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Chesterlai
2021-07-23
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Who paid for Jia Yueting's "resurrection"?
Chesterlai
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 gratified smile in the audience. This was the most happy day for him in five years.</p><p>The IPO could raise $1 billion to save FF, thereby enabling mass production of the FF91. According to sources close to FF, the FF91 Alliance Edition is priced at around $200,000 (approximately RMB 1.3 million).</p><p>However, going public is just the beginning for FF, and there are many more difficulties to overcome. According to documents submitted by FF to the China Securities Regulatory Commission (CSRC), investors in a \"certain first-tier city\" were unable to exchange RMB for USD within the stipulated time because they could not obtain regulatory approval. Therefore, the original $175 million investment will not be received.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo provided by the company</p><p>The term \"first-tier city\" refers to Zhuhai. Previously, the Zhuhai State-owned Assets Supervision and Administration Commission had contacted FF, and Zhuhai was considered the most likely location for FF's China headquarters. Now that the investment in Zhuhai has fallen through, FF needs to continue seeking support from local governments to allow FF to build a factory in China and seize a share of the Chinese market.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Market.</p><p>After a brief surge during its IPO, FFIE quickly fell back. By the close of trading, FFIE's stock price was $13.98, up only 1.45%, with a total market capitalization of $4.511 billion (approximately 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 still has a long way to go before he can \"truly return to life\".</p><p>$1 billion won't quench your thirst</p><p>The stock price of \"Wei Xiaoli\" soared, and Xiaomi,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>With so many people entering the car manufacturing market, FF's ability to survive through IPO financing was Jia Yueting's best choice.</p><p>Following the news that FF was expected to go public in July, the targets of FF's planned backdoor listing were revealed that day.<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>The stock price of PSAC (hereinafter referred to as \"PSAC\") rose by more than 17%, and the market...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you're optimistic about cars, you'll naturally give FF a higher opinion.</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 believes that $1 billion can help the FF91 achieve mass production. The FF91 is planned to be produced at the Hanford, California plant, and FF will also need to invest approximately $90 million to renovate the plant. FF expects to begin delivering the FF91 within 12 months of its backdoor listing, and if all goes well, the FF91 will meet consumers in July 2022.</p><p>Before the FF91 is delivered, FF still needs to raise funds to supplement its working capital. Currently, FF's financial situation is not optimistic. 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 work in research and development, manufacturing, and supply chain. This team configuration is almost in a state of \"hibernation\".</p><p>FF's filings show that its net losses were $142 million, $147 million, and $75.525 million in 2019, 2020, and the first quarter of 2021, respectively, with the losses showing a widening trend. As of March 31, 2021, FF had only $47.525 million in cash on its books. This was after PSAC provided $100 million in debt financing. At the end of 2020, FF had only $1.124 million in cash left.</p><p>After its IPO, FF received $1 billion, but it had even more to spend: making up for previous operating losses, establishing a distribution system, purchasing parts, testing the FF91, and investing in the research and development of the FF81 and FF71.</p><p>According to FF's plan, the delivery times for the FF81 and FF71 are 2023 and 2024, respectively. Based on the three-year investment cycle for new cars, FF is currently at its peak spending period, and $1 billion is just a sprinkling of water for FF.</p><p>Whether the FF91 can be mass-produced has become a mystery. Since its debut at CES in the United States in 2017, FF has been repeatedly delayed due to funding issues. Initially, it was claimed that the FF91 would be officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production. In 2020, it became just one step away from delivery. Whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's launch.</p><p>Unfortunately, FF's IPO is still uncertain. PSAC had changed its backdoor listing plan once, requiring more equity and voting rights, which required the approval of FF shareholders for the listing to be successful.</p><p>Go to great lengths to go public</p><p>The launch of the FF is an important condition for the mass production of the FF91 and 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 established a creditors' trust with his FF shares and handed them over to the creditors for control and management. In other words, all of Jia Yueting's debts would be repaid with FF shares, successfully turning the creditors into shareholders of FF.</p><p>Because FF has not yet launched a product and does not have many assets, creditors can only obtain funds by selling their shares after FF goes public. Only by working with Jia Yueting to build FF can creditors have a chance of receiving more compensation. In his personal bankruptcy plan, Jia Yueting also emphasized that after FF's IPO, creditors can obtain better-than-expected returns, and after the IPO, creditors can sell FF's shares in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Creditors increase potential gains based on FF valuation</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>The creditors have given Jia Yueting a four-year standstill period, meaning that they will not file a lawsuit against him for compensation within four years, so as to prevent Jia Yueting from being listed as a \"debt defaulter\" and being unable to return to China or operate in the country. If FF successfully IPOs, the standstill period for litigation will be automatically extended until the debts are paid off.</p><p>Therefore, whether for the sake of FF's mass production or to fulfill his promises to creditors, Jia Yueting must get FF listed as soon as possible.</p><p>Prior to the approval of the personal bankruptcy case, FF had hired the American investment banking firm Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\") to explore potential financing and IPO opportunities. At that time, it was very popular to go public through Special Purpose Acquisition Companies, which were established to allow other companies to go public through backdoor listings. Because of its simple process, short time consumption, low cost, and high success rate, this model is very popular with startups and also meets Jia Yueting's need for FF to go public as soon as possible.</p><p>When Stifel was seeking financing, 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 approved, RMG secretly launched a comprehensive investigation and research on FF.</p><p>FF was introduced to PSAC by RMG, a special purpose acquisition company. Subsequently, the two parties reached a confidentiality agreement to discuss how to enable FF to go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, visit factories, visit vehicles for testing, and review accounts. After the due diligence was completed, RMG, together with FF and PSAC, developed a backdoor listing plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG and CHAOYING DENG. The former is considered Jia Yueting's nephew and had served as FF's chief financial officer, while the latter was deeply trusted by Jia Yueting, had served as FF's executive vice president, and was also the CEO of several FF subsidiaries.</p><p>Jia Yueting resigned as CEO of FF and became Chief Product and User Officer, but he is still involved 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>▲ Photo caption: FF's equity structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>In his personal bankruptcy case, he and Gan Wei arranged a timely divorce, making Gan Wei an indirect shareholder of FF as a creditor. The creditors' trust has a net debt of $3.44 billion, with Gan Wei holding 7.2% of the $250 million debt. The creditors' trust has a 1:10 super voting right and can supervise FF's operating decisions through the debt committee, which means that Gan Wei can indirectly influence FF.</p><p>After FF's success, Gan Wei can also get a piece of the pie.</p><p>Are the partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step developed in the direction Jia Yueting predicted, and it is no exaggeration to call him Accountant Jia.</p><p>The calculations involved in capital operations are easy to control, but truly entering the car manufacturing stage requires linkage between upstream and downstream industries, which is far more complex and uncontrollable than capital operations.