Jia Yueting returned to China?
Jia Yueting's Weibo IP shows "Beijing"
On May 7th, Beijing time, Jia Yueting's official Weibo IP domain attracted the attention of netizens.
A careful netizen found that Jia Yueting's latest Weibo IP is displayed as Beijing, so it is speculated that Jia Yueting may have returned to China.
As far as the IP address is concerned, the comment area below Jia Yueting's Weibo is also very lively.
According to Securities Times E-Company, a reporter from e-Company learned from relevant persons that, like most celebrity accounts are operated by professional operation teams, "Jia Yueting"'s social media account takes into account the time difference, and some content is assisted by the domestic operation team release.
As of now, Jia Yueting's Weibo has not responded to whether or not to return to China.
Its latest Weibo update stayed at reposting Faraday Future's third quarter 2021 financial results.
Today, Jia Yueting's Weibo reposted FF's performance and commented, "Through the submission of this 10-Q financial report document, we are one step closer to realizing our original vision. We are confident to complete FF 91 Futurist on time and with high quality. production. Thanks to the team for their hard work and to our users, shareholders and partners for their continued support.”
In terms of specific performance, Faraday Future announced that due to the investigation work previously announced by the special committee, the announcement of the company's financial results in the third quarter of last year was delayed.
The company's operating expenses for the third quarter ended September 30, 2021 were $186 million, compared to $18 million for the three months ended September 30, 2020.
Operating expenses increased significantly, primarily due to increased spending at the Hanford manufacturing facility in preparation for full commercial production.
Net loss for the third quarter ended September 30, 2021 was $304 million, compared to a net loss of $33 million in the same period last year.
The increase in net loss was mainly attributable to the significant increase in operating expenses, the loss on changes in fair value of bills payable to related parties, bills payable at fair value, warrant liabilities, and losses arising from the processing of bills payable to related parties, bills payable and payables to suppliers.
As of September 30, 2021, the company's cash and cash equivalents balance was $666 million.
Cash balance as of March 31, 2022 was $276 million, including planned repayments of $97 million in notes and accrued interest.
Faraday Future said, "The third quarter of 2021 is significant for Faraday Future, as we complete the merger with PSAC and become a public company with sufficient capital and strong balance sheets at the end of the third quarter." The company's global CEO Bi Fukang “Much progress has been made with the construction of our Hanford, California manufacturing facility and the construction of the production area is progressing as planned. In a challenging supply chain environment, we continue to work closely with our supply chain partners and make excellent progress .We have strengthened our management team by hiring key employees who help us navigate a challenging logistics environment; we have also strengthened our capabilities in other key areas such as manufacturing, development, finance.”
Bi Fukang emphasized: “After the end of the third quarter of last year, we achieved the first four milestones leading to the SOP (standardized procedure) at our Hanford manufacturing plant. We remain confident in the delivery of the FF 91 in the third quarter of 2022, and firmly believe in Faraday Future is positioned to redefine state-of-the-art smart electric vehicles."
According to information provided by Faraday Future, during the third quarter ended September 30, 2021, the Company completed its merger with Property Solutions Acquisition Corp. (“PSAC”), a special purpose acquisition company.
FF's common stock (symbol "FFIE") and warrants (symbol "FFIEW") began trading on the Nasdaq on July 22, 2021.
Additionally, a 2,270-mile vehicle testing and validation trip was completed along the historic U.S. Route 66, which winds from Chicago, Illinois, to Santa Monica, California, and traverses multiple U.S. states.
Faraday Future releases the latest news about car building from time to time.
In February of this year, Faraday Future released information that FF's first FF 91 quasi-production car was built at the Hanford factory.
"Returning to China next week" becomes an Internet joke
After Jia Yueting left the country, all parties in the market have been paying more attention to when Jia Yueting will return to China. "Next week" Jia Yueting once became a famous joke on the Internet, and there have been many speculations about Jia Yueting returning to China.
In July 2020, Jia Yueting once posted an open letter on Weibo, saying that the personal bankruptcy reorganization procedure he applied for in the United States was completed, the reorganization plan officially took effect, and the creditor trust was officially established and started to operate.
Jia Yueting said in an open letter titled "Working and Entrepreneurship, Restarting Life, With My Apology, Gratitude and Commitment" published on Weibo at that time, that no more than 10% had been reserved in the creditor's trust. The contingent compensation for LeTV shareholders said, "Although I have not actually controlled and managed LeTV in the past three years, I can only watch the current situation of LeTV and be anxious. But I have never forgotten LeTV. Shareholders, I feel the same for everyone's loss and disappointment. As the founder of LeTV, I can't blame the current situation of LeTV, so after getting the approval of my personal creditor committee, I have reserved it in the creditor trust. The proportion of not more than 10% is mainly used for the contingent compensation of LeTV shareholders, which can be implemented after completing the relevant legal procedures, and I will also arrange a special team to coordinate the compensation of LeTV shareholders.”
Going back to LeTV, founded by Jia Yueting, in May 2020, LeTV, which was listed on the A-share market, was decided by the Shenzhen Stock Exchange to terminate the company's stock listing.
In February 2021, LeTV entered the stock transfer system for listing and transfer.
In April 2021, the China Securities Regulatory Commission issued a decision on the market prohibition of five responsible entities including Jia Yueting and Yang Lijie. Due to LeTV’s ten consecutive years of financial fraud, then Chairman Jia Yueting and Chief Financial Officer Yang Lijie were promoting the issuance of LeTV and the related issues involved. Played the role of organization, planning, leadership, and implementation in financial fraud. In financial fraud, he took particