claims. Jia Yueting also emphasized in his personal bankruptcy plan that after FF's IPO, creditors can get more than expected returns, and after IPO, creditors can sell FF's equity in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Possible gains for creditors under FF valuation boost</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>The static period of the creditor's lawsuit to Jia Yueting is four years, that is, no claim will be filed against Jia Yueting within four years, so as to prevent Jia Yueting from being on the list of \"Lao Lai\" and being unable to return to China or operate in China. If FF succeeds in IPO, the litigation standstill period is automatically extended until the debt is paid off.</p><p>Therefore, Jia Yueting must make FF go public as soon as possible, whether it is for the mass production of FF or to fulfill its promise to creditors.</p><p>Prior to the passage of the personal bankruptcy case, FF had hired Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\"), an American investment banking firm, to look for possible financing and listing opportunities. At that time, it was very popular to go public through Special Purpose Acquisition companies, which were founded to give other companies backdoor listings. Because the process is simple, time-consuming, low cost and high success rate, this model is very popular with start-up companies, and it also meets Jia Yueting's demand for FF to go public as soon as possible.</p><p>When Stifel sought a financing plan, it received a letter of intent from Riverside Management Group (hereinafter referred to as \"RMG\"), and FF also hoped to raise funds as soon as possible. In July 2020, two months after Jia Yueting's personal bankruptcy was passed, RMG secretly launched an all-round investigation and research on FF.</p><p>FF was introduced to PSAC through RMG's introduction, which is exactly a special purpose acquisition company. Subsequently, the two sides reached a confidentiality agreement to discuss how to operate so that FF can go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, plant presence, car testing visits, and accounts review. After the due diligence was completed, RMG worked with FF and PSAC to formulate a backdoor formulation plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG (WANG JIAWEI) and CHAOYING DENG (DENG CHAOYING). The former is regarded as Jia Yueting's nephew and once served as FF's chief financial officer. The latter won Jia Yueting's trust and served as FF's executive vice president and CEO of many subsidiaries of FF.</p><p>Jia Yueting resigned as CEO of FF and became chief product and user officer. He is still present in the company's important negotiations.</p><p><img src=\"https://static.tigerbbs.com/d152b548a54a96fe85dc45fbd4bfcace\" tg-width=\"1080\" tg-height=\"579\" referrerpolicy=\"no-referrer\"></p><p>▲ Caption: FF's ownership structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>In the personal bankruptcy case, he divorced Gan Wei Ka Point, making Gan Wei an indirect shareholder of FF as a creditor. The net debt of creditor trust is USD 3.44 billion, and Gan Wei accounts for 7.2% with a creditor's right of USD 250 million. The creditor trust has a super voting right of 1:10, which can supervise FF's business decisions through the debt committee, which means that Gan Wei can indirectly exert influence on FF.</p><p>After FF is successful, Gan Wei can also get a piece of the pie.</p><p>Are partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step develops in the direction expected by Jia Yueting. It is not an exaggeration to call Jia Accountant.</p><p>The calculation of capital operation is easy to control, but to really enter the car-building link, it is necessary to link the upstream and downstream, and things are far more complicated and uncontrollable than capital operation.</p><p>Anyway, FF is already in action. The first step in building a car is to have a factory. At present, the one that can meet the production of FF91 is the Hanford factory in California, which covers an area of 1.1 million square feet (about 153 acres). It is rented by FF. Previously, it was a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation, with a designed capacity of 10,000 vehicles. FF expects to begin deliveries of the first FF91s in 2022, with 2,400 units sold that year; 113,000 vehicles sold in 3 models in 2024; By 2025, the annual sales volume of four models should reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles definitely can't meet the \"big pie\" painted by FF. FF sought out Myoung Shin, a South Korean auto parts supplier, to solve the production capacity problem. The company will build a factory with a production capacity of 270,000 vehicles in the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, founded by<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>Executives, this company is mainly OEM for Hyundai Motor. After the sales of Hyundai Motor declined, it also signed a strategic cooperation agreement with Byton Motor. Later, Byton went bankrupt and turned around to embrace FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction, and it still needs FF's capital injection before it can hope to build the factory.</p><p>Compared with South Korea, China's OEM is more important. FF and Geely signed a framework cooperation agreement in January this year, which gives people the suspicion that Geely may OEM for FF. FF also expects the production capacity of Chinese factories to reach 100,000-250,000 vehicles in 2025.</p><p>However, documents filed by FF show that it and Geely have not yet reached a definitive agreement on the joint venture company, and there is no guarantee that the company will eventually be established. On the other hand, Li Shufu made it clear that Geely does not want to work for anyone, and the two sides only cooperate in technical and engineering services.</p><p>South Korean and Chinese factories are still just floating in the air.</p><p>Although the car has not been produced, the dealership network has to be laid out in advance. On May 25th, the first FF Future Experience Center opened its doors in Manhattan, New York, USA. FF plans to set up stores in 20 cities in the mainstream markets of China, the United States and Western Europe.</p><p>In addition to self-operation, FF is ready to find dealers to cooperate to spread the distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric car dealer, but there is no information on its official website except for a few design plans of stores. The Associated Press describes the company as a start-up that mainly distributes electric cars, electric bicycles and electric scooters.</p><p>In China, FF's partner is<a href=\"https://laohu8.com/S/03836\">Harmony Car</a>This dealer is a luxury car dealer, and it represents more than ten luxury car brands at the same time. FF is only one of them. How much sales it can bring to FF is still unknown.</p><p>More importantly, even if the factories and dealers go smoothly, FF's technology accumulation was accumulated around 2017. Four years have passed, and the technology of domestic smart cars has already undergone earth-shaking changes. FF's competitor is the initially mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>As well as new car-making forces such as Xiaomi and Baidu, they are not short of money and people.</p><p>It is not that easy for FF to stand out.</p><p>How to break the domestic stalemate?</p><p>The prerequisite for FF to stand out is to open the Chinese market. In the era of intelligent electric, the Chinese market with rich Internet ecology is undoubtedly the best cultivation soil for new car forces.</p><p>Jia Yueting wants to turn over with FF, and China is a battlefield that can't be given up. However, FF hits a wall everywhere in China, and many plans are still suspended in the unknown.</p><p>The most promising opportunity for FF in the Chinese market is that Evergrande Group acquired Hong Kong Season Wing Company for HK$6.746 billion in June 2018, indirectly becoming the largest shareholder behind FF. Xu Jiayin also drew up a grand plan to produce 5 million FF cars per year in ten years (2028).</p><p>Hope comes and goes quickly, though. After investing 800 million USD in advance, Evergrande Group and Jia Yueting staged an annual drama of \"mutual tearing\". Although the two parties finally reached a settlement, FF's control in China has fully fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's upfront investment of US$800 million will be converted into 32% preferred equity of FF and 100% holding of FF Hong Kong, while FF Hong Kong holds all FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of FF equity held by Evergrande within five years, with an exercise price of USD 600 million in the first year and USD 700 million, USD 800 million, USD 920 million and USD 1.05 billion in the second to fifth years respectively.