The scariest ghost story of 2021: Jia Yueting is “resurrected”

I’m still the same boy, no change at all

“How can a liar with a scandal reputation who has seen through N scams continue to use his usual tricks?

Answer: The liar is not in the game, and if you are on a track that cannot be ignored, someone will vote for it. “

It’s been a long time since I said the story of Jia Accounting (Jia Yueting).

Last night, Faraday Future (Faraday Future, hereinafter referred to as “FF”) in Jia Yueting on the other side of the ocean completed its listing plan on the merger of Nasdaq and PSAC (Special Purpose Acquisition Company) under the stock code “FFIE”.

Before FF is about to land on Nasdaq, FF’s pre-market gains once expanded to 50%, but broke in early trading. The final gains still gave up most of the early gains. As of the close, FF rose 1.45% to close at 13.98 US dollars. , With a market value of 4.5 billion U.S. dollars. There is a lot of excitement before the market, and there will be a lot of feathers after the market. The fluctuation of this stock price is somewhat concealed.

1  The “miracle” of the capital market, a new chain?

2015, is the music network ‘s highlights, the market value approaching billion. But who could have imagined that a year later, LeTV, due to the problem of the capital chain, made the LeTV system on the verge of bankruptcy. As a result, Jia Yueting was deeply in debt. Investors would lose their money. When Jia Jiao faced all parties shouting “repay the money”, he only left a bold statement of “I will bear it all”, and he went to the United States for a long time and has not yet returned. “Returning to China next week” has become a golden cicada’s escape from the shell.

In fact, Jia Yueting is still the winner of this farce. An accountant, Jia Yueting has cashed out 13.8 billion (or even more) from LeTV through cash reduction, equity pledge, and agreement transfer. He can’t do this without a decade of flickering skills…

On the other side, the smashed creditor seemed to be unable to do anything except beat his chest and slap his thigh. Even his Shanxi fellow, Sun Hongbin, chairman of the board of directors of Sunac China, who invested 15 billion yuan in LeEco in 2017, will not let go. “Kill the pros and kill the familiar” is the usual trick of Boss Jia, which has been tried repeatedly. To this day, we can still determine that LeTV was listed on the financial fraudulent basis based on the information released by the China Securities Regulatory Commission.

It’s very scary to think carefully, it’s hard not to think that Boss Jia put the investor’s money in LeTV through financial technology and washed it into his pocket, which also laid a foundation for the “trick” of building a car. Seeds.

Boss Jia’s capture of commercial outlets is wonderfully praised. There is no such thing as coal, industry, transportation, computer training, and the Internet that have been named popular industries that he has made money and made money. Business wizards, but human nature is called greed.

Everyone knows that building a car burns money, and the burden of “debt” has not stopped Jia Yueting from thinking about building a car. There are dreams without suffocation. At that time, FF was also regarded as Jia Yueting’s last “life-saving straw.”

On May 21 last year, Jia Yueting, who was in debt of tens of billions of yuan, was able to transfer his personally held FF equity to a trust based on the “US Bankruptcy Law” and belong to creditors. In the bankruptcy reorganization plan, Jia Yueting stated: “Only after FF conducts an IPO, creditors can sell FF’s equity in batches.” This move also gave him a chance to breathe. In the next four years, The pledge of creditor’s rights is not to directly claim Jia Yueting’s personal responsibility in the United States.

On the other hand, Jia Yueting is no longer the CEO of FF, but has become the chief product and user operation officer, which means that Jia Yueting is starting a business as an employee to pay off debts. This FF listing and financing has also given creditors a glimmer of hope.

The listing is completed today, one year later. This transaction will provide FF with US$1 billion in funding to support the mass production and delivery of the flagship model FF91, and will provide FF91 for mass production within 12 months after the completion of the transaction With all funds, the combined company is valued at approximately US$3.4 billion.

2  Can the US$1 billion injection of capital overturn Ferrari?

According to the plan, FF’s first production car, the FF 91, will be delivered to the market within one year after its successful IPO. Jia Yueting said: “FF’s current goal is to focus on high-quality delivery within 12 months.”

Automotive industry is a typical capital-intensive industry, money-burning is common, but the money does not mean a smooth mass production, behind the “gullies” hard to imagine, looking back at Tesla , the majority of “small Wei Li” made The start-up companies of the new car forces have been stuck in the neck because they were unable to mass produce.

Look at Tesla, the global car factory can have an annual production capacity of 1.05 million vehicles, but the annual production capacity of Fremont in the United States was acquired from Toyota in the early days of its business. The same goes for “Wei Xiaoli”. Holding hands with Jianghuai, Xiaopeng bound the hippocampus, and ideals found Lifan.

Obviously, OEM or low-cost acquisition of factories are the most effective ways to accelerate mass production, but the pretentious boss Jia always does not take the usual path. FF chooses to build its own factory and chooses a factory that has been abandoned for 16 years. , Draw the territory of dreams in a deserted place.

“When everything is imprisoned, only dreams can flow freely, come, let us suffocate our dreams”

In fact, the speed to manpower for building factories in the United States is not at the same level as domestic ones. The factory was not built, and it was in debt. FF was able to go public this time thanks to the support of two car companies.