</p><p>In any case, FF has already started taking action. The first step in car manufacturing is to have a factory. Currently, the Hanford plant in California, which covers an area of 1.1 million square feet (about 153 acres), is capable of producing the FF91. It was leased by FF and was previously a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation and has a designed production capacity of 10,000 vehicles. FF expects to begin delivering the first batch of FF91s in 2022, with sales of 2,400 units that year; In 2024, the three models sold 113,000 units; By 2025, annual sales of the four models are expected to reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles is certainly not enough to meet the \"pie in the sky\" painted by FF. FF has approached South Korean auto parts supplier Myoung Shin to address its production capacity issues. The company will build a factory, which is expected to have a production capacity of 270,000 vehicles by the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, and its founder was...<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>The company's executives said that the company mainly manufactures Hyundai cars. After Hyundai's sales declined, it also signed a strategic cooperation agreement with Byton. Later, Byton went bankrupt, so it turned to FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction. He still needs FF's capital injection to have any hope of building the factory.</p><p>Compared to South Korea, OEM manufacturing in China is more important. FF and Geely signed a framework cooperation agreement in January this year, which has led to speculation that Geely may manufacture for FF. FF also expects the production capacity of its Chinese factory to reach 100,000 to 250,000 vehicles by 2025.</p><p>However, documents submitted by FF indicate that it and Geely have not yet reached a definitive agreement on the joint venture, 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 manufacture for anyone, and the two parties are only cooperating on technical and engineering services.</p><p>Factories in South Korea and China are still just floating in the air.</p><p>Although the cars haven't been produced yet, the dealership network needs to be planned in advance. On May 25, the first FF Future Experience Center opened in Manhattan, New York, USA. FF plans to establish stores in 20 cities in major markets such as China, the United States, and Western Europe.</p><p>In addition to its own operations, FF plans to partner with distributors to expand its distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric vehicle dealer, but its official website contains no information other than a few store design plans. The Associated Press describes the company as a startup that primarily distributes electric vehicles, electric bicycles, and electric scooters.</p><p>In China, FF's partners are<a href=\"https://laohu8.com/S/03836\">Harmony Automobile</a>This dealer is a luxury car dealer, representing more than a dozen luxury car brands, with FF being just one of them. It remains to be seen how much sales it can bring to FF.</p><p>More importantly, even though the factory and dealers were operating smoothly, FF's technological accumulation was accumulated around 2017. Four years later, the technology of intelligent vehicles in China has already undergone tremendous changes. FF's competitor is the already mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And new car manufacturers such as Xiaomi and Baidu have no shortage of money or people.</p><p>It won't be easy for FF to break through the encirclement.</p><p>How to break the domestic deadlock?</p><p>The prerequisite for FF to break through the encirclement is to open up the Chinese market. In the era of intelligent electric vehicles, the Chinese market, with its rich internet ecosystem, is undoubtedly the best breeding ground for new car manufacturers.</p><p>If Jia Yueting wants to turn things around with FF, China is a battlefield he cannot give up. However, FF has encountered setbacks everywhere in China, and many of its plans remain unknown.</p><p>FF's most promising opportunity in the Chinese market came in June 2018 when Evergrande Group acquired Hong Kong's Season Smart for HK$6.746 billion, indirectly becoming FF's largest shareholder. Xu Jiayin also formulated an ambitious plan to produce 5 million FF vehicles annually ten years later (2028).</p><p>However, hope comes quickly and goes quickly. After an initial investment of $800 million, Evergrande Group and Jia Yueting staged an annual drama of \"tearing each other apart\". Although the two parties ultimately reached a settlement, full control of FF in China has fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's initial investment of US$800 million will be converted into 32% of FF's preferred equity and it will hold 100% of FF Hong Kong, while FF Hong Kong will hold all of FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of Evergrande's FF shares within 5 years, with an exercise price of US$600 million in the first year and US$700 million, US$800 million, US$920 million and US$1.05 billion in the second to fifth years, respectively.</p><p>Unfortunately, Xu Jiayin, who owns all of FF's assets in China, had no intention of running FF at all. Instead, he set about rebuilding his own new energy vehicle empire.<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>。 After the \"Xu-Jia battle,\" FF has become a stalemate in China, but Jia Yueting has clearly not given up on China.</p><p>The turning point came in January 2021.</p><p>According to the latest round of financing announced by FF, the State-owned Assets Supervision and Administration Commission of Zhuhai City, Guangdong Province, invested 2 billion yuan in FF. In fact, the two parties had been in contact for a long time and had already established Fafa Automobile (Zhuhai) Co., Ltd. on December 14, 2020, with a registered capital of US$250 million and Jia Chentao as its legal representative.</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>They also extended an olive branch to FF. Geely Holding Group stated that it has 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 a joint venture between Geely and Foxconn providing OEM services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's IPO. With the possibility of providing funding, technology, and OEM services, Geely truly loves FF.</p><p>With the help of the Zhuhai government and Geely Automobile, FF's rebirth is expected. Barring any unforeseen circumstances, FF's China base will be located in Zhuhai, Guangdong. During a recent investor presentation, it was also stated that FF, Geely Holding Group, and first-tier Chinese cities plan to establish a joint venture to support FF's production in China and the establishment of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not specified that the city is Zhuhai, the map shown indicates that the city is located in the Pearl River Delta region. Based on previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>Currently, FF's dream of rebirth is full of hope. However, even at the forefront of the times, no one can say for sure that Zhuhai, which cannot help Yinlong, will join forces with Jia Yueting, a \"debt dodger\" whose breach of trust has become the norm, to create wonderful sparks. At least as of now, FF's Chinese factory has still not been definitively located.</p><p>In the ever-changing new energy vehicle market, the birth and bankruptcy of a new car manufacturer are all too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs to work harder 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 for Jia Yueting's \"resurrection\"?</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 for Jia Yueting's \"resurrection\"?\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 22, Farady Future (hereinafter referred to as \"FF\") successfully went public. The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a gratified smile in the audience. This was the most happy day for him in five years.</p><p>The IPO could raise $1 billion to save FF, thereby enabling mass production of the FF91. According to sources close to FF, the FF91 Alliance Edition is priced at around $200,000 (approximately RMB 1.3 million).</p><p>However, going public is just the beginning for FF, and there are many more difficulties to overcome. According to documents submitted by FF to the China Securities Regulatory Commission (CSRC), investors in a \"certain first-tier city\" were unable to exchange RMB for USD within the stipulated time because they could not obtain regulatory approval. Therefore, the original $175 million investment will not be received.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo provided by the company</p><p>The term \"first-tier city\" refers to Zhuhai. Previously, the Zhuhai State-owned Assets Supervision and Administration Commission had contacted FF, and Zhuhai was considered the most likely location for FF's China headquarters. Now that the investment in Zhuhai has fallen through, FF needs to continue seeking support from local governments to allow FF to build a factory in China and seize a share of the Chinese market.