</p><p>Unfortunately, Xu Jiayin, who owns all the assets of FF China, has no intention of running FF at all, but sets up a stove and rebuilds his own new energy vehicle empire — —<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>。 After the \"Xu Jia War\", FF has become a stagnant water in China, but Jia Yueting obviously didn't give up China.</p><p>The turnaround came in January 2021.</p><p>According to the latest round of financing announced by FF, state-owned assets in Zhuhai, Guangdong Province invested 2 billion yuan in FF. In fact, the two parties have been in contact for a long time, and on December 14, 2020, Fafa Automobile (Zhuhai) Co., Ltd. was established, with a registered capital of USD 250 million and the legal representative is Jia Chentao.</p><p>Whether FF can make a comeback in Zhuhai has become a hot topic in the industry. At the same time,<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Also throwing out an olive branch to FF. Geely Holding Group said that it had signed a framework cooperation agreement with FF. The two parties plan to cooperate in the fields of technical support and engineering services, and explore the possibility of the joint venture company of Geely and Foxconn providing foundry services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's listing. With the possibility of paying, producing technology and providing OEM services, Geely really loves FF.</p><p>With the help of Zhuhai government and Geely Automobile, FF's rebirth is expected. If nothing unexpected happens, FF's Chinese base will land in Zhuhai, Guangdong. In a recent investor demonstration, it was also said that FF, Geely Holding Group and first-tier Chinese cities planned to establish a joint venture to support FF's production in China and the landing of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not stated that the city is Zhuhai, from the map shown, the city is located in the Pearl River Delta region. Combined with the previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>At present, FF's rebirth dream is full of hope. However, even if you step on the trend of the times, no one can say that Zhuhai, who can't afford Yinlong, will join forces with Jia Yueting, the \"Lao Lai\" who has become the norm to break his trust, and will surely have a wonderful spark. At least up to now, FF's Chinese factory still hasn't exactly landed.</p><p>In the unpredictable new energy vehicle market, the birth and bankruptcy of a new car manufacturer is too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs more efforts to be proud of FF.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU4Njc4NTAzMg==&mid=2247495566&idx=1&sn=be2e52abd61285a3ebc30385e7a0ac75&chksm=fdf4a7e9ca832efff98637dadbb65a1790d535b3cc1b80c85b11dce492f6092e563ab971c730&scene=27#wechat_redirect\">出行一客</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8bc5bf94e4483508a28206440cb3e84","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU4Njc4NTAzMg==&mid=2247495566&idx=1&sn=be2e52abd61285a3ebc30385e7a0ac75&chksm=fdf4a7e9ca832efff98637dadbb65a1790d535b3cc1b80c85b11dce492f6092e563ab971c730&scene=27#wechat_redirect","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129284884","content_text":"7月22日晚，Farady Future(法拉第未来，下称“FF”)如愿上市，敲钟人不是贾跃亭，而是FF现任CEO毕福康（Carsten Breitfeld），贾跃亭在台下露出欣慰的笑脸，这算是5年来，最值得高兴他的一天。\n上市可以为FF筹得10亿美元救命钱，以此让FF91得以量产。出行一客从FF接近人士获悉，FF91联盟版定价在20万美元（约合人民币130万元）左右。\n然而，上市只是FF的起点，还有更多困难需要克服。据FF提交给证监会的文件显示，“某一线城市”投资人因为无法通过监管批准，没能在规定时间内把人民币换成美元，所以原定1.75亿美元投资，将不会到账。\n\n▲企业供图\n“某一线城市”正是指珠海市，此前珠海市国资委有接触FF，珠海市亦被认为最有可能成为FF中国总部的落地地，如今珠海的投资落空，FF还需继续寻求地方政府的支持，以便让FF在中国建厂，抢占中国新能源市场。\nFF上市经历短暂的飙升后，随即回落，截至收盘，FFIE股价为13.98美元，涨幅仅1.45%，总市值45.11亿美元（约合人民币300亿元）。\n\n贾跃亭的“真还传”之路还有很远。\n10亿美元解不了渴\n“蔚小理”股价飞涨，小米、百度纷纷下场造车的背景下，FF通过上市融资获得续命，是贾跃亭最好的选择。\nFF有望在7月上市的消息一出，当天FF计划借壳的对象Property Solutions Acquisition Corp. (以下简称“PSAC”）股价涨幅超过17%，市场对智能汽车看好，自然也会高看FF一眼。\n据FF早前提交给SEC的文件显示，FF有望通过公开发行股票获得10亿美元的融资。\nFF认为10亿美元可以帮助FF91实现量产。FF91计划在加州汉福德工厂生产，FF还需要投入约9000万美元对工厂进行改造。FF预计，在借壳上市的12个月内可以开始交付FF91，如果一切顺利，FF91会在2022年7月跟消费者见面。\n在FF91交付之前，FF仍需要通过融资来补充运营资金。目前，FF的财务状况并不乐观。贾跃亭跟孙宏斌、恒大分道扬镳之后，融资变得异常艰难，FF曾一度靠裁员来维持生存。目前，FF全球员工只有288人，其中多数员工从事研究与开发、制造和供应链等方面的工作。这样的团队配置，几乎处于“冬眠”状态。\nFF提交的文件显示，2019年、2020年、2021年一季度，FF的净亏损分别为1.42亿美元、1.47亿美元、7552.5万美元，亏损有扩大的趋势。截止2021年3月31日，趴在FF账面上的现金只有4752.5万美元，而这还是PSAC提供1亿美元债务融资之后的财务状况，2020年底，FF的现金只剩112.4万美元。\n上市之后，10亿美元到账，FF要花钱的地方却更多：要补上之前的运营亏损，要布局经销体系、购买零部件、FF91测试等，还要对FF81、FF71进行研发投入。\n根据FF的规划，FF81、FF71的交付时间为2023年、2024年，而按照新车三年的投入周期，FF现在正是用钱的高峰期，10亿美元对FF来说只是洒洒水。\nFF91能否量产变成了玄学。自2017年在美国CES上首秀后，因为资金的问题，FF屡屡跳票。一开始声称FF91在2018年底正式交付，2019年的说法是距离量产只有一步之遥，2020年则变成距离交付仅剩临门一脚，如今2022年7月交付的诺言能否兑现，依旧要看FF上市的进展。\n遗憾的是，FF上市还是未知数。因为PSAC更改过一次借壳上市的方案，要求更多的股权以及投票权，而这需要FF股东投票同意才可以顺利上市。\n费尽心思上市\nFF上市是FF91量产的重要条件，也是贾跃亭必须兑现的承诺。\n2019年10月，贾跃亭在美国申请个人破产，根据破产重组方案，贾跃亭以所持有的FF股权成立债权人信托，并交由债权人控制和管理，即贾跃亭所欠的全部债务，将以FF的股权偿还，成功把债权人变成了FF的股东。\n因为FF还没有产品面世，本身资产也不多，债权人想要变现只有在FF上市后，卖出股权才可以得到资金，债权人只有跟贾跃亭一起把FF做起来，才有可能获较多的索赔。贾跃亭在个人破产方案里也着重介绍，FF进行IPO之后，债权人可以获得超预期的收益，并且IPO后债权人可以分批次出售FF的股权。\n\n▲债权人根据FF估值提升可能获得的收益\n来源：贾跃亭个人重组方案介绍书\n债权人给贾跃亭的诉讼静止期是4年，即4年内不对贾跃亭提起索赔诉讼，以免贾跃亭上“老赖”名单，无法回到中国，也无法在国内活动。如果FF成功IPO，诉讼静止期则自动延长到债务还清为止。\n所以，无论是为了FF量产，还是兑现对债权人的承诺，贾跃亭都必须让FF尽快上市。\n在个人破产案通过之前，FF已经聘用了美国投行公司Stifel Nicolas & Co., Inc.（以下简称“ Stifel ”）来寻找可能的融资、上市机会。彼时，通过Special Purpose Acquisition Company（特殊目的收购公司）上市的方式非常流行，这种公司成立目的就是给其他公司借壳上市使用。因为流程简单、耗时短、费用低且成功率高，这种模式非常受初创公司的欢迎，也切中贾跃亭希望FF尽快上市的需求。\nStifel在寻求融资方案时，收到了来自 Riverside Management Group（以下简称“RMG”） 的意向书，而FF也希望尽快融资，2020年7月，贾跃亭个人破产通过的两个月后，RMG秘密展开对FF进行全方位的考察、调研。\nFF经RMG的介绍接触到PSAC，这正是一家特殊目的收购公司。随后，双方达成一项保密协议，商量如何操作让FF能够尽快上市。\nRMG继续对FF的管理层进行深度调研、进驻工厂、探访汽车测试、审查账目等。尽职调查完成后，RMG跟FF、PSAC一起制定借壳制定方案。\n在融资规模、借壳上市条款等重要谈判时，FF派出了JIAWEI WANG（王嘉伟）和CHAOYING DENG（邓超英），前者被认为是贾跃亭的外甥，曾担任FF的首席财务官，后者深得贾跃亭的信任，曾担任FF的行政副总裁，还是FF系多家子公司的CEO。\n贾跃亭辞去FF的CEO，出任首席产品和用户官，公司重要的谈判依然有他的身影。\n\n▲ 图说：贾跃亭个人破产重组后FF的股权结构\n来源：贾跃亭个人重组方案介绍书\n在个人破产案中，他跟甘薇卡点离婚，令甘薇以债权人的身份成为FF的间接股东。债权人信托净债务额为34.4亿美元，甘薇以2.5亿美元的债权占比7.2%，而债权人信托拥有1：10的超级投票权，可以通过债委会对FF经营决策进行监督，这意味着甘薇可以间接对FF施加影响。\nFF成功之后，甘薇亦可从中分到一杯羹。\n合作伙伴靠谱吗？\n从个人破产，到FF借壳上市，每一步都按照贾跃亭预计的方向发展，人称贾会计并不为过。\n资本操作的算计容易控制，但真正进入造车环节，就需要联动上下游，事情远比资本操作更复杂更不可控。\n无论如何，FF已经开始行动了。造车第一步是要有工厂，目前能满足FF91生产的是位于加州的汉福德工厂，面积为110万平方英尺（约合153亩），是FF租来的，之前是一个废弃了十六年的轮胎工厂。\n这个工厂还在改造当中，设计产能是1万辆。FF预计2022年开始交付第一批FF91，当年销量2400辆；2024年3款车销量11.3万辆；到2025年，4款车型的年销量要达到30.2万辆。\n区区1万辆产能的工厂肯定满足不了FF画的“大饼”。FF找到了韩国的汽车零部件供应商Myoung Shin，来解决产能问题，该公司会建立一个工厂，预计2023年下半年，产能可以达到27万辆。\nMyoung Shin的母公司是MS明信集团，创始人曾是现代汽车的高管，这家公司主要为现代汽车代工，现代汽车销量下滑后，也曾跟拜腾汽车签订过战略合作协议，后来拜腾破产，才转身拥抱FF，而如此大规模的工厂建设，Myoung Shin也很难独立投资，仍需要FF的资金注入，才有希望把工厂建成。\n相比韩国，中国的代工才更重要，FF跟吉利在今年1月签署签署框架合作协议，让人产生吉利可能为FF代工的猜想，FF也预计中国工厂的产能在2025年能达到10-25万辆。\n不过，FF提交的文件显示，其与吉利尚未就合资公司达成确定协议，不能保证该公司最终成立。另一方面，李书福明确表示，吉利不想替任何人代工，双方只是在技术和工程服务上合作。\n韩国、中国的工厂还只是在空中飘着。\n车虽然没有产出来，但经销网络得提前布局。5月25日，首个FF未来体验中心美国纽约曼哈顿开门营业，FF计划在中国、美国、西欧主流市场建立20个城市建立门店。\n自营之外，FF准备找经销商合作来铺开经销网络。在美国，贾跃亭找到的是Jolta，这家公司自称是第一家电动汽车经销商，但官网上除了几张门店的设计规划图，没有任何信息。美联社对公司的介绍是，这是一个初创企业，主要经销电动车、电动自行车、电动车踏板车。\n在中国，FF的合作对象是和谐汽车，这家经销商是豪车经销商，同时代理十多个豪车品牌，FF只是其中之一，能给FF带来多大销量还是未知数。\n更为重要的是，即使工厂、经销商都顺利进行，FF的技术积累是在2017年左右积累的，4年过去，国内智能汽车的技术早已发生翻天覆地的变化。FF的竞争对手，是已经初步成熟的“蔚小理”，是特斯拉，以及小米、百度等新造车势力，他们不缺钱，不缺人。\nFF想要突出重围，并没有那么容易。\n国内僵局怎么破？\nFF突出重围的前提条件是打开中国市场，在智能电动时代，互联网生态丰富的中国市场无疑是新造车势力的最佳培育土壤。\n贾跃亭想要借FF翻身，中国是不能放弃的战场。然而，FF在中国处处碰壁，诸多谋划仍悬浮在未知之中。\nFF在中国市场最有希望的一次机会，莫过于2018年6月恒大集团以67.46亿港元收购香港时颖公司，间接成为FF背后第一大股东，许家印还拟定了十年后（2028年）年产500万辆FF汽车的宏伟计划。\n不过，希望来得快，去得也快。在先期投入8亿美元后，恒大集团与贾跃亭上演了一场“互撕”的年度大戏。尽管最终双方达成和解，但FF在中国的控制权，已全权落入恒大集团手中。\n据双方协议，恒大先期投入的8亿美元将转为32%的FF优先股权，并100%持有FF香港，而FF香港持有FF在中国的所有资产，包括FF中国和恒大法拉第等相关公司。贾跃亭则可以在5年内回购恒大持有的32%的FF股权，第一年内行使价为6亿美元，第二年到第五年行使价分别为7亿美元、8亿美元、9.2亿美元、10.5亿美元。\n不幸的是，拥有FF中国全部资产的许家印，根本无心经营FF，而是立起炉灶，重新打造完全属于自己的新能源汽车帝国——恒大汽车。“许贾大战”后，FF在中国已成一片死水，但贾跃亭显然没有放弃中国。\n转机出现在2021年1月。\nFF公布的最新一轮融资中显示，广东省珠海市国资向FF投资20亿元。事实上，双方早有接触，并早已在2020年12月14日，成立法法汽车（珠海）有限公司，注册资金为2.5亿美元，法定代表人为贾晨涛。\nFF能否在珠海东山再起，成为业内热议话题，与此同时，吉利汽车也向FF抛出了橄榄枝。吉利控股集团称已和FF签署框架合作协议，双方计划在技术支持和工程服务领域展开合作，并探讨由吉利与富士康的合资公司提供代工服务的可能性。\n作为财务投资人，吉利控股集团还参与了FF上市的少量投资。出钱、出技术、还提供代工服务的可能，吉利对FF可算是真爱了。\n在珠海政府和吉利汽车的帮助下，FF重生有望，如无意外，FF的中国基地将落地广东珠海。近期的一次投资者演示时，也称FF、吉利控股集团和一级中国城市间拟建立合资企业，以支持FF在中国的生产和中国总部的落地。该城市将提供2000亩工业用地以及税收优惠等。\n尽管未言明该城市是珠海，但从所示地图来看，城市位于珠三角地区，结合此前信息，不难推断，FF将于珠海涅槃重生。\n目前来看，FF的重生梦充满希望。不过，即便是踩在了时代风口，谁也无法断言，扶不起银隆的珠海联手失信已成常态的“老赖”贾跃亭就一定会擦出美妙火花。至少截至目前，FF的中国工厂仍旧没有确切着落。\n在变幻莫测的新能源汽车市场，一家新造车势力的诞生与破产都太过平常，更何况是一份尚未落实的“计划”。