China Fund News reporter Li Zhi
The Racing Car, which had made a high-profile announcement that it would produce supercars in China, was cold.
After the assets were seized, the accounts were frozen, and the chairman of the board of directors was investigated, the operation of Sailin Automobile fell into chaos, and the factory was forced to close due to debt disputes. The chairman, who was reported by his real name, was accused of embezzling 6.6 billion yuan of state assets but "fled" to the United States, and was jokingly called "the second Jia Yueting" by netizens.
This new car-making force is cold
Company assets are auctioned off
Recently, the Intermediate People's Court of Nantong City, Jiangsu Province, updated a legal auction information about "Jiangsu S Automobile Company" on the Ali auction platform. The auctionees were formerly named Rugao High-tech Entrepreneurship Service Co., Ltd., Jiangsu S Automobile Investment Co., Ltd., with a starting price of about 2.378 billion yuan, and will be auctioned publicly on May 30, 2022.
Through public information, it can be found that the company is "Sailin Motors". It is understood that the company was established on July 10, 2009, the registered capital of 10 billion yuan, the company's business scope involves the automotive industry technology research, auto parts manufacturing and so on.
The first phase of Sailin Automobile covers an area of 958 acres, with a construction area of 230,000 square meters, and an annual production capacity of 150,000 units in double shifts, including pure electric, hybrid and mechanical supercharged internal combustion engine passenger cars, which was originally planned to be completed by the end of 2019; mainly including stamping, welding, painting, assembly, inspection workshop, joint station building, sewage treatment station and 110KV substation and other ancillary facilities.
The auction is located in groups 5, 6, 7 and 8 of Zhennan Community, Chengbei Street, Rugao City, and the land use rights of Groups 7, 12 and 18 of Shuanglong Community, as well as above-ground buildings and assets involved in machinery and equipment, production lines, assembly lines and other assets.
Gold medal lawyer cross-border car building
Only 9 units were sold after one operation
According to public information, SALEEN, a supercar brand founded by Steve Saleen in 1983, is a pioneer and iconic brand of American supercar and American car culture. However, due to poor management, the American Sailin did not sell much supercar and was on the verge of closure.
In 2014, Wang Xiaolin, a former legal practitioner, acquired Sailin from the United States with his subsidiary, and established Jiangsu Sailin Automobile Technology Co., Ltd. (Jiangsu Sailin) in 2016, serving as chairman and CEO.
A gold-medal lawyer's cross-border car-making scam has begun.
On March 14, 2016, the registered capital of the company increased to 9.65863 billion yuan, renamed "Jiangsu Sailin Automobile Investment Co., Ltd.", and the shareholders were changed to Nantong Jiahe, Nantong Weimeng, Rugao Salin, Nantong Shimai and Rugao Jitai. On June 12, 2016, the company changed its name to "Jiangsu Sailin Automobile Technology Co., Ltd." again, and the registered capital increased to 10 billion yuan.
On July 20, 2019, Sailin Automobile held a huge brand launch conference at the Beijing Bird's Nest, inviting Jason Statham, Steve Sailin and others to help, and there are rumors that the conference cost more than 100 million yuan.
Wang Xiaolin (left), Steve Sailin (center) and Jason Statham
At the press conference, Jiangsu Sailin only released two new models of the mini car Maimai and the "supercar" SUV Mike. The first mass-produced car,"Maimai", resembles an "old scooter" and has nothing to do with the supercar it promotes, and has been much discussed by the market.
Judging from the results, the sales of this small car that does not conform to the mainstream of the market are very dismal, and it has not stirred up any waves in the market. According to the data of that year, only 9 cars were sold after the launch of the car.
Suspected of embezzling 6.6 billion state assets?
The chairman of the board of directors was reported by the company law
In the era of the rise of new car-making forces, Wang Xiaolin ushered in the "first blow", and its car-making scam was gradually revealed.
In April 2020, Qiao Yudong, a former legal officer of Sailin Automobile, sent a document to report Thati Lin's chairman Wang Xiaolin, and in this 4,000-word whistleblower letter, he pointed out that Wang Xiaolin was suspected of false technical investment and suspected of embezzling huge amounts of state-owned assets.