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Market.</p><p>After a brief surge during its IPO, FFIE quickly fell back. By the close of trading, FFIE's stock price was $13.98, up only 1.45%, with a total market capitalization of $4.511 billion (approximately 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 still has a long way to go before he can \"truly return to life\".</p><p>$1 billion won't quench your thirst</p><p>The stock price of \"Wei Xiaoli\" soared, and Xiaomi,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>With so many people entering the car manufacturing market, FF's ability to survive through IPO financing was Jia Yueting's best choice.</p><p>Following the news that FF was expected to go public in July, the targets of FF's planned backdoor listing were revealed that day.<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>The stock price of PSAC (hereinafter referred to as \"PSAC\") rose by more than 17%, and the market...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you're optimistic about cars, you'll naturally give FF a higher opinion.</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 believes that $1 billion can help the FF91 achieve mass production. The FF91 is planned to be produced at the Hanford, California plant, and FF will also need to invest approximately $90 million to renovate the plant. FF expects to begin delivering the FF91 within 12 months of its backdoor listing, and if all goes well, the FF91 will meet consumers in July 2022.</p><p>Before the FF91 is delivered, FF still needs to raise funds to supplement its working capital. Currently, FF's financial situation is not optimistic. 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 work in research and development, manufacturing, and supply chain. This team configuration is almost in a state of \"hibernation\".</p><p>FF's filings show that its net losses were $142 million, $147 million, and $75.525 million in 2019, 2020, and the first quarter of 2021, respectively, with the losses showing a widening trend. As of March 31, 2021, FF had only $47.525 million in cash on its books. This was after PSAC provided $100 million in debt financing. At the end of 2020, FF had only $1.124 million in cash left.</p><p>After its IPO, FF received $1 billion, but it had even more to spend: making up for previous operating losses, establishing a distribution system, purchasing parts, testing the FF91, and investing in the research and development of the FF81 and FF71.</p><p>According to FF's plan, the delivery times for the FF81 and FF71 are 2023 and 2024, respectively. Based on the three-year investment cycle for new cars, FF is currently at its peak spending period, and $1 billion is just a sprinkling of water for FF.</p><p>Whether the FF91 can be mass-produced has become a mystery. Since its debut at CES in the United States in 2017, FF has been repeatedly delayed due to funding issues. Initially, it was claimed that the FF91 would be officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production. In 2020, it became just one step away from delivery. Whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's launch.</p><p>Unfortunately, FF's IPO is still uncertain. PSAC had changed its backdoor listing plan once, requiring more equity and voting rights, which required the approval of FF shareholders for the listing to be successful.</p><p>Go to great lengths to go public</p><p>The launch of the FF is an important condition for the mass production of the FF91 and 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 established a creditors' trust with his FF shares and handed them over to the creditors for control and management. In other words, all of Jia Yueting's debts would be repaid with FF shares, successfully turning the creditors into shareholders of FF.</p><p>Because FF has not yet launched a product and does not have many assets, creditors can only obtain funds by selling their shares after FF goes public. Only by working with Jia Yueting to build FF can creditors have a chance of receiving more compensation. In his personal bankruptcy plan, Jia Yueting also emphasized that after FF's IPO, creditors can obtain better-than-expected returns, and after the IPO, creditors can sell FF's shares in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Creditors increase potential gains based on FF valuation</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>The creditors have given Jia Yueting a four-year standstill period, meaning that they will not file a lawsuit against him for compensation within four years, so as to prevent Jia Yueting from being listed as a \"debt defaulter\" and being unable to return to China or operate in the country. If FF successfully IPOs, the standstill period for litigation will be automatically extended until the debts are paid off.</p><p>Therefore, whether for the sake of FF's mass production or to fulfill his promises to creditors, Jia Yueting must get FF listed as soon as possible.</p><p>Prior to the approval of the personal bankruptcy case, FF had hired the American investment banking firm Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\") to explore potential financing and IPO opportunities. At that time, it was very popular to go public through Special Purpose Acquisition Companies, which were established to allow other companies to go public through backdoor listings. Because of its simple process, short time consumption, low cost, and high success rate, this model is very popular with startups and also meets Jia Yueting's need for FF to go public as soon as possible.</p><p>When Stifel was seeking financing, 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 approved, RMG secretly launched a comprehensive investigation and research on FF.</p><p>FF was introduced to PSAC by RMG, a special purpose acquisition company. Subsequently, the two parties reached a confidentiality agreement to discuss how to enable FF to go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, visit factories, visit vehicles for testing, and review accounts. After the due diligence was completed, RMG, together with FF and PSAC, developed a backdoor listing plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG and CHAOYING DENG. The former is considered Jia Yueting's nephew and had served as FF's chief financial officer, while the latter was deeply trusted by Jia Yueting, had served as FF's executive vice president, and was also the CEO of several FF subsidiaries.</p><p>Jia Yueting resigned as CEO of FF and became Chief Product and User Officer, but he is still involved 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>▲ Photo caption: FF's equity structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>In his personal bankruptcy case, he and Gan Wei arranged a timely divorce, making Gan Wei an indirect shareholder of FF as a creditor. The creditors' trust has a net debt of $3.44 billion, with Gan Wei holding 7.2% of the $250 million debt. The creditors' trust has a 1:10 super voting right and can supervise FF's operating decisions through the debt committee, which means that Gan Wei can indirectly influence FF.</p><p>After FF's success, Gan Wei can also get a piece of the pie.</p><p>Are the partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step developed in the direction Jia Yueting predicted, and it is no exaggeration to call him Accountant Jia.</p><p>The calculations involved in capital operations are easy to control, but truly entering the car manufacturing stage requires linkage between upstream and downstream industries, which is far more complex and uncontrollable than capital operations.</p><p>In any case, FF has already started taking action. The first step in car manufacturing is to have a factory. Currently, the Hanford plant in California, which covers an area of 1.1 million square feet (about 153 acres), is capable of producing the FF91. It was leased by FF and was previously a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation and has a designed production capacity of 10,000 vehicles. FF expects to begin delivering the first batch of FF91s in 2022, with sales of 2,400 units that year; In 2024, the three models sold 113,000 units; By 2025, annual sales of the four models are expected to reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles is certainly not enough to meet the \"pie in the sky\" painted by FF. FF has approached South Korean auto parts supplier Myoung Shin to address its production capacity issues. The company will build a factory, which is expected to have a production capacity of 270,000 vehicles by the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, and its founder was...<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>The company's executives said that the company mainly manufactures Hyundai cars. After Hyundai's sales declined, it also signed a strategic cooperation agreement with Byton. Later, Byton went bankrupt, so it turned to FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction. He still needs FF's capital injection to have any hope of building the factory.