\n贾跃亭想要为FF而骄傲，需更多努力。","news_type":1,"symbols_score_info":{"FFIE":0.9}},"isVote":1,"tweetType":1,"viewCount":3155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172526984,"gmtCreate":1626967383848,"gmtModify":1703481639008,"author":{"id":"3585889874054643","authorId":"3585889874054643","name":"Chesterlai","avatar":"https://static.tigerbbs.com/6a3d320c88991f2600beee21e5874b83","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585889874054643","idStr":"3585889874054643"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172526984","repostId":"2153747626","repostType":4,"repost":{"id":"2153747626","kind":"highlight","pubTimestamp":1626966018,"share":"https://ttm.financial/m/news/2153747626?lang=en_US&edition=fundamental","pubTime":"2021-07-22 23:00","market":"us","language":"zh","title":"US existing home sales slightly worse than expected in June, median home prices hit new highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2153747626","media":"华尔街见闻","summary":"根据美国全国房地产经纪人协会（NAR）的数据，6月份季调后年化成屋销售为586万套，略低于市场预期的590万套。该数据与去年同期相比大增22.9%，环比则上升1.4%。此外，5月的年化成屋销售已修正为","content":"<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized home sales in June were 5.86 million units, slightly below market expectations of 5.9 million units. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. Additionally, annualized existing home sales for May have been revised to 5.78 million.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million sets, an increase of about 3.3% over the previous month and a decrease of 18.8% over the previous year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than that of 2.5 months last month. However, compared with that of 3.9 months in the same period last year, the above-mentioned destocking speed is still fast. In addition, the speed of existing home sales continues to accelerate, with an average speed from listing to sale of 17 days. 88% of houses sold in June were listed on the market in less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, the highest in history, and rose 23.4% year-on-year. However, according to statistics, the median existing home price has been rising since the beginning of the year. Lawrence Yun, chief economist of NAR, said in a press release on official website that at a broader level, because inventory is still tight, there is no risk that the median house price will decline, but he expects that the increase of house prices may slow down by the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US existing home sales slightly worse than expected in June, median home prices hit new highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS existing home sales slightly worse than expected in June, median home prices hit new highs\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-22 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized home sales in June were 5.86 million units, slightly below market expectations of 5.9 million units. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. Additionally, annualized existing home sales for May have been revised to 5.78 million.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million sets, an increase of about 3.3% over the previous month and a decrease of 18.8% over the previous year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than that of 2.5 months last month. However, compared with that of 3.9 months in the same period last year, the above-mentioned destocking speed is still fast. In addition, the speed of existing home sales continues to accelerate, with an average speed from listing to sale of 17 days. 88% of houses sold in June were listed on the market in less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, the highest in history, and rose 23.4% year-on-year. However, according to statistics, the median existing home price has been rising since the beginning of the year. Lawrence Yun, chief economist of NAR, said in a press release on official website that at a broader level, because inventory is still tight, there is no risk that the median house price will decline, but he expects that the increase of house prices may slow down by the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636115\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/486336673db1298d2fbd9e144e9c53b2","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636115","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153747626","content_text":"根据美国全国房地产经纪人协会（NAR）的数据，6月份季调后年化成屋销售为586万套，略低于市场预期的590万套。该数据与去年同期相比大增22.9%，环比则上升1.4%。此外，5月的年化成屋销售已修正为578万套。\n房屋供应方面，根据统计，截至6月底待售成屋供应量为125万套，较上月上升约3.3%，同比去年则下降18.8%，如按照目前销售速度计算，消化完以上库存需要2.6个月，该速度与上月的2.5个月相比略有增加，但相对去年同期的3.9个月，上述去库存速度仍然较快。此外，成屋销售速度也继续加快，平均从挂牌到售出的速度为17天，6月所售房屋当中有88%在市场上挂牌的时间不到一个月。\n销售价格方面，6月份的成屋价格中位数达到36.33万美元，创下历史最高记录，同比则上升23.4%。不过根据统计，成屋价格中位数自年初以来一直处于上升当中。对此NAR的首席经济学家Lawrence Yun在官网的新闻稿当中表示，在更广泛的层面上，由于库存仍然紧张，房屋价格中位数没有下降的风险，但他预期到年底之前房价的涨幅可能会放慢。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":175185737,"gmtCreate":1627014217729,"gmtModify":1703482467864,"author":{"id":"3585889874054643","authorId":"3585889874054643","name":"Chesterlai","avatar":"https://static.tigerbbs.com/6a3d320c88991f2600beee21e5874b83","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585889874054643","authorIdStr":"3585889874054643"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175185737","repostId":"1129284884","repostType":4,"repost":{"id":"1129284884","kind":"news","pubTimestamp":1627012108,"share":"https://ttm.financial/m/news/1129284884?lang=en_US&edition=fundamental","pubTime":"2021-07-23 11:48","market":"us","language":"zh","title":"Who paid to bring Jia Yueting back to life?","url":"https://stock-news.laohu8.com/highlight/detail?id=1129284884","media":"出行一客","summary":"贾跃亭的“真还传”之路还有很远。","content":"<p>On the evening of July 22nd, Farady Future (hereinafter referred to as \"FF\") went public as desired. The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a happy smile in the audience, which was the happiest day for him in five years.</p><p>Listing can raise $1 billion in life-saving money for FF, so that FF91 can be mass-produced. A passenger learned from someone close to FF that the FF91 alliance version is priced at about $200,000 (about RMB 1.3 million).</p><p>However, going public is just the starting point for FF, and there are more difficulties to overcome. According to the documents submitted by FF to the CSRC, investors in \"certain first-tier cities\" failed to convert RMB into US dollars within the specified time because they failed to pass regulatory approval, so the original investment of 175 million US dollars will not be paid.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo courtesy of the company</p><p>\"A certain first-tier city\" refers to Zhuhai. Previously, Zhuhai SASAC had contacted FF, and Zhuhai was also considered the most likely landing place of FF's headquarters in China. Now that Zhuhai's investment has failed, FF needs to continue to seek the support of local governments, so that FF can build factories in China and seize China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Markets.</p><p>After a brief surge in FF's listing, it immediately fell back. As of the close, FFIE's share price was $13.98, an increase of only 1.45%, with a total market value of $4.511 billion (about RMB 30 billion).</p><p><img src=\"https://static.tigerbbs.com/673cd6717e38887975c5f6b7a78331bc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting's road to \"true return\" is still a long way away.</p><p>$1 billion can't quench your thirst</p><p>\"Wei Xiaoli\" stock price skyrocketed, millet,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Under the background of building cars one after another, it is Jia Yueting's best choice for FF to renew its life through listing financing.</p><p>As soon as the news that FF is expected to go public in July came out, the object of FF's planned backdoor on the same day<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>. (hereinafter referred to as \"PSAC\") stock price increased by more than 17%, and the market<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you are optimistic about the car, you will naturally look high at FF.</p><p>According to FF's earlier filing with the SEC, FF is expected to raise $1 billion through a public offering of shares.</p><p>FF thinks $1 billion can help FF91 reach mass production. The FF91 is scheduled to be built at the Hanford, California, facility, and FF will also need to spend about $90 million to retrofit the facility. FF expects to start delivering FF91 within 12 months of backdoor listing. If everything goes well, FF91 will meet consumers in July 2022.