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Introduction
"Do you really say that there will really be a day when Jia Yueting is forced to choose to leave FF, which he founded and invested a lot of effort?"
Author 丨 Cui Liwen
Responsible editor 丨 Du Yuxin
Editor 丨Zhu Jinbin
Whether it is a show or a show, really want to show the company's current situation, on February 24, local time in the United States, located in the Hanford factory in California, when Jia Yueting and Bi Fukang drove the first quasi-production car of FF 91, circled around the scene for a week and then spoke successively, or caused a trace of concern in the entire automotive industry.
Even below the live broadcast of the event, there are bullet screens such as "Boss Jia is back to cut leeks", "I don't want to suffocate my dreams again", and "The liar is a liar after all".
But it must be admitted that after going around, ups and downs, repeatedly jumping tickets, still advertising itself as a "new species of luxury coupe SUV", or want to struggle into the terminal market, Jia Yueting's "car-making dream" seems to have never been extinguished.
However, past experience tells us that the fuller the ideal, the more bone-like reality is. The current state of FF can only be described as a mess. In recent times, all kinds of "bearish" news have once again frantically smashed into this car company that does not know how to judge.
Could it be that the plot of "instant collapse" many years ago will be staged again?
An imminent delisting warning
In fact, the "source" of everything, or the beginning of the twists and turns, still has to start from last October, from the well-known US short-selling agency J Capital Research released a 28-page short report for FF.
The specific content directly questions the company's R & D investment, production capacity, capital operation performance and the founder himself and other dimensions.
Among them, the most murderous is the ironic summary, "FF can never sell a car." So far, it's nothing more than a barrel of money raised from American investors and then poured money into a debt black hole created by its founder, Jia Yueting, China's best-known securities fraudster. ”
Soon, Jia Yueting clarified and replied in his personal circle of friends. But even so, the negative impact caused by it can not be ignored, and a stone stirs up a thousand waves.
To this end, FF set up a special committee of independent directors to conduct in-depth investigations into the questions in the air. After more than three months, it finally began to bear fruit.
Overall, the company is scarred, but the status quo is not as bad as it seems, and the main problems are concentrated in two areas: some inconsistencies in the company's investor statements, and certain weaknesses in the company's control and culture.
More simply, the "inconsistency" refers directly to the falsification of the number of orders for the first product, FF91. "There are some weaknesses in culture" refers to the concealment or deliberate dilution of Jia Yueting's role in the company since the backdoor listing of FF in July last year, which to some extent is still the actual ruler of the entire company.
As punishment, the Independent Directors Special Committee announced that several core executives, including CPUO Jia Yueting and Vice President of the Capital Department Wang Jiawei and CEO Bi Fukang, had been punished to varying degrees. Among them, Jia Yueting and Bi Fukang were directly cut by 25% in salary, and Wang Jiawei was suspended.
And the company has newly established the position of executive chairman of the board of directors, which is served by Susan Svenson, one of the former board members of FF, and all the follow-up work of Bi Fukang and Jia Yueting needs to be directly reported to him, which also lays the groundwork for the development of the next "plot".
As everyone knows, just recently, FF has been hit again. On April 7, local time in the United States, the company announced that it received a letter from NASDAQ on April 4, and because it had not yet submitted its annual report on Form 10-K for the fiscal year ended December 31, 2021, the company did not comply with the "continue to list" rules set by NASDAQ.
Prior to that, FF filed a Notice of Form 12B-25 Late Filing with the Securities and Exchange Commission on March 31 this year and issued a press release announcing that the company was unable to file Form 10-K within the stipulated timeframe.
At the same time, the Company needs more time to complete the additional investigation and remedial work recommended by the Special Committee of Directors of Independent Companies and to complete the Company's financial statements and the relevant disclosures of Form 10-Q quarterly reports and Form 10-K for the quarterly period ended September 30, 2021.
At the end of the announcement, FF also said that it had been notified that failure to file a third quarter Form 10-Q and Form 10-K on or before May 6, 2022 would result in a notice of delisting of the Company's securities. Its officials believe that it will have the right to appeal this decision to the Nasdaq hearing panel and request that the implementation continue for the duration of the appeal.
However, from the feedback of the entire capital market, especially the US stock price, the situation is still not optimistic, and FF has undoubtedly gone to the edge of the cliff again, and a little carelessness will lead to the abyss.
Jia Yueting, who was gradually "elevated"
"Often once the scars of untrustworthiness exist, even if they have gradually healed, they are still at risk of being ruthlessly uncovered at any time." In fact, as early as the previous article "Hunting Jia Yueting", such a sentence was used to point out the biggest challenge faced by this famous speaker.
The "foreshadowing" mentioned in the previous paragraph is still related to Jia Yueting's current situation in FF. Because in addition to the 25% salary cut mentioned in the corresponding investigation penalty, it seems to be at risk of being "overhead".
As an argument, the first is related to Wang Jiawei, vice president of the capital department of his "confidant general". According to the relevant media, the latter has voluntarily resigned from FF.
It is very interesting that after reading the public information, I learned that his other identity is the son of Jia Yueting's sister Jia Yuefang, such as the nephew of the fake replacement. With this layer of blood relations, Wang Jiawei also became Jia Yueting's largest "crony" in the entire company.
From the perspective of resume, he graduated from the Central University of Finance and Economics majoring in finance, and then went to New York University in the United States for further study, has a certain practical experience in Wall Street investment and financing projects, and also has the experience of serving as an executive of LeTV Holdings. Therefore, it is reasonable that the operational ability displayed by Wang Jiawei is deeply trusted by his uncle Jia Yueting.
FF's successful trip to NASDAQ to ring the bell and the achievement of a series of external financings are inextricably linked. And in such a context of great achievements, there are definitely many hidden feelings.
After some combing, it was found that on the one hand, perhaps due to the short-selling, FF has reached the point of being full of holes, and under various targets, it is difficult to have a great improvement in the capital market, so the node chooses to leave, and it is also a certain degree of preservation of the reputation accumulated in the past.
On the other hand, and more importantly, even Jia Yueting's current situation in the entire company is very delicate, if he loses this biggest "backer" in the future, then Wang Jiawei will also fall into a greater predicament.
The former is being continuously "cut" by FF, and it continues to be hammered. Because on April 15, local time in the United States, as part of the internal investigation that has been concluded, the company has taken more disciplinary measures, including the dismissal of its founder and former CEO Jia Yueting from his executive position.
Subsequently, he will only serve as the chief product officer of FF, and his scope of work will be limited to and focus on the dimensions of product and mobile ecosystem, Internet, artificial intelligence and advanced research and development technologies, and will need to report to the executive chairman.
Seeing this, for some reason, I was able to make up a drama in which the ministers "forced the palace" to abdicate. Although as of now, Jia Yueting has not been directly "kicked out" of the executive camp, it is also an indisputable fact that the situation of the company is becoming more and more embarrassing.
From this, I can't help but ask, "Do you really say that there will really be a day when Jia Yueting is forced to choose to leave the FF that was founded by himself and invested a lot of effort?" ”
Everything is in the words.
| Cui Liwen |
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