</p><p>Compared to South Korea, OEM manufacturing in China is more important. FF and Geely signed a framework cooperation agreement in January this year, which has led to speculation that Geely may manufacture for FF. FF also expects the production capacity of its Chinese factory to reach 100,000 to 250,000 vehicles by 2025.</p><p>However, documents submitted by FF indicate that it and Geely have not yet reached a definitive agreement on the joint venture, 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 manufacture for anyone, and the two parties are only cooperating on technical and engineering services.</p><p>Factories in South Korea and China are still just floating in the air.</p><p>Although the cars haven't been produced yet, the dealership network needs to be planned in advance. On May 25, the first FF Future Experience Center opened in Manhattan, New York, USA. FF plans to establish stores in 20 cities in major markets such as China, the United States, and Western Europe.</p><p>In addition to its own operations, FF plans to partner with distributors to expand its distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric vehicle dealer, but its official website contains no information other than a few store design plans. The Associated Press describes the company as a startup that primarily distributes electric vehicles, electric bicycles, and electric scooters.</p><p>In China, FF's partners are<a href=\"https://laohu8.com/S/03836\">Harmony Automobile</a>This dealer is a luxury car dealer, representing more than a dozen luxury car brands, with FF being just one of them. It remains to be seen how much sales it can bring to FF.</p><p>More importantly, even though the factory and dealers were operating smoothly, FF's technological accumulation was accumulated around 2017. Four years later, the technology of intelligent vehicles in China has already undergone tremendous changes. FF's competitor is the already mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And new car manufacturers such as Xiaomi and Baidu have no shortage of money or people.</p><p>It won't be easy for FF to break through the encirclement.</p><p>How to break the domestic deadlock?</p><p>The prerequisite for FF to break through the encirclement is to open up the Chinese market. In the era of intelligent electric vehicles, the Chinese market, with its rich internet ecosystem, is undoubtedly the best breeding ground for new car manufacturers.</p><p>If Jia Yueting wants to turn things around with FF, China is a battlefield he cannot give up. However, FF has encountered setbacks everywhere in China, and many of its plans remain unknown.</p><p>FF's most promising opportunity in the Chinese market came in June 2018 when Evergrande Group acquired Hong Kong's Season Smart for HK$6.746 billion, indirectly becoming FF's largest shareholder. Xu Jiayin also formulated an ambitious plan to produce 5 million FF vehicles annually ten years later (2028).</p><p>However, hope comes quickly and goes quickly. After an initial investment of $800 million, Evergrande Group and Jia Yueting staged an annual drama of \"tearing each other apart\". Although the two parties ultimately reached a settlement, full control of FF in China has fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's initial investment of US$800 million will be converted into 32% of FF's preferred equity and it will hold 100% of FF Hong Kong, while FF Hong Kong will hold all of FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of Evergrande's FF shares within 5 years, with an exercise price of US$600 million in the first year and US$700 million, US$800 million, US$920 million and US$1.05 billion in the second to fifth years, respectively.</p><p>Unfortunately, Xu Jiayin, who owns all of FF's assets in China, had no intention of running FF at all. Instead, he set about rebuilding his own new energy vehicle empire.<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>。 After the \"Xu-Jia battle,\" FF has become a stalemate in China, but Jia Yueting has clearly not given up on China.</p><p>The turning point came in January 2021.</p><p>According to the latest round of financing announced by FF, the State-owned Assets Supervision and Administration Commission of Zhuhai City, Guangdong Province, invested 2 billion yuan in FF. In fact, the two parties had been in contact for a long time and had already established Fafa Automobile (Zhuhai) Co., Ltd. on December 14, 2020, with a registered capital of US$250 million and Jia Chentao as its legal representative.</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>They also extended an olive branch to FF. Geely Holding Group stated that it has 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 a joint venture between Geely and Foxconn providing OEM services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's IPO. With the possibility of providing funding, technology, and OEM services, Geely truly loves FF.</p><p>With the help of the Zhuhai government and Geely Automobile, FF's rebirth is expected. Barring any unforeseen circumstances, FF's China base will be located in Zhuhai, Guangdong. During a recent investor presentation, it was also stated that FF, Geely Holding Group, and first-tier Chinese cities plan to establish a joint venture to support FF's production in China and the establishment of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not specified that the city is Zhuhai, the map shown indicates that the city is located in the Pearl River Delta region. Based on previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>Currently, FF's dream of rebirth is full of hope. However, even at the forefront of the times, no one can say for sure that Zhuhai, which cannot help Yinlong, will join forces with Jia Yueting, a \"debt dodger\" whose breach of trust has become the norm, to create wonderful sparks. At least as of now, FF's Chinese factory has still not been definitively located.</p><p>In the ever-changing new energy vehicle market, the birth and bankruptcy of a new car manufacturer are all too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs to work harder 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":5385,"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":[],"title":"","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,"isVote":1,"tweetType":1,"viewCount":5649,"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":[],"title":"","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 for Jia Yueting's \"resurrection\"?","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 22, Farady Future (hereinafter referred to as \"FF\") successfully went public. The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a gratified smile in the audience. This was the most happy day for him in five years.</p><p>The IPO could raise $1 billion to save FF, thereby enabling mass production of the FF91. According to sources close to FF, the FF91 Alliance Edition is priced at around $200,000 (approximately RMB 1.3 million).</p><p>However, going public is just the beginning for FF, and there are many more difficulties to overcome. According to documents submitted by FF to the China Securities Regulatory Commission (CSRC), investors in a \"certain first-tier city\" were unable to exchange RMB for USD within the stipulated time because they could not obtain regulatory approval. Therefore, the original $175 million investment will not be received.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo provided by the company</p><p>The term \"first-tier city\" refers to Zhuhai. Previously, the Zhuhai State-owned Assets Supervision and Administration Commission had contacted FF, and Zhuhai was considered the most likely location for FF's China headquarters. Now that the investment in Zhuhai has fallen through, FF needs to continue seeking support from local governments to allow FF to build a factory in China and seize a share of the Chinese market.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Market.</p><p>After a brief surge during its IPO, FFIE quickly fell back. By the close of trading, FFIE's stock price was $13.98, up only 1.45%, with a total market capitalization of $4.511 billion (approximately 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 still has a long way to go before he can \"truly return to life\".</p><p>$1 billion won't quench your thirst</p><p>The stock price of \"Wei Xiaoli\" soared, and Xiaomi,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>With so many people entering the car manufacturing market, FF's ability to survive through IPO financing was Jia Yueting's best choice.</p><p>Following the news that FF was expected to go public in July, the targets of FF's planned backdoor listing were revealed that day.<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>The stock price of PSAC (hereinafter referred to as \"PSAC\") rose by more than 17%, and the market...