</p><p>Until the FF91 is delivered, FF will still need to replenish its operating funds through financing. Right now, FF's financial position is not positive. After Jia Yueting parted ways with Sun Hongbin and Evergrande, financing became extremely difficult, and FF once relied on layoffs to survive. Currently, FF has only 288 employees worldwide, most of whom are engaged in research and development, manufacturing and supply chain. Such a team configuration is almost in a state of \"hibernation\".</p><p>According to the documents submitted by FF, in the first quarter of 2019, 2020 and 2021, FF's net losses were US$142 million, US$147 million and US$75.525 million, respectively, and the losses have a trend of expanding. As of March 31, 2021, the cash on FF's books was only $47.525 million, and this was the financial situation after PSAC provided $100 million in debt financing. At the end of 2020, FF's cash was only $1.124 million.</p><p>After the listing, $1 billion arrived, but FF had to spend more money: to make up for the previous operating losses, to lay out the distribution system, to purchase parts, to test FF91, etc., and to invest in R&D of FF81 and FF71.</p><p>According to FF's plan, the delivery time of FF81 and FF71 is 2023 and 2024. According to the three-year investment cycle of new cars, FF is now at the peak of using money, and $1 billion is just sprinkling water for FF.</p><p>Whether FF91 can be mass-produced has become a metaphysics. Since its debut at CES in the United States in 2017, FF has repeatedly jumped tickets because of funding problems. At first, it was claimed that FF91 was officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production, and in 2020, it became only one step away from delivery. Now, whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's listing.</p><p>Unfortunately, FF listing is still unknown. Because PSAC changed the backdoor listing plan once, requiring more equity and voting rights, which requires FF shareholders to vote and approve before it can be listed smoothly.</p><p>Going all out to go public</p><p>The listing of FF is an important condition for the mass production of FF91, and it is also a promise that Jia Yueting must fulfill.</p><p>In October 2019, Jia Yueting filed for personal bankruptcy in the United States. According to the bankruptcy reorganization plan, Jia Yueting set up a creditor trust with his FF equity, and handed it over to the creditors for control and management, that is, all debts owed by Jia Yueting will be repaid with FF's equity, successfully turning creditors into shareholders of FF.</p><p>Because FF has no products yet, and its own assets are not many, creditors who want to realize it can only get funds by selling their equity after FF is listed. Only by doing FF with Jia Yueting can creditors get more claims. Jia Yueting also emphasized in his personal bankruptcy plan that after FF's IPO, creditors can get more than expected returns, and after IPO, creditors can sell FF's equity in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Possible gains for creditors under FF valuation boost</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>The static period of the creditor's lawsuit to Jia Yueting is four years, that is, no claim will be filed against Jia Yueting within four years, so as to prevent Jia Yueting from being on the list of \"Lao Lai\" and being unable to return to China or operate in China. If FF succeeds in IPO, the litigation standstill period is automatically extended until the debt is paid off.</p><p>Therefore, Jia Yueting must make FF go public as soon as possible, whether it is for the mass production of FF or to fulfill its promise to creditors.</p><p>Prior to the passage of the personal bankruptcy case, FF had hired Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\"), an American investment banking firm, to look for possible financing and listing opportunities. At that time, it was very popular to go public through Special Purpose Acquisition companies, which were founded to give other companies backdoor listings. Because the process is simple, time-consuming, low cost and high success rate, this model is very popular with start-up companies, and it also meets Jia Yueting's demand for FF to go public as soon as possible.</p><p>When Stifel sought a financing plan, it received a letter of intent from Riverside Management Group (hereinafter referred to as \"RMG\"), and FF also hoped to raise funds as soon as possible. In July 2020, two months after Jia Yueting's personal bankruptcy was passed, RMG secretly launched an all-round investigation and research on FF.</p><p>FF was introduced to PSAC through RMG's introduction, which is exactly a special purpose acquisition company. Subsequently, the two sides reached a confidentiality agreement to discuss how to operate so that FF can go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, plant presence, car testing visits, and accounts review. After the due diligence was completed, RMG worked with FF and PSAC to formulate a backdoor formulation plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG (WANG JIAWEI) and CHAOYING DENG (DENG CHAOYING). The former is regarded as Jia Yueting's nephew and once served as FF's chief financial officer. The latter won Jia Yueting's trust and served as FF's executive vice president and CEO of many subsidiaries of FF.</p><p>Jia Yueting resigned as CEO of FF and became chief product and user officer. He is still present in the company's important negotiations.</p><p><img src=\"https://static.tigerbbs.com/d152b548a54a96fe85dc45fbd4bfcace\" tg-width=\"1080\" tg-height=\"579\" referrerpolicy=\"no-referrer\"></p><p>▲ Caption: FF's ownership structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>In the personal bankruptcy case, he divorced Gan Wei Ka Point, making Gan Wei an indirect shareholder of FF as a creditor. The net debt of creditor trust is USD 3.44 billion, and Gan Wei accounts for 7.2% with a creditor's right of USD 250 million. The creditor trust has a super voting right of 1:10, which can supervise FF's business decisions through the debt committee, which means that Gan Wei can indirectly exert influence on FF.</p><p>After FF is successful, Gan Wei can also get a piece of the pie.</p><p>Are partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step develops in the direction expected by Jia Yueting. It is not an exaggeration to call Jia Accountant.</p><p>The calculation of capital operation is easy to control, but to really enter the car-building link, it is necessary to link the upstream and downstream, and things are far more complicated and uncontrollable than capital operation.</p><p>Anyway, FF is already in action. The first step in building a car is to have a factory. At present, the one that can meet the production of FF91 is the Hanford factory in California, which covers an area of 1.1 million square feet (about 153 acres). It is rented by FF. Previously, it was a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation, with a designed capacity of 10,000 vehicles. FF expects to begin deliveries of the first FF91s in 2022, with 2,400 units sold that year; 113,000 vehicles sold in 3 models in 2024; By 2025, the annual sales volume of four models should reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles definitely can't meet the \"big pie\" painted by FF. FF sought out Myoung Shin, a South Korean auto parts supplier, to solve the production capacity problem. The company will build a factory with a production capacity of 270,000 vehicles in the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, founded by<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>Executives, this company is mainly OEM for Hyundai Motor. After the sales of Hyundai Motor declined, it also signed a strategic cooperation agreement with Byton Motor. Later, Byton went bankrupt and turned around to embrace FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction, and it still needs FF's capital injection before it can hope to build the factory.</p><p>Compared with South Korea, China's OEM is more important. FF and Geely signed a framework cooperation agreement in January this year, which gives people the suspicion that Geely may OEM for FF. FF also expects the production capacity of Chinese factories to reach 100,000-250,000 vehicles in 2025.</p><p>However, documents filed by FF show that it and Geely have not yet reached a definitive agreement on the joint venture company, and there is no guarantee that the company will eventually be established. On the other hand, Li Shufu made it clear that Geely does not want to work for anyone, and the two sides only cooperate in technical and engineering services.