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Jia Yueting and Xu Jiayin join hands again? Evergrande is accountable to Faraday for the future, urging FF to hold a special shareholders' meeting.

2025-01-18 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens LL J and Hefei speaker for their clue delivery! CTOnews.com September 16 news, local time on September 15, Faraday Future's second largest shareholder Sean Smart Limited (Evergrande Automobile wholly-owned subsidiary "Shiying") submitted a 13D announcement to the American SEC, indicating that it has sent two consecutive letters to the FFIE board of directors to urge the convening of the special general meeting and the annual general meeting as soon as possible.

The company stressed that FF Top, as a major shareholder of FFIE, has the full right to remove independent directors, including Brian Krolicki and Susan Swenson, in accordance with the shareholder agreement.

According to the two letters disclosed by Shi Ying, the company wrote to the board of directors of FF on August 24 and September 10, respectively, requesting the other party to cooperate with the major shareholders (FF Top) to hold an extraordinary general meeting as soon as possible and to complete the removal of the relevant independent directors as soon as possible.

At the same time, strong dissatisfaction was expressed about the financing terms of convertible notes approved by FF's board of directors on August 25, which seriously diluted the interests of all shareholders, as well as the suspected deliberate delay in convening an extraordinary general meeting.

CTOnews.com learned that Jia Yueting co-founded Faraday Future in the United States with former Tesla executive Nick Sampson and Lotus China executive Nie Tianxin in 2014, headquartered in Gardina, California, and listed on US stocks on July 22, 2021.

In 2020, Jia Yueting carried out a very beautiful operation, that is, he carried out debt restructuring, using his equity and income of FF company as trust property.

He then repaid all his debt with FF equity, thus turning these creditors into shareholders of FF, repaying their debts with their own shares of FF, and no longer in debt, nor are they shareholders of FF, except that FF's share price has plummeted since the IPO, leaving only $1.06 (the offering price is $13.78).

It is worth mentioning that Evergrande Group previously bought 100 per cent of Hong Kong Shiying for HK $6.746 billion and indirectly acquired a 45 per cent stake in Smart King, making it the largest shareholder of the company.

Smart King was established as a joint venture between Hong Kong Shiying and the former shareholders of FF, represented by Jia Yueting. Shiying paid US $2 billion to acquire 45 per cent of the joint venture company, while the former shareholders of FF acquired 33 per cent of the joint venture company with technology assets and businesses owned by FF. Smart King wholly owns "FF USA" and "FF Hong Kong", while the previously closely watched Guangzhou Nansha R & D and production base is wholly owned by FF Hong Kong.

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