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you're optimistic about cars, you'll naturally give FF a higher opinion.</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 believes that $1 billion can help the FF91 achieve mass production. The FF91 is planned to be produced at the Hanford, California plant, and FF will also need to invest approximately $90 million to renovate the plant. FF expects to begin delivering the FF91 within 12 months of its backdoor listing, and if all goes well, the FF91 will meet consumers in July 2022.</p><p>Before the FF91 is delivered, FF still needs to raise funds to supplement its working capital. Currently, FF's financial situation is not optimistic. 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 work in research and development, manufacturing, and supply chain. This team configuration is almost in a state of \"hibernation\".</p><p>FF's filings show that its net losses were $142 million, $147 million, and $75.525 million in 2019, 2020, and the first quarter of 2021, respectively, with the losses showing a widening trend. As of March 31, 2021, FF had only $47.525 million in cash on its books. This was after PSAC provided $100 million in debt financing. At the end of 2020, FF had only $1.124 million in cash left.</p><p>After its IPO, FF received $1 billion, but it had even more to spend: making up for previous operating losses, establishing a distribution system, purchasing parts, testing the FF91, and investing in the research and development of the FF81 and FF71.</p><p>According to FF's plan, the delivery times for the FF81 and FF71 are 2023 and 2024, respectively. Based on the three-year investment cycle for new cars, FF is currently at its peak spending period, and $1 billion is just a sprinkling of water for FF.</p><p>Whether the FF91 can be mass-produced has become a mystery. Since its debut at CES in the United States in 2017, FF has been repeatedly delayed due to funding issues. Initially, it was claimed that the FF91 would be officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production. In 2020, it became just one step away from delivery. Whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's launch.</p><p>Unfortunately, FF's IPO is still uncertain. PSAC had changed its backdoor listing plan once, requiring more equity and voting rights, which required the approval of FF shareholders for the listing to be successful.</p><p>Go to great lengths to go public</p><p>The launch of the FF is an important condition for the mass production of the FF91 and 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 established a creditors' trust with his FF shares and handed them over to the creditors for control and management. In other words, all of Jia Yueting's debts would be repaid with FF shares, successfully turning the creditors into shareholders of FF.</p><p>Because FF has not yet launched a product and does not have many assets, creditors can only obtain funds by selling their shares after FF goes public. Only by working with Jia Yueting to build FF can creditors have a chance of receiving more compensation. In his personal bankruptcy plan, Jia Yueting also emphasized that after FF's IPO, creditors can obtain better-than-expected returns, and after the IPO, creditors can sell FF's shares in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Creditors increase potential gains based on FF valuation</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>The creditors have given Jia Yueting a four-year standstill period, meaning that they will not file a lawsuit against him for compensation within four years, so as to prevent Jia Yueting from being listed as a \"debt defaulter\" and being unable to return to China or operate in the country. If FF successfully IPOs, the standstill period for litigation will be automatically extended until the debts are paid off.</p><p>Therefore, whether for the sake of FF's mass production or to fulfill his promises to creditors, Jia Yueting must get FF listed as soon as possible.</p><p>Prior to the approval of the personal bankruptcy case, FF had hired the American investment banking firm Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\") to explore potential financing and IPO opportunities. At that time, it was very popular to go public through Special Purpose Acquisition Companies, which were established to allow other companies to go public through backdoor listings. Because of its simple process, short time consumption, low cost, and high success rate, this model is very popular with startups and also meets Jia Yueting's need for FF to go public as soon as possible.</p><p>When Stifel was seeking financing, 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 approved, RMG secretly launched a comprehensive investigation and research on FF.</p><p>FF was introduced to PSAC by RMG, a special purpose acquisition company. Subsequently, the two parties reached a confidentiality agreement to discuss how to enable FF to go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, visit factories, visit vehicles for testing, and review accounts. After the due diligence was completed, RMG, together with FF and PSAC, developed a backdoor listing plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG and CHAOYING DENG. The former is considered Jia Yueting's nephew and had served as FF's chief financial officer, while the latter was deeply trusted by Jia Yueting, had served as FF's executive vice president, and was also the CEO of several FF subsidiaries.</p><p>Jia Yueting resigned as CEO of FF and became Chief Product and User Officer, but he is still involved 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>▲ Photo caption: FF's equity structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>In his personal bankruptcy case, he and Gan Wei arranged a timely divorce, making Gan Wei an indirect shareholder of FF as a creditor. The creditors' trust has a net debt of $3.44 billion, with Gan Wei holding 7.2% of the $250 million debt. The creditors' trust has a 1:10 super voting right and can supervise FF's operating decisions through the debt committee, which means that Gan Wei can indirectly influence FF.</p><p>After FF's success, Gan Wei can also get a piece of the pie.</p><p>Are the partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step developed in the direction Jia Yueting predicted, and it is no exaggeration to call him Accountant Jia.</p><p>The calculations involved in capital operations are easy to control, but truly entering the car manufacturing stage requires linkage between upstream and downstream industries, which is far more complex and uncontrollable than capital operations.</p><p>In any case, FF has already started taking action. The first step in car manufacturing is to have a factory. Currently, the Hanford plant in California, which covers an area of 1.1 million square feet (about 153 acres), is capable of producing the FF91. It was leased by FF and was previously a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation and has a designed production capacity of 10,000 vehicles. FF expects to begin delivering the first batch of FF91s in 2022, with sales of 2,400 units that year; In 2024, the three models sold 113,000 units; By 2025, annual sales of the four models are expected to reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles is certainly not enough to meet the \"pie in the sky\" painted by FF. FF has approached South Korean auto parts supplier Myoung Shin to address its production capacity issues. The company will build a factory, which is expected to have a production capacity of 270,000 vehicles by the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, and its founder was...<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>The company's executives said that the company mainly manufactures Hyundai cars. After Hyundai's sales declined, it also signed a strategic cooperation agreement with Byton. Later, Byton went bankrupt, so it turned to FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction. He still needs FF's capital injection to have any hope of building the factory.</p><p>Compared to South Korea, OEM manufacturing in China is more important. FF and Geely signed a framework cooperation agreement in January this year, which has led to speculation that Geely may manufacture for FF. FF also expects the production capacity of its Chinese factory to reach 100,000 to 250,000 vehicles by 2025.</p><p>However, documents submitted by FF indicate that it and Geely have not yet reached a definitive agreement on the joint venture, 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 manufacture for anyone, and the two parties are only cooperating on technical and engineering services.</p><p>Factories in South Korea and China are still just floating in the air.</p><p>Although the cars haven't been produced yet, the dealership network needs to be planned in advance. On May 25, the first FF Future Experience Center opened in Manhattan, New York, USA. FF plans to establish stores in 20 cities in major markets such as China, the United States, and Western Europe.