</p><p>South Korean and Chinese factories are still just floating in the air.</p><p>Although the car has not been produced, the dealership network has to be laid out in advance. On May 25th, the first FF Future Experience Center opened its doors in Manhattan, New York, USA. FF plans to set up stores in 20 cities in the mainstream markets of China, the United States and Western Europe.</p><p>In addition to self-operation, FF is ready to find dealers to cooperate to spread the distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric car dealer, but there is no information on its official website except for a few design plans of stores. The Associated Press describes the company as a start-up that mainly distributes electric cars, electric bicycles and electric scooters.</p><p>In China, FF's partner is<a href=\"https://laohu8.com/S/03836\">Harmony Car</a>This dealer is a luxury car dealer, and it represents more than ten luxury car brands at the same time. FF is only one of them. How much sales it can bring to FF is still unknown.</p><p>More importantly, even if the factories and dealers go smoothly, FF's technology accumulation was accumulated around 2017. Four years have passed, and the technology of domestic smart cars has already undergone earth-shaking changes. FF's competitor is the initially mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>As well as new car-making forces such as Xiaomi and Baidu, they are not short of money and people.</p><p>It is not that easy for FF to stand out.</p><p>How to break the domestic stalemate?</p><p>The prerequisite for FF to stand out is to open the Chinese market. In the era of intelligent electric, the Chinese market with rich Internet ecology is undoubtedly the best cultivation soil for new car forces.</p><p>Jia Yueting wants to turn over with FF, and China is a battlefield that can't be given up. However, FF hits a wall everywhere in China, and many plans are still suspended in the unknown.</p><p>The most promising opportunity for FF in the Chinese market is that Evergrande Group acquired Hong Kong Season Wing Company for HK$6.746 billion in June 2018, indirectly becoming the largest shareholder behind FF. Xu Jiayin also drew up a grand plan to produce 5 million FF cars per year in ten years (2028).</p><p>Hope comes and goes quickly, though. After investing 800 million USD in advance, Evergrande Group and Jia Yueting staged an annual drama of \"mutual tearing\". Although the two parties finally reached a settlement, FF's control in China has fully fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's upfront investment of US$800 million will be converted into 32% preferred equity of FF and 100% holding of FF Hong Kong, while FF Hong Kong holds all FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of FF equity held by Evergrande within five years, with an exercise price of USD 600 million in the first year and USD 700 million, USD 800 million, USD 920 million and USD 1.05 billion in the second to fifth years respectively.</p><p>Unfortunately, Xu Jiayin, who owns all the assets of FF China, has no intention of running FF at all, but sets up a stove and rebuilds his own new energy vehicle empire — —<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>。 After the \"Xu Jia War\", FF has become a stagnant water in China, but Jia Yueting obviously didn't give up China.</p><p>The turnaround came in January 2021.</p><p>According to the latest round of financing announced by FF, state-owned assets in Zhuhai, Guangdong Province invested 2 billion yuan in FF. In fact, the two parties have been in contact for a long time, and on December 14, 2020, Fafa Automobile (Zhuhai) Co., Ltd. was established, with a registered capital of USD 250 million and the legal representative is Jia Chentao.</p><p>Whether FF can make a comeback in Zhuhai has become a hot topic in the industry. At the same time,<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Also throwing out an olive branch to FF. Geely Holding Group said that it had signed a framework cooperation agreement with FF. The two parties plan to cooperate in the fields of technical support and engineering services, and explore the possibility of the joint venture company of Geely and Foxconn providing foundry services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's listing. With the possibility of paying, producing technology and providing OEM services, Geely really loves FF.</p><p>With the help of Zhuhai government and Geely Automobile, FF's rebirth is expected. If nothing unexpected happens, FF's Chinese base will land in Zhuhai, Guangdong. In a recent investor demonstration, it was also said that FF, Geely Holding Group and first-tier Chinese cities planned to establish a joint venture to support FF's production in China and the landing of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not stated that the city is Zhuhai, from the map shown, the city is located in the Pearl River Delta region. Combined with the previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>At present, FF's rebirth dream is full of hope. However, even if you step on the trend of the times, no one can say that Zhuhai, who can't afford Yinlong, will join forces with Jia Yueting, the \"Lao Lai\" who has become the norm to break his trust, and will surely have a wonderful spark. At least up to now, FF's Chinese factory still hasn't exactly landed.</p><p>In the unpredictable new energy vehicle market, the birth and bankruptcy of a new car manufacturer is too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs more efforts to be proud of FF.</p>","source":"lsy1578451694161","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Who paid to bring Jia Yueting back to life?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWho paid to bring Jia Yueting back to life?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">出行一客</strong><span class=\"h-time small\">2021-07-23 11:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On the evening of July 22nd, Farady Future (hereinafter referred to as \"FF\") went public as desired. The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a happy smile in the audience, which was the happiest day for him in five years.</p><p>Listing can raise $1 billion in life-saving money for FF, so that FF91 can be mass-produced. A passenger learned from someone close to FF that the FF91 alliance version is priced at about $200,000 (about RMB 1.3 million).</p><p>However, going public is just the starting point for FF, and there are more difficulties to overcome. According to the documents submitted by FF to the CSRC, investors in \"certain first-tier cities\" failed to convert RMB into US dollars within the specified time because they failed to pass regulatory approval, so the original investment of 175 million US dollars will not be paid.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo courtesy of the company</p><p>\"A certain first-tier city\" refers to Zhuhai. Previously, Zhuhai SASAC had contacted FF, and Zhuhai was also considered the most likely landing place of FF's headquarters in China. Now that Zhuhai's investment has failed, FF needs to continue to seek the support of local governments, so that FF can build factories in China and seize China<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Markets.</p><p>After a brief surge in FF's listing, it immediately fell back. As of the close, FFIE's share price was $13.98, an increase of only 1.45%, with a total market value of $4.511 billion (about RMB 30 billion).</p><p><img src=\"https://static.tigerbbs.com/673cd6717e38887975c5f6b7a78331bc\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>Jia Yueting's road to \"true return\" is still a long way away.</p><p>$1 billion can't quench your thirst</p><p>\"Wei Xiaoli\" stock price skyrocketed, millet,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Under the background of building cars one after another, it is Jia Yueting's best choice for FF to renew its life through listing financing.</p><p>As soon as the news that FF is expected to go public in July came out, the object of FF's planned backdoor on the same day<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>. (hereinafter referred to as \"PSAC\") stock price increased by more than 17%, and the market<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you are optimistic about the car, you will naturally look high at FF.</p><p>According to FF's earlier filing with the SEC, FF is expected to raise $1 billion through a public offering of shares.