Qiao Yudong said that the four foreign-funded "shell companies" of Sailin Automobile, which Wang Xiaolin actually controlled, defrauded the shares of Sailin with a false technical contribution of 6.6 billion yuan. The whistleblower letter said that Wang Xiaolin did not contribute to the actual currency of Jiangsu Sailin, but used the foreign-funded company he actually controlled as an equity pledge and loan funds.
The core of Qiao Yudong's report mainly includes two aspects:
1. The core technology of Maimai high-speed electric vehicle is the crystallization of the efforts of all engineers of Sailin Automobile Shanghai Research Institute, which is fundamentally different from the low-speed electric vehicle technology used in the golf course, and the technology that only has mass production capacity at the end of 2018 is regarded as the technology that existed on the benchmark date of December 31, 2015 and the investment price is 1.1 billion yuan accordingly, which is obviously contrary to the basic principle of good faith.
2. The detailed technology of the three SUV models with a price of 5.5 billion yuan, "the data has been frozen, production can be arranged, the models are designed according to the emission and safety standards of the United States and the technology is complete", it is simply impossible to derive from the "Intellectual Property Licensing Agreement" that has been revoked by the American Sailin Automobile Company and has a cost of 500,000 US dollars.
For Qiao Yudong's report, Wang Xiaolin responded: Professional touch porcelain. Wang Xiaolin once defended to the media, "The entire mortgage is done by the Rugao Development Zone and the state-owned shareholders in strict accordance with legal procedures." The foreign shareholders did not take a penny, but the technology stake was 6.6 billion yuan, and it is inaccurate to say that I control the entire four foreign companies. So some people say that we have cheated 66 billion, this logic is very absurd. ”
At that time, when public opinion was at the forefront, the whistleblower Qiao Yudong said, "Welcome Wang Xiaolin back to China and go to court with me." But Wang Xiaolin, who has long lived in the United States, responded that he had been forced to cancel more than a dozen tickets, and stressed that he did not want to return to China, but that some people did not want him to return, because what Qiao Yudong said was false. After a series of twists and turns, some people jokingly called Wang Xiaolin the "second Jia Yueting".
Asset seizure, account freezing
The Sailin Automobile Plant was forced to close
On June 23, all the assets of Sailin Automobile Shanghai Branch were seized by the Intermediate People's Court of Nantong City, Jiangsu Province.
Subsequently, on July 2, 2020, the Administrative Committee of Rugao Economic and Technological Development Zone announced: In response to the recent report on Jiangsu Sailin Automobile Technology Co., Ltd., the Management Committee of Rugao Economic and Technological Development Zone instructed Nantong Jiahe Technology Investment and Development Co., Ltd. to conduct a comprehensive audit and verification of Jiangsu Sailin in accordance with the provisions of Jiangsu Sailin's Articles of Association, and found that Wang Xiaolin, chairman and CEO of Jiangsu Sailin, was suspected of providing false supporting documents. Taking advantage of his position to embezzle jiangsu Sailin's huge amount of funds and other issues and important clues. Nantong Jiahe promptly reported the case, and the public security organs have accepted and are investigating the suspected criminal acts of relevant personnel in accordance with the law.
After the factory and office building were completely sealed, the accounts were frozen, and the relevant responsible persons were investigated, the Sailin Automobile Factory was also forced to close due to debt disputes, and employees left en masse. Since then, the operation of Sailin Motors has fallen into chaos.
Wang Xiaolin, who used to be a public, said publicly, "Today, my first dream is to bring the world's top supercar racing lin to China, and this dream has been realized." The pioneer of american supercars, the global supercar leader Sai Lin has come to China, not to China to get China's market share, but to come to China, made in China, sold to the world. ”
When the tide recedes, it is only then that it is known who is swimming naked. Now, after being torn off the disguise, Wang Xiaolin's ending is regrettable, and The Sailin car also left the scene.
Edit: Xiao Mo