</p><p>In addition to its own operations, FF plans to partner with distributors to expand its distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric vehicle dealer, but its official website contains no information other than a few store design plans. The Associated Press describes the company as a startup that primarily distributes electric vehicles, electric bicycles, and electric scooters.</p><p>In China, FF's partners are<a href=\"https://laohu8.com/S/03836\">Harmony Automobile</a>This dealer is a luxury car dealer, representing more than a dozen luxury car brands, with FF being just one of them. It remains to be seen how much sales it can bring to FF.</p><p>More importantly, even though the factory and dealers were operating smoothly, FF's technological accumulation was accumulated around 2017. Four years later, the technology of intelligent vehicles in China has already undergone tremendous changes. FF's competitor is the already mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And new car manufacturers such as Xiaomi and Baidu have no shortage of money or people.</p><p>It won't be easy for FF to break through the encirclement.</p><p>How to break the domestic deadlock?</p><p>The prerequisite for FF to break through the encirclement is to open up the Chinese market. In the era of intelligent electric vehicles, the Chinese market, with its rich internet ecosystem, is undoubtedly the best breeding ground for new car manufacturers.</p><p>If Jia Yueting wants to turn things around with FF, China is a battlefield he cannot give up. However, FF has encountered setbacks everywhere in China, and many of its plans remain unknown.</p><p>FF's most promising opportunity in the Chinese market came in June 2018 when Evergrande Group acquired Hong Kong's Season Smart for HK$6.746 billion, indirectly becoming FF's largest shareholder. Xu Jiayin also formulated an ambitious plan to produce 5 million FF vehicles annually ten years later (2028).</p><p>However, hope comes quickly and goes quickly. After an initial investment of $800 million, Evergrande Group and Jia Yueting staged an annual drama of \"tearing each other apart\". Although the two parties ultimately reached a settlement, full control of FF in China has fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's initial investment of US$800 million will be converted into 32% of FF's preferred equity and it will hold 100% of FF Hong Kong, while FF Hong Kong will hold all of FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of Evergrande's FF shares within 5 years, with an exercise price of US$600 million in the first year and US$700 million, US$800 million, US$920 million and US$1.05 billion in the second to fifth years, respectively.</p><p>Unfortunately, Xu Jiayin, who owns all of FF's assets in China, had no intention of running FF at all. Instead, he set about rebuilding his own new energy vehicle empire.<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>。 After the \"Xu-Jia battle,\" FF has become a stalemate in China, but Jia Yueting has clearly not given up on China.</p><p>The turning point came in January 2021.</p><p>According to the latest round of financing announced by FF, the State-owned Assets Supervision and Administration Commission of Zhuhai City, Guangdong Province, invested 2 billion yuan in FF. In fact, the two parties had been in contact for a long time and had already established Fafa Automobile (Zhuhai) Co., Ltd. on December 14, 2020, with a registered capital of US$250 million and Jia Chentao as its legal representative.</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>They also extended an olive branch to FF. Geely Holding Group stated that it has 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 a joint venture between Geely and Foxconn providing OEM services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's IPO. With the possibility of providing funding, technology, and OEM services, Geely truly loves FF.</p><p>With the help of the Zhuhai government and Geely Automobile, FF's rebirth is expected. Barring any unforeseen circumstances, FF's China base will be located in Zhuhai, Guangdong. During a recent investor presentation, it was also stated that FF, Geely Holding Group, and first-tier Chinese cities plan to establish a joint venture to support FF's production in China and the establishment of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not specified that the city is Zhuhai, the map shown indicates that the city is located in the Pearl River Delta region. Based on previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>Currently, FF's dream of rebirth is full of hope. However, even at the forefront of the times, no one can say for sure that Zhuhai, which cannot help Yinlong, will join forces with Jia Yueting, a \"debt dodger\" whose breach of trust has become the norm, to create wonderful sparks. At least as of now, FF's Chinese factory has still not been definitively located.</p><p>In the ever-changing new energy vehicle market, the birth and bankruptcy of a new car manufacturer are all too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs to work harder 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 for Jia Yueting's \"resurrection\"?</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 for Jia Yueting's \"resurrection\"?\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 22, Farady Future (hereinafter referred to as \"FF\") successfully went public. The bell ringer was not Jia Yueting, but Carsten Breitfeld, the current CEO of FF. Jia Yueting showed a gratified smile in the audience. This was the most happy day for him in five years.</p><p>The IPO could raise $1 billion to save FF, thereby enabling mass production of the FF91. According to sources close to FF, the FF91 Alliance Edition is priced at around $200,000 (approximately RMB 1.3 million).</p><p>However, going public is just the beginning for FF, and there are many more difficulties to overcome. According to documents submitted by FF to the China Securities Regulatory Commission (CSRC), investors in a \"certain first-tier city\" were unable to exchange RMB for USD within the stipulated time because they could not obtain regulatory approval. Therefore, the original $175 million investment will not be received.</p><p><img src=\"https://static.tigerbbs.com/2d9842983b3ba5833ec823c263aa42c2\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>▲ Photo provided by the company</p><p>The term \"first-tier city\" refers to Zhuhai. Previously, the Zhuhai State-owned Assets Supervision and Administration Commission had contacted FF, and Zhuhai was considered the most likely location for FF's China headquarters. Now that the investment in Zhuhai has fallen through, FF needs to continue seeking support from local governments to allow FF to build a factory in China and seize a share of the Chinese market.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Market.</p><p>After a brief surge during its IPO, FFIE quickly fell back. By the close of trading, FFIE's stock price was $13.98, up only 1.45%, with a total market capitalization of $4.511 billion (approximately 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 still has a long way to go before he can \"truly return to life\".</p><p>$1 billion won't quench your thirst</p><p>The stock price of \"Wei Xiaoli\" soared, and Xiaomi,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>With so many people entering the car manufacturing market, FF's ability to survive through IPO financing was Jia Yueting's best choice.</p><p>Following the news that FF was expected to go public in July, the targets of FF's planned backdoor listing were revealed that day.<a href=\"https://laohu8.com/S/PSAC\">Property Solutions Acquisition Corp</a>The stock price of PSAC (hereinafter referred to as \"PSAC\") rose by more than 17%, and the market...<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>If you're optimistic about cars, you'll naturally give FF a higher opinion.</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 believes that $1 billion can help the FF91 achieve mass production. The FF91 is planned to be produced at the Hanford, California plant, and FF will also need to invest approximately $90 million to renovate the plant. FF expects to begin delivering the FF91 within 12 months of its backdoor listing, and if all goes well, the FF91 will meet consumers in July 2022.</p><p>Before the FF91 is delivered, FF still needs to raise funds to supplement its working capital. Currently, FF's financial situation is not optimistic. 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 work in research and development, manufacturing, and supply chain. This team configuration is almost in a state of \"hibernation\".</p><p>FF's filings show that its net losses were $142 million, $147 million, and $75.525 million in 2019, 2020, and the first quarter of 2021, respectively, with the losses showing a widening trend. As of March 31, 2021, FF had only $47.525 million in cash on its books. This was after PSAC provided $100 million in debt financing. At the end of 2020, FF had only $1.124 million in cash left.