</p><p>FF thinks $1 billion can help FF91 reach mass production. The FF91 is scheduled to be built at the Hanford, California, facility, and FF will also need to spend about $90 million to retrofit the facility. FF expects to start delivering FF91 within 12 months of backdoor listing. If everything goes well, FF91 will meet consumers in July 2022.</p><p>Until the FF91 is delivered, FF will still need to replenish its operating funds through financing. Right now, FF's financial position is not positive. After Jia Yueting parted ways with Sun Hongbin and Evergrande, financing became extremely difficult, and FF once relied on layoffs to survive. Currently, FF has only 288 employees worldwide, most of whom are engaged in research and development, manufacturing and supply chain. Such a team configuration is almost in a state of \"hibernation\".</p><p>According to the documents submitted by FF, in the first quarter of 2019, 2020 and 2021, FF's net losses were US$142 million, US$147 million and US$75.525 million, respectively, and the losses have a trend of expanding. As of March 31, 2021, the cash on FF's books was only $47.525 million, and this was the financial situation after PSAC provided $100 million in debt financing. At the end of 2020, FF's cash was only $1.124 million.</p><p>After the listing, $1 billion arrived, but FF had to spend more money: to make up for the previous operating losses, to lay out the distribution system, to purchase parts, to test FF91, etc., and to invest in R&D of FF81 and FF71.</p><p>According to FF's plan, the delivery time of FF81 and FF71 is 2023 and 2024. According to the three-year investment cycle of new cars, FF is now at the peak of using money, and $1 billion is just sprinkling water for FF.</p><p>Whether FF91 can be mass-produced has become a metaphysics. Since its debut at CES in the United States in 2017, FF has repeatedly jumped tickets because of funding problems. At first, it was claimed that FF91 was officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production, and in 2020, it became only one step away from delivery. Now, whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's listing.</p><p>Unfortunately, FF listing is still unknown. Because PSAC changed the backdoor listing plan once, requiring more equity and voting rights, which requires FF shareholders to vote and approve before it can be listed smoothly.</p><p>Going all out to go public</p><p>The listing of FF is an important condition for the mass production of FF91, and it is also a promise that Jia Yueting must fulfill.</p><p>In October 2019, Jia Yueting filed for personal bankruptcy in the United States. According to the bankruptcy reorganization plan, Jia Yueting set up a creditor trust with his FF equity, and handed it over to the creditors for control and management, that is, all debts owed by Jia Yueting will be repaid with FF's equity, successfully turning creditors into shareholders of FF.</p><p>Because FF has no products yet, and its own assets are not many, creditors who want to realize it can only get funds by selling their equity after FF is listed. Only by doing FF with Jia Yueting can creditors get more claims. Jia Yueting also emphasized in his personal bankruptcy plan that after FF's IPO, creditors can get more than expected returns, and after IPO, creditors can sell FF's equity in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Possible gains for creditors under FF valuation boost</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>The static period of the creditor's lawsuit to Jia Yueting is four years, that is, no claim will be filed against Jia Yueting within four years, so as to prevent Jia Yueting from being on the list of \"Lao Lai\" and being unable to return to China or operate in China. If FF succeeds in IPO, the litigation standstill period is automatically extended until the debt is paid off.</p><p>Therefore, Jia Yueting must make FF go public as soon as possible, whether it is for the mass production of FF or to fulfill its promise to creditors.</p><p>Prior to the passage of the personal bankruptcy case, FF had hired Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\"), an American investment banking firm, to look for possible financing and listing opportunities. At that time, it was very popular to go public through Special Purpose Acquisition companies, which were founded to give other companies backdoor listings. Because the process is simple, time-consuming, low cost and high success rate, this model is very popular with start-up companies, and it also meets Jia Yueting's demand for FF to go public as soon as possible.</p><p>When Stifel sought a financing plan, it received a letter of intent from Riverside Management Group (hereinafter referred to as \"RMG\"), and FF also hoped to raise funds as soon as possible. In July 2020, two months after Jia Yueting's personal bankruptcy was passed, RMG secretly launched an all-round investigation and research on FF.</p><p>FF was introduced to PSAC through RMG's introduction, which is exactly a special purpose acquisition company. Subsequently, the two sides reached a confidentiality agreement to discuss how to operate so that FF can go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, plant presence, car testing visits, and accounts review. After the due diligence was completed, RMG worked with FF and PSAC to formulate a backdoor formulation plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG (WANG JIAWEI) and CHAOYING DENG (DENG CHAOYING). The former is regarded as Jia Yueting's nephew and once served as FF's chief financial officer. The latter won Jia Yueting's trust and served as FF's executive vice president and CEO of many subsidiaries of FF.</p><p>Jia Yueting resigned as CEO of FF and became chief product and user officer. He is still present in the company's important negotiations.</p><p><img src=\"https://static.tigerbbs.com/d152b548a54a96fe85dc45fbd4bfcace\" tg-width=\"1080\" tg-height=\"579\" referrerpolicy=\"no-referrer\"></p><p>▲ Caption: FF's ownership structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's personal restructuring plan introduction book</p><p>In the personal bankruptcy case, he divorced Gan Wei Ka Point, making Gan Wei an indirect shareholder of FF as a creditor. The net debt of creditor trust is USD 3.44 billion, and Gan Wei accounts for 7.2% with a creditor's right of USD 250 million. The creditor trust has a super voting right of 1:10, which can supervise FF's business decisions through the debt committee, which means that Gan Wei can indirectly exert influence on FF.</p><p>After FF is successful, Gan Wei can also get a piece of the pie.</p><p>Are partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step develops in the direction expected by Jia Yueting. It is not an exaggeration to call Jia Accountant.</p><p>The calculation of capital operation is easy to control, but to really enter the car-building link, it is necessary to link the upstream and downstream, and things are far more complicated and uncontrollable than capital operation.</p><p>Anyway, FF is already in action. The first step in building a car is to have a factory. At present, the one that can meet the production of FF91 is the Hanford factory in California, which covers an area of 1.1 million square feet (about 153 acres). It is rented by FF. Previously, it was a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation, with a designed capacity of 10,000 vehicles. FF expects to begin deliveries of the first FF91s in 2022, with 2,400 units sold that year; 113,000 vehicles sold in 3 models in 2024; By 2025, the annual sales volume of four models should reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles definitely can't meet the \"big pie\" painted by FF. FF sought out Myoung Shin, a South Korean auto parts supplier, to solve the production capacity problem. The company will build a factory with a production capacity of 270,000 vehicles in the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, founded by<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>Executives, this company is mainly OEM for Hyundai Motor. After the sales of Hyundai Motor declined, it also signed a strategic cooperation agreement with Byton Motor. Later, Byton went bankrupt and turned around to embrace FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction, and it still needs FF's capital injection before it can hope to build the factory.