After a rift with Evergrande and a missed investment, it was not until this year that there was an inflection point. The first is the Korean company Myoung Shin. The plant is located in Gunsan City, South Korea and has an annual production capacity of 270,000 vehicles. The other is Geely . On January 29 this year, FF and Geely signed a framework cooperation agreement, planning to cooperate in the field of technical support and engineering services, and to explore the possibility of providing foundry services by the joint venture between Geely and Foxconn .

FF Jia Yueting the past two years has been dragged down, has not yet mass production, there is no income, the financing of $ 1 billion car prices have assisted us, even if we can mass production, but still do not see in the field of new energy vehicles Any competitive advantage at all.

Looking back now, in the context of the global development of new energy, Tesla, which has the first-mover advantage, has already become the world’s largest auto company by market value. In addition, new domestic and foreign car manufacturers are also rising, new energy The car market has long been a piece of the Red Sea.

There is also policy support in the country. New car-making forces at home and abroad have enjoyed the dividends of the times. Some have established a firm foothold, and some have become industry leaders. FF rushed to the early collection, but unfortunately missed the market. The fastest development period. FF seems to be behind those two years, but in fact it is behind the entire era.

So, $1 billion is a drop in the bucket for the current FF. After going public, there will be more investment in marketing, R&D, testing, and factories. How long the US$1 billion can last is still unknown.

On the other hand, at the investor communication meeting, FF China CEO Chen Xuefeng said that the first batch of FF 91 delivery users were US users, and that FF 91 will be brought to China as soon as possible.

In fact, in China, consumers will not have any other impressions of FF except for the disgust of Jia Yueting. 

3  Propaganda against Porsche

In addition to mass production, the new gimmick must be indispensable. In the FF91 product benchmarking, Jia Yueting directly aimed at the top luxury brands such as Bentley Bentayga, Lamborghini Urus, Mercedes-Benz S-Class, Porsche Taycan, and at least the BMW 7 Series at least .

The scariest ghost story of 2021: Jia Yueting is "resurrected"

-It’s outrageous

Of course, the price of the product should not be ambiguous when compared to the standard luxury car. According to the plan, FF will first launch the FF 91 Futurist version in Q1 of 2022, with a target price of 180,000 US dollars (approximately RMB 1.16 million), and then launch the FF 91 regular version in Q4 of 2022, priced from 100,000 US dollars ( About RMB 650,000).

So as a consumer, I can’t help but raise questions. There are no mass-produced cars. What is the price of the car?

Wang Jiawei, vice president of FF Capital Markets, said that FF has a very unique competitive advantage compared with excellent EV companies such as Weilai and Xiaopeng in terms of product maturity, historical investment, technical reserves, and talent reserves.

According to FF Global CEO Bi Fukang introduction, FF up to now has 880 global patents, of which 550 core technology of electric vehicles has been authorized, is the only technology can be compared with the Tesla business.

Having said that, we understand. Take the investor’s money and harvest the American leeks!

Although the hardware is important, it is not necessary to be so luxurious at this stage. Whether the FF 91 can be accepted by the new energy vehicle market at such a high price is still unknown.

Of course, here we can also understand Jia Yueting’s intention to drive up product prices in order to repay the debt as soon as possible. FF91 has no way to achieve self-hematopoiesis in the short term. It is an indisputable fact that it is unrealistic whether it is to repay debts or conquer new technologies.

So from the stock price point of view, how much market value does FF need to pay off its debt?

Personally, according to the description in the previous PPT, after the completion of the FF merger transaction, the equity structure of the listed company will be changed to the original FF shareholders holding 51.1%, basic investors holding 23%, and the original creditors holding 17.2%. The company’s PSAC shareholders hold 6.8%. After the LeTV’s collapse, the market reported that Jia Yueting’s total debt was probably more than 5 billion, which was more than 20 times that of Luo Yonghao. However, according to market rumors, Jia Yueting’s debt restructuring last year confirmed that Jia Yueting’s net debt was 2.96 billion US dollars. According to this calculation, about FF needs to rise to a market value of 17.2 billion US dollars. At present, FF has a market value of 4.5 billion US dollars, and it is still a long way from the target. However, it is worth noting that the market value of FF is only about one-tenth of that of the new forces. It depends on whether Jia Yueting’s PPT can continue in the US capital market. It’s legendary.

The scariest ghost story of 2021: Jia Yueting is "resurrected"

 Image source: Internet

4  ending

As a typical professional man, Jia Yueting has never been the life he wants to live with his wife and children, and his advertised sense of accomplishment is his advertised sense of accomplishment.

For Jia Yueting, the completion of the FF of the IPO is a crucial step. However, as an accountant, Jia Yueting, as an accountant, can work in the U.S. capital market. Here is a question mark. For the car industry, the subsequent market competition will be extremely cruel and fierce.

It went on the market without mass production. All of this is so unreal. This is the first step to repay the debt slowly.

As its name Far-a-day Futuer: the distant future

Posted by:CoinYuppie,Reprinted with attribution to:
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