</p><p>After its IPO, FF received $1 billion, but it had even more to spend: making up for previous operating losses, establishing a distribution system, purchasing parts, testing the FF91, and investing in the research and development of the FF81 and FF71.</p><p>According to FF's plan, the delivery times for the FF81 and FF71 are 2023 and 2024, respectively. Based on the three-year investment cycle for new cars, FF is currently at its peak spending period, and $1 billion is just a sprinkling of water for FF.</p><p>Whether the FF91 can be mass-produced has become a mystery. Since its debut at CES in the United States in 2017, FF has been repeatedly delayed due to funding issues. Initially, it was claimed that the FF91 would be officially delivered at the end of 2018. In 2019, it was said that it was only one step away from mass production. In 2020, it became just one step away from delivery. Whether the promise of delivery in July 2022 can be fulfilled still depends on the progress of FF's launch.</p><p>Unfortunately, FF's IPO is still uncertain. PSAC had changed its backdoor listing plan once, requiring more equity and voting rights, which required the approval of FF shareholders for the listing to be successful.</p><p>Go to great lengths to go public</p><p>The launch of the FF is an important condition for the mass production of the FF91 and 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 established a creditors' trust with his FF shares and handed them over to the creditors for control and management. In other words, all of Jia Yueting's debts would be repaid with FF shares, successfully turning the creditors into shareholders of FF.</p><p>Because FF has not yet launched a product and does not have many assets, creditors can only obtain funds by selling their shares after FF goes public. Only by working with Jia Yueting to build FF can creditors have a chance of receiving more compensation. In his personal bankruptcy plan, Jia Yueting also emphasized that after FF's IPO, creditors can obtain better-than-expected returns, and after the IPO, creditors can sell FF's shares in batches.</p><p><img src=\"https://static.tigerbbs.com/53456751e8de58c2609080c7d1cf5d8a\" tg-width=\"1080\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p>▲ Creditors increase potential gains based on FF valuation</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>The creditors have given Jia Yueting a four-year standstill period, meaning that they will not file a lawsuit against him for compensation within four years, so as to prevent Jia Yueting from being listed as a \"debt defaulter\" and being unable to return to China or operate in the country. If FF successfully IPOs, the standstill period for litigation will be automatically extended until the debts are paid off.</p><p>Therefore, whether for the sake of FF's mass production or to fulfill his promises to creditors, Jia Yueting must get FF listed as soon as possible.</p><p>Prior to the approval of the personal bankruptcy case, FF had hired the American investment banking firm Stifel Nicolas & Co., Inc. (hereinafter referred to as \"Stifel\") to explore potential financing and IPO opportunities. At that time, it was very popular to go public through Special Purpose Acquisition Companies, which were established to allow other companies to go public through backdoor listings. Because of its simple process, short time consumption, low cost, and high success rate, this model is very popular with startups and also meets Jia Yueting's need for FF to go public as soon as possible.</p><p>When Stifel was seeking financing, 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 approved, RMG secretly launched a comprehensive investigation and research on FF.</p><p>FF was introduced to PSAC by RMG, a special purpose acquisition company. Subsequently, the two parties reached a confidentiality agreement to discuss how to enable FF to go public as soon as possible.</p><p>RMG continues to conduct in-depth research on FF's management, visit factories, visit vehicles for testing, and review accounts. After the due diligence was completed, RMG, together with FF and PSAC, developed a backdoor listing plan.</p><p>During important negotiations such as financing scale and backdoor listing terms, FF sent JIAWEI WANG and CHAOYING DENG. The former is considered Jia Yueting's nephew and had served as FF's chief financial officer, while the latter was deeply trusted by Jia Yueting, had served as FF's executive vice president, and was also the CEO of several FF subsidiaries.</p><p>Jia Yueting resigned as CEO of FF and became Chief Product and User Officer, but he is still involved 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>▲ Photo caption: FF's equity structure after Jia Yueting's personal bankruptcy reorganization</p><p>Source: Jia Yueting's Personal Restructuring Plan Introduction</p><p>In his personal bankruptcy case, he and Gan Wei arranged a timely divorce, making Gan Wei an indirect shareholder of FF as a creditor. The creditors' trust has a net debt of $3.44 billion, with Gan Wei holding 7.2% of the $250 million debt. The creditors' trust has a 1:10 super voting right and can supervise FF's operating decisions through the debt committee, which means that Gan Wei can indirectly influence FF.</p><p>After FF's success, Gan Wei can also get a piece of the pie.</p><p>Are the partners reliable?</p><p>From personal bankruptcy to FF's backdoor listing, every step developed in the direction Jia Yueting predicted, and it is no exaggeration to call him Accountant Jia.</p><p>The calculations involved in capital operations are easy to control, but truly entering the car manufacturing stage requires linkage between upstream and downstream industries, which is far more complex and uncontrollable than capital operations.</p><p>In any case, FF has already started taking action. The first step in car manufacturing is to have a factory. Currently, the Hanford plant in California, which covers an area of 1.1 million square feet (about 153 acres), is capable of producing the FF91. It was leased by FF and was previously a tire factory that had been abandoned for sixteen years.</p><p>The factory is still under renovation and has a designed production capacity of 10,000 vehicles. FF expects to begin delivering the first batch of FF91s in 2022, with sales of 2,400 units that year; In 2024, the three models sold 113,000 units; By 2025, annual sales of the four models are expected to reach 302,000 units.</p><p>A factory with a production capacity of 10,000 vehicles is certainly not enough to meet the \"pie in the sky\" painted by FF. FF has approached South Korean auto parts supplier Myoung Shin to address its production capacity issues. The company will build a factory, which is expected to have a production capacity of 270,000 vehicles by the second half of 2023.</p><p>Myoung Shin's parent company is MS Mingxin Group, and its founder was...<a href=\"https://laohu8.com/S/HYUD.UK\">Hyundai Motor</a>The company's executives said that the company mainly manufactures Hyundai cars. After Hyundai's sales declined, it also signed a strategic cooperation agreement with Byton. Later, Byton went bankrupt, so it turned to FF. However, it is difficult for Myoung Shin to invest independently in such a large-scale factory construction. He still needs FF's capital injection to have any hope of building the factory.</p><p>Compared to South Korea, OEM manufacturing in China is more important. FF and Geely signed a framework cooperation agreement in January this year, which has led to speculation that Geely may manufacture for FF. FF also expects the production capacity of its Chinese factory to reach 100,000 to 250,000 vehicles by 2025.</p><p>However, documents submitted by FF indicate that it and Geely have not yet reached a definitive agreement on the joint venture, 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 manufacture for anyone, and the two parties are only cooperating on technical and engineering services.</p><p>Factories in South Korea and China are still just floating in the air.</p><p>Although the cars haven't been produced yet, the dealership network needs to be planned in advance. On May 25, the first FF Future Experience Center opened in Manhattan, New York, USA. FF plans to establish stores in 20 cities in major markets such as China, the United States, and Western Europe.</p><p>In addition to its own operations, FF plans to partner with distributors to expand its distribution network. In the United States, Jia Yueting found Jolta, a company that claims to be the first electric vehicle dealer, but its official website contains no information other than a few store design plans. The Associated Press describes the company as a startup that primarily distributes electric vehicles, electric bicycles, and electric scooters.