</p><p>Compared with South Korea, China's OEM is more important. FF and Geely signed a framework cooperation agreement in January this year, which gives people the suspicion that Geely may OEM for FF. FF also expects the production capacity of Chinese factories to reach 100,000-250,000 vehicles in 2025.</p><p>However, documents filed by FF show that it and Geely have not yet reached a definitive agreement on the joint venture company, and there is no guarantee that the company will eventually be established. On the other hand, Li Shufu made it clear that Geely does not want to work for anyone, and the two sides only cooperate in technical and engineering services.</p><p>South Korean and Chinese factories are still just floating in the air.</p><p>Although the car has not been produced, the dealership network has to be laid out in advance. On May 25th, the first FF Future Experience Center opened its doors in Manhattan, New York, USA. FF plans to set up stores in 20 cities in the mainstream markets of China, the United States and Western Europe.</p><p>In addition to self-operation, FF is ready to find dealers to cooperate to spread the distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric car dealer, but there is no information on its official website except for a few design plans of stores. The Associated Press describes the company as a start-up that mainly distributes electric cars, electric bicycles and electric scooters.</p><p>In China, FF's partner is<a href=\"https://laohu8.com/S/03836\">Harmony Car</a>This dealer is a luxury car dealer, and it represents more than ten luxury car brands at the same time. FF is only one of them. How much sales it can bring to FF is still unknown.</p><p>More importantly, even if the factories and dealers go smoothly, FF's technology accumulation was accumulated around 2017. Four years have passed, and the technology of domestic smart cars has already undergone earth-shaking changes. FF's competitor is the initially mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>As well as new car-making forces such as Xiaomi and Baidu, they are not short of money and people.</p><p>It is not that easy for FF to stand out.</p><p>How to break the domestic stalemate?</p><p>The prerequisite for FF to stand out is to open the Chinese market. In the era of intelligent electric, the Chinese market with rich Internet ecology is undoubtedly the best cultivation soil for new car forces.</p><p>Jia Yueting wants to turn over with FF, and China is a battlefield that can't be given up. However, FF hits a wall everywhere in China, and many plans are still suspended in the unknown.</p><p>The most promising opportunity for FF in the Chinese market is that Evergrande Group acquired Hong Kong Season Wing Company for HK$6.746 billion in June 2018, indirectly becoming the largest shareholder behind FF. Xu Jiayin also drew up a grand plan to produce 5 million FF cars per year in ten years (2028).</p><p>Hope comes and goes quickly, though. After investing 800 million USD in advance, Evergrande Group and Jia Yueting staged an annual drama of \"mutual tearing\". Although the two parties finally reached a settlement, FF's control in China has fully fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's upfront investment of US$800 million will be converted into 32% preferred equity of FF and 100% holding of FF Hong Kong, while FF Hong Kong holds all FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of FF equity held by Evergrande within five years, with an exercise price of USD 600 million in the first year and USD 700 million, USD 800 million, USD 920 million and USD 1.05 billion in the second to fifth years respectively.</p><p>Unfortunately, Xu Jiayin, who owns all the assets of FF China, has no intention of running FF at all, but sets up a stove and rebuilds his own new energy vehicle empire — —<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>。 After the \"Xu Jia War\", FF has become a stagnant water in China, but Jia Yueting obviously didn't give up China.</p><p>The turnaround came in January 2021.</p><p>According to the latest round of financing announced by FF, state-owned assets in Zhuhai, Guangdong Province invested 2 billion yuan in FF. In fact, the two parties have been in contact for a long time, and on December 14, 2020, Fafa Automobile (Zhuhai) Co., Ltd. was established, with a registered capital of USD 250 million and the legal representative is Jia Chentao.</p><p>Whether FF can make a comeback in Zhuhai has become a hot topic in the industry. At the same time,<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>Also throwing out an olive branch to FF. Geely Holding Group said that it had signed a framework cooperation agreement with FF. The two parties plan to cooperate in the fields of technical support and engineering services, and explore the possibility of the joint venture company of Geely and Foxconn providing foundry services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's listing. With the possibility of paying, producing technology and providing OEM services, Geely really loves FF.</p><p>With the help of Zhuhai government and Geely Automobile, FF's rebirth is expected. If nothing unexpected happens, FF's Chinese base will land in Zhuhai, Guangdong. In a recent investor demonstration, it was also said that FF, Geely Holding Group and first-tier Chinese cities planned to establish a joint venture to support FF's production in China and the landing of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not stated that the city is Zhuhai, from the map shown, the city is located in the Pearl River Delta region. Combined with the previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>At present, FF's rebirth dream is full of hope. However, even if you step on the trend of the times, no one can say that Zhuhai, who can't afford Yinlong, will join forces with Jia Yueting, the \"Lao Lai\" who has become the norm to break his trust, and will surely have a wonderful spark. At least up to now, FF's Chinese factory still hasn't exactly landed.</p><p>In the unpredictable new energy vehicle market, the birth and bankruptcy of a new car manufacturer is too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs more efforts to be proud of FF.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU4Njc4NTAzMg==&mid=2247495566&idx=1&sn=be2e52abd61285a3ebc30385e7a0ac75&chksm=fdf4a7e9ca832efff98637dadbb65a1790d535b3cc1b80c85b11dce492f6092e563ab971c730&scene=27#wechat_redirect\">出行一客</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f8bc5bf94e4483508a28206440cb3e84","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU4Njc4NTAzMg==&mid=2247495566&idx=1&sn=be2e52abd61285a3ebc30385e7a0ac75&chksm=fdf4a7e9ca832efff98637dadbb65a1790d535b3cc1b80c85b11dce492f6092e563ab971c730&scene=27#wechat_redirect","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129284884","content_text":"7月22日晚，Farady Future(法拉第未来，下称“FF”)如愿上市，敲钟人不是贾跃亭，而是FF现任CEO毕福康（Carsten Breitfeld），贾跃亭在台下露出欣慰的笑脸，这算是5年来，最值得高兴他的一天。\n上市可以为FF筹得10亿美元救命钱，以此让FF91得以量产。出行一客从FF接近人士获悉，FF91联盟版定价在20万美元（约合人民币130万元）左右。\n然而，上市只是FF的起点，还有更多困难需要克服。据FF提交给证监会的文件显示，“某一线城市”投资人因为无法通过监管批准，没能在规定时间内把人民币换成美元，所以原定1.75亿美元投资，将不会到账。\n\n▲企业供图\n“某一线城市”正是指珠海市，此前珠海市国资委有接触FF，珠海市亦被认为最有可能成为FF中国总部的落地地，如今珠海的投资落空，FF还需继续寻求地方政府的支持，以便让FF在中国建厂，抢占中国新能源市场。\nFF上市经历短暂的飙升后，随即回落，截至收盘，FFIE股价为13.98美元，涨幅仅1.45%，总市值45.11亿美元（约合人民币300亿元）。\n\n贾跃亭的“真还传”之路还有很远。\n10亿美元解不了渴\n“蔚小理”股价飞涨，小米、百度纷纷下场造车的背景下，FF通过上市融资获得续命，是贾跃亭最好的选择。\nFF有望在7月上市的消息一出，当天FF计划借壳的对象Property Solutions Acquisition Corp. (以下简称“PSAC”）股价涨幅超过17%，市场对智能汽车看好，自然也会高看FF一眼。\n据FF早前提交给SEC的文件显示，FF有望通过公开发行股票获得10亿美元的融资。\nFF认为10亿美元可以帮助FF91实现量产。FF91计划在加州汉福德工厂生产，FF还需要投入约9000万美元对工厂进行改造。FF预计，在借壳上市的12个月内可以开始交付FF91，如果一切顺利，FF91会在2022年7月跟消费者见面。\n在FF91交付之前，FF仍需要通过融资来补充运营资金。目前，FF的财务状况并不乐观。贾跃亭跟孙宏斌、恒大分道扬镳之后，融资变得异常艰难，FF曾一度靠裁员来维持生存。目前，FF全球员工只有288人，其中多数员工从事研究与开发、制造和供应链等方面的工作。这样的团队配置，几乎处于“冬眠”状态。\nFF提交的文件显示，2019年、2020年、2021年一季度，FF的净亏损分别为1.42亿美元、1.47亿美元、7552.5万美元，亏损有扩大的趋势。截止2021年3月31日，趴在FF账面上的现金只有4752.5万美元，而这还是PSAC提供1亿美元债务融资之后的财务状况，2020年底，FF的现金只剩112.4万美元。\n上市之后，10亿美元到账，FF要花钱的地方却更多：要补上之前的运营亏损，要布局经销体系、购买零部件、FF91测试等，还要对FF81、FF71进行研发投入。\n根据FF的规划，FF81、FF71的交付时间为2023年、2024年，而按照新车三年的投入周期，FF现在正是用钱的高峰期，10亿美元对FF来说只是洒洒水。\nFF91能否量产变成了玄学。自2017年在美国CES上首秀后，因为资金的问题，FF屡屡跳票。一开始声称FF91在2018年底正式交付，2019年的说法是距离量产只有一步之遥，2020年则变成距离交付仅剩临门一脚，如今2022年7月交付的诺言能否兑现，依旧要看FF上市的进展。\n遗憾的是，FF上市还是未知数。因为PSAC更改过一次借壳上市的方案，要求更多的股权以及投票权，而这需要FF股东投票同意才可以顺利上市。\n费尽心思上市\nFF上市是FF91量产的重要条件，也是贾跃亭必须兑现的承诺。\n2019年10月，贾跃亭在美国申请个人破产，根据破产重组方案，贾跃亭以所持有的FF股权成立债权人信托，并交由债权人控制和管理，即贾跃亭所欠的全部债务，将以FF的股权偿还，成功把债权人变成了FF的股东。\n因为FF还没有产品面世，本身资产也不多，债权人想要变现只有在FF上市后，卖出股权才可以得到资金，债权人只有跟贾跃亭一起把FF做起来，才有可能获较多的索赔。贾跃亭在个人破产方案里也着重介绍，FF进行IPO之后，债权人可以获得超预期的收益，并且IPO后债权人可以分批次出售FF的股权。\n\n▲债权人根据FF估值提升可能获得的收益\n来源：贾跃亭个人重组方案介绍书\n债权人给贾跃亭的诉讼静止期是4年，即4年内不对贾跃亭提起索赔诉讼，以免贾跃亭上“老赖”名单，无法回到中国，也无法在国内活动。