</p><p>In China, FF's partners are<a href=\"https://laohu8.com/S/03836\">Harmony Automobile</a>This dealer is a luxury car dealer, representing more than a dozen luxury car brands, with FF being just one of them. It remains to be seen how much sales it can bring to FF.</p><p>More importantly, even though the factory and dealers were operating smoothly, FF's technological accumulation was accumulated around 2017. Four years later, the technology of intelligent vehicles in China has already undergone tremendous changes. FF's competitor is the already mature \"Wei Xiaoli\".<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>And new car manufacturers such as Xiaomi and Baidu have no shortage of money or people.</p><p>It won't be easy for FF to break through the encirclement.</p><p>How to break the domestic deadlock?</p><p>The prerequisite for FF to break through the encirclement is to open up the Chinese market. In the era of intelligent electric vehicles, the Chinese market, with its rich internet ecosystem, is undoubtedly the best breeding ground for new car manufacturers.</p><p>If Jia Yueting wants to turn things around with FF, China is a battlefield he cannot give up. However, FF has encountered setbacks everywhere in China, and many of its plans remain unknown.</p><p>FF's most promising opportunity in the Chinese market came in June 2018 when Evergrande Group acquired Hong Kong's Season Smart for HK$6.746 billion, indirectly becoming FF's largest shareholder. Xu Jiayin also formulated an ambitious plan to produce 5 million FF vehicles annually ten years later (2028).</p><p>However, hope comes quickly and goes quickly. After an initial investment of $800 million, Evergrande Group and Jia Yueting staged an annual drama of \"tearing each other apart\". Although the two parties ultimately reached a settlement, full control of FF in China has fallen into the hands of Evergrande Group.</p><p>According to the agreement between the two parties, Evergrande's initial investment of US$800 million will be converted into 32% of FF's preferred equity and it will hold 100% of FF Hong Kong, while FF Hong Kong will hold all of FF's assets in China, including related companies such as FF China and Evergrande Faraday. Jia Yueting can repurchase 32% of Evergrande's FF shares within 5 years, with an exercise price of US$600 million in the first year and US$700 million, US$800 million, US$920 million and US$1.05 billion in the second to fifth years, respectively.</p><p>Unfortunately, Xu Jiayin, who owns all of FF's assets in China, had no intention of running FF at all. Instead, he set about rebuilding his own new energy vehicle empire.<a href=\"https://laohu8.com/S/00708\">Evergrande Auto</a>。 After the \"Xu-Jia battle,\" FF has become a stalemate in China, but Jia Yueting has clearly not given up on China.</p><p>The turning point came in January 2021.</p><p>According to the latest round of financing announced by FF, the State-owned Assets Supervision and Administration Commission of Zhuhai City, Guangdong Province, invested 2 billion yuan in FF. In fact, the two parties had been in contact for a long time and had already established Fafa Automobile (Zhuhai) Co., Ltd. on December 14, 2020, with a registered capital of US$250 million and Jia Chentao as its legal representative.</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>They also extended an olive branch to FF. Geely Holding Group stated that it has 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 a joint venture between Geely and Foxconn providing OEM services.</p><p>As a financial investor, Geely Holding Group also participated in a small investment in FF's IPO. With the possibility of providing funding, technology, and OEM services, Geely truly loves FF.</p><p>With the help of the Zhuhai government and Geely Automobile, FF's rebirth is expected. Barring any unforeseen circumstances, FF's China base will be located in Zhuhai, Guangdong. During a recent investor presentation, it was also stated that FF, Geely Holding Group, and first-tier Chinese cities plan to establish a joint venture to support FF's production in China and the establishment of its headquarters in China. The city will provide 2,000 mu of industrial land and tax incentives.</p><p>Although it is not specified that the city is Zhuhai, the map shown indicates that the city is located in the Pearl River Delta region. Based on previous information, it is not difficult to infer that FF will be reborn in Zhuhai.</p><p>Currently, FF's dream of rebirth is full of hope. However, even at the forefront of the times, no one can say for sure that Zhuhai, which cannot help Yinlong, will join forces with Jia Yueting, a \"debt dodger\" whose breach of trust has become the norm, to create wonderful sparks. At least as of now, FF's Chinese factory has still not been definitively located.</p><p>In the ever-changing new energy vehicle market, the birth and bankruptcy of a new car manufacturer are all too common, let alone a \"plan\" that has not yet been implemented.</p><p>Jia Yueting needs to work harder 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":5385,"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":[],"title":"","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":"U.S. existing home sales fell slightly short of expectations in June, and median home prices hit a new high.","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 data from the National Association of Realtors (NAR), seasonally adjusted annual home sales in June were 5.86 million units, slightly lower than the market expectation of 5.9 million units. This figure represents a significant increase of 22.9% compared to the same period last year and a 1.4% increase month-on-month. In addition, the annualized sales of completed homes in May have been revised to 5.78 million units.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding housing supply, according to statistics, as of the end of June, the supply of existing homes for sale was 1.25 million units, up about 3.3% from the previous month and down 18.8% year-on-year. Based on the current sales rate, it would take 2.6 months to digest the above inventory. This rate is slightly higher than the 2.5 months last month, but compared to the 3.9 months in the same period last year, the aforementioned inventory reduction rate is still relatively fast. In addition, existing home sales continued to accelerate, with an average time from listing to sale of 17 days. In June, 88% of the homes sold had been on the market for less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, a record high, up 23.4% year-over-year. However, according to statistics, the median price of existing homes has been rising since the beginning of the year. In a press release on its official website, NAR's chief economist, Lawrence Yun, stated that on a broader level, there is no risk of a decline in median home prices due to remaining tight inventory, but he expects price increases to 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>U.S. existing home sales fell slightly short of expectations in June, and median home prices hit a new high.</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\">\nU.S. existing home sales fell slightly short of expectations in June, and median home prices hit a new high.\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 data from the National Association of Realtors (NAR), seasonally adjusted annual home sales in June were 5.86 million units, slightly lower than the market expectation of 5.9 million units. This figure represents a significant increase of 22.9% compared to the same period last year and a 1.4% increase month-on-month. In addition, the annualized sales of completed homes in May have been revised to 5.78 million units.<img src=\"https://static.tigerbbs.com/10ecce8973bd6663a049619bfad5cfde\" tg-width=\"980\" tg-height=\"580\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding housing supply, according to statistics, as of the end of June, the supply of existing homes for sale was 1.25 million units, up about 3.3% from the previous month and down 18.8% year-on-year. Based on the current sales rate, it would take 2.6 months to digest the above inventory. This rate is slightly higher than the 2.5 months last month, but compared to the 3.9 months in the same period last year, the aforementioned inventory reduction rate is still relatively fast. In addition, existing home sales continued to accelerate, with an average time from listing to sale of 17 days. In June, 88% of the homes sold had been on the market for less than a month.</p><p>In terms of sales prices, the median existing home price reached $363,300 in June, a record high, up 23.4% year-over-year. However, according to statistics, the median price of existing homes has been rising since the beginning of the year. In a press release on its official website, NAR's chief economist, Lawrence Yun, stated that on a broader level, there is no risk of a decline in median home prices due to remaining tight inventory, but he expects price increases to 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":5649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