如果FF成功IPO，诉讼静止期则自动延长到债务还清为止。\n所以，无论是为了FF量产，还是兑现对债权人的承诺，贾跃亭都必须让FF尽快上市。\n在个人破产案通过之前，FF已经聘用了美国投行公司Stifel Nicolas & Co., Inc.（以下简称“ Stifel ”）来寻找可能的融资、上市机会。彼时，通过Special Purpose Acquisition Company（特殊目的收购公司）上市的方式非常流行，这种公司成立目的就是给其他公司借壳上市使用。因为流程简单、耗时短、费用低且成功率高，这种模式非常受初创公司的欢迎，也切中贾跃亭希望FF尽快上市的需求。\nStifel在寻求融资方案时，收到了来自 Riverside Management Group（以下简称“RMG”） 的意向书，而FF也希望尽快融资，2020年7月，贾跃亭个人破产通过的两个月后，RMG秘密展开对FF进行全方位的考察、调研。\nFF经RMG的介绍接触到PSAC，这正是一家特殊目的收购公司。随后，双方达成一项保密协议，商量如何操作让FF能够尽快上市。\nRMG继续对FF的管理层进行深度调研、进驻工厂、探访汽车测试、审查账目等。尽职调查完成后，RMG跟FF、PSAC一起制定借壳制定方案。\n在融资规模、借壳上市条款等重要谈判时，FF派出了JIAWEI WANG（王嘉伟）和CHAOYING DENG（邓超英），前者被认为是贾跃亭的外甥，曾担任FF的首席财务官，后者深得贾跃亭的信任，曾担任FF的行政副总裁，还是FF系多家子公司的CEO。\n贾跃亭辞去FF的CEO，出任首席产品和用户官，公司重要的谈判依然有他的身影。\n\n▲ 图说：贾跃亭个人破产重组后FF的股权结构\n来源：贾跃亭个人重组方案介绍书\n在个人破产案中，他跟甘薇卡点离婚，令甘薇以债权人的身份成为FF的间接股东。债权人信托净债务额为34.4亿美元，甘薇以2.5亿美元的债权占比7.2%，而债权人信托拥有1：10的超级投票权，可以通过债委会对FF经营决策进行监督，这意味着甘薇可以间接对FF施加影响。\nFF成功之后，甘薇亦可从中分到一杯羹。\n合作伙伴靠谱吗？\n从个人破产，到FF借壳上市，每一步都按照贾跃亭预计的方向发展，人称贾会计并不为过。\n资本操作的算计容易控制，但真正进入造车环节，就需要联动上下游，事情远比资本操作更复杂更不可控。\n无论如何，FF已经开始行动了。造车第一步是要有工厂，目前能满足FF91生产的是位于加州的汉福德工厂，面积为110万平方英尺（约合153亩），是FF租来的，之前是一个废弃了十六年的轮胎工厂。\n这个工厂还在改造当中，设计产能是1万辆。FF预计2022年开始交付第一批FF91，当年销量2400辆；2024年3款车销量11.3万辆；到2025年，4款车型的年销量要达到30.2万辆。\n区区1万辆产能的工厂肯定满足不了FF画的“大饼”。FF找到了韩国的汽车零部件供应商Myoung Shin，来解决产能问题，该公司会建立一个工厂，预计2023年下半年，产能可以达到27万辆。\nMyoung Shin的母公司是MS明信集团，创始人曾是现代汽车的高管，这家公司主要为现代汽车代工，现代汽车销量下滑后，也曾跟拜腾汽车签订过战略合作协议，后来拜腾破产，才转身拥抱FF，而如此大规模的工厂建设，Myoung Shin也很难独立投资，仍需要FF的资金注入，才有希望把工厂建成。\n相比韩国，中国的代工才更重要，FF跟吉利在今年1月签署签署框架合作协议，让人产生吉利可能为FF代工的猜想，FF也预计中国工厂的产能在2025年能达到10-25万辆。\n不过，FF提交的文件显示，其与吉利尚未就合资公司达成确定协议，不能保证该公司最终成立。另一方面，李书福明确表示，吉利不想替任何人代工，双方只是在技术和工程服务上合作。\n韩国、中国的工厂还只是在空中飘着。\n车虽然没有产出来，但经销网络得提前布局。5月25日，首个FF未来体验中心美国纽约曼哈顿开门营业，FF计划在中国、美国、西欧主流市场建立20个城市建立门店。\n自营之外，FF准备找经销商合作来铺开经销网络。在美国，贾跃亭找到的是Jolta，这家公司自称是第一家电动汽车经销商，但官网上除了几张门店的设计规划图，没有任何信息。美联社对公司的介绍是，这是一个初创企业，主要经销电动车、电动自行车、电动车踏板车。\n在中国，FF的合作对象是和谐汽车，这家经销商是豪车经销商，同时代理十多个豪车品牌，FF只是其中之一，能给FF带来多大销量还是未知数。\n更为重要的是，即使工厂、经销商都顺利进行，FF的技术积累是在2017年左右积累的，4年过去，国内智能汽车的技术早已发生翻天覆地的变化。FF的竞争对手，是已经初步成熟的“蔚小理”，是特斯拉，以及小米、百度等新造车势力，他们不缺钱，不缺人。\nFF想要突出重围，并没有那么容易。\n国内僵局怎么破？\nFF突出重围的前提条件是打开中国市场，在智能电动时代，互联网生态丰富的中国市场无疑是新造车势力的最佳培育土壤。\n贾跃亭想要借FF翻身，中国是不能放弃的战场。然而，FF在中国处处碰壁，诸多谋划仍悬浮在未知之中。\nFF在中国市场最有希望的一次机会，莫过于2018年6月恒大集团以67.46亿港元收购香港时颖公司，间接成为FF背后第一大股东，许家印还拟定了十年后（2028年）年产500万辆FF汽车的宏伟计划。\n不过，希望来得快，去得也快。在先期投入8亿美元后，恒大集团与贾跃亭上演了一场“互撕”的年度大戏。尽管最终双方达成和解，但FF在中国的控制权，已全权落入恒大集团手中。\n据双方协议，恒大先期投入的8亿美元将转为32%的FF优先股权，并100%持有FF香港，而FF香港持有FF在中国的所有资产，包括FF中国和恒大法拉第等相关公司。贾跃亭则可以在5年内回购恒大持有的32%的FF股权，第一年内行使价为6亿美元，第二年到第五年行使价分别为7亿美元、8亿美元、9.2亿美元、10.5亿美元。\n不幸的是，拥有FF中国全部资产的许家印，根本无心经营FF，而是立起炉灶，重新打造完全属于自己的新能源汽车帝国——恒大汽车。“许贾大战”后，FF在中国已成一片死水，但贾跃亭显然没有放弃中国。\n转机出现在2021年1月。\nFF公布的最新一轮融资中显示，广东省珠海市国资向FF投资20亿元。事实上，双方早有接触，并早已在2020年12月14日，成立法法汽车（珠海）有限公司，注册资金为2.5亿美元，法定代表人为贾晨涛。\nFF能否在珠海东山再起，成为业内热议话题，与此同时，吉利汽车也向FF抛出了橄榄枝。吉利控股集团称已和FF签署框架合作协议，双方计划在技术支持和工程服务领域展开合作，并探讨由吉利与富士康的合资公司提供代工服务的可能性。\n作为财务投资人，吉利控股集团还参与了FF上市的少量投资。出钱、出技术、还提供代工服务的可能，吉利对FF可算是真爱了。\n在珠海政府和吉利汽车的帮助下，FF重生有望，如无意外，FF的中国基地将落地广东珠海。近期的一次投资者演示时，也称FF、吉利控股集团和一级中国城市间拟建立合资企业，以支持FF在中国的生产和中国总部的落地。该城市将提供2000亩工业用地以及税收优惠等。\n尽管未言明该城市是珠海，但从所示地图来看，城市位于珠三角地区，结合此前信息，不难推断，FF将于珠海涅槃重生。\n目前来看，FF的重生梦充满希望。不过，即便是踩在了时代风口，谁也无法断言，扶不起银隆的珠海联手失信已成常态的“老赖”贾跃亭就一定会擦出美妙火花。至少截至目前，FF的中国工厂仍旧没有确切着落。\n在变幻莫测的新能源汽车市场，一家新造车势力的诞生与破产都太过平常，更何况是一份尚未落实的“计划”。\n贾跃亭想要为FF而骄傲，需更多努力。","news_type":1,"symbols_score_info":{"FFIE":0.9}},"isVote":1,"tweetType":1,"viewCount":3155,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172526984,"gmtCreate":1626967383848,"gmtModify":1703481639008,"author":{"id":"3585889874054643","authorId":"3585889874054643","name":"Chesterlai","avatar":"https://static.tigerbbs.com/6a3d320c88991f2600beee21e5874b83","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585889874054643","authorIdStr":"3585889874054643"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172526984","repostId":"2153747626","repostType":4,"repost":{"id":"2153747626","kind":"highlight","pubTimestamp":1626966018,"share":"https://ttm.financial/m/news/2153747626?lang=en_US&edition=fundamental","pubTime":"2021-07-22 23:00","market":"us","language":"zh","title":"US existing home sales slightly worse than expected in June, median home prices hit new highs","url":"https://stock-news.laohu8.com/highlight/detail?id=2153747626","media":"华尔街见闻","summary":"根据美国全国房地产经纪人协会（NAR）的数据，6月份季调后年化成屋销售为586万套，略低于市场预期的590万套。该数据与去年同期相比大增22.9%，环比则上升1.4%。此外，5月的年化成屋销售已修正为","content":"<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized home sales in June were 5.86 million units, slightly below market expectations of 5.9 million units. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. Additionally, annualized existing home sales for May have been revised to 5.78 million.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million sets, an increase of about 3.3% over the previous month and a decrease of 18.8% over the previous year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than that of 2.5 months last month. However, compared with that of 3.9 months in the same period last year, the above-mentioned destocking speed is still fast. In addition, the speed of existing home sales continues to accelerate, with an average speed from listing to sale of 17 days. 88% of houses sold in June were listed on the market in less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, the highest in history, and rose 23.4% year-on-year. However, according to statistics, the median existing home price has been rising since the beginning of the year. Lawrence Yun, chief economist of NAR, said in a press release on official website that at a broader level, because inventory is still tight, there is no risk that the median house price will decline, but he expects that the increase of house prices may slow down by the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US existing home sales slightly worse than expected in June, median home prices hit new highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS existing home sales slightly worse than expected in June, median home prices hit new highs\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-22 23:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the National Association of Realtors (NAR), seasonally adjusted annualized home sales in June were 5.86 million units, slightly below market expectations of 5.9 million units. This data increased by 22.9% compared with the same period last year and 1.4% month-on-month. Additionally, annualized existing home sales for May have been revised to 5.78 million.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In terms of housing supply, according to statistics, as of the end of June, the supply of existing houses for sale was 1.25 million sets, an increase of about 3.3% over the previous month and a decrease of 18.8% over the previous year. If calculated according to the current sales rate, it will take 2.6 months to digest the above inventory, which is slightly higher than that of 2.5 months last month. However, compared with that of 3.9 months in the same period last year, the above-mentioned destocking speed is still fast. In addition, the speed of existing home sales continues to accelerate, with an average speed from listing to sale of 17 days. 88% of houses sold in June were listed on the market in less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, the highest in history, and rose 23.4% year-on-year. However, according to statistics, the median existing home price has been rising since the beginning of the year. Lawrence Yun, chief economist of NAR, said in a press release on official website that at a broader level, because inventory is still tight, there is no risk that the median house price will decline, but he expects that the increase of house prices may slow down by the end of the year.</p><p><img src=\"https://static.tigerbbs.com/095ec3a8f01ca000e5257bff1ff8d1b2\" tg-width=\"1222\" tg-height=\"665\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636115\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/486336673db1298d2fbd9e144e9c53b2","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636115","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153747626","content_text":"根据美国全国房地产经纪人协会（NAR）的数据，6月份季调后年化成屋销售为586万套，略低于市场预期的590万套。该数据与去年同期相比大增22.9%，环比则上升1.4%。此外，5月的年化成屋销售已修正为578万套。\n房屋供应方面，根据统计，截至6月底待售成屋供应量为125万套，较上月上升约3.3%，同比去年则下降18.8%，如按照目前销售速度计算，消化完以上库存需要2.6个月，该速度与上月的2.5个月相比略有增加，但相对去年同期的3.9个月，上述去库存速度仍然较快。此外，成屋销售速度也继续加快，平均从挂牌到售出的速度为17天，6月所售房屋当中有88%在市场上挂牌的时间不到一个月。\n销售价格方面，6月份的成屋价格中位数达到36.33万美元，创下历史最高记录，同比则上升23.4%。不过根据统计，成屋价格中位数自年初以来一直处于上升当中。对此NAR的首席经济学家Lawrence Yun在官网的新闻稿当中表示，在更广泛的层面上，由于库存仍然紧张，房屋价格中位数没有下降的风险，但他预期到年底之前房价的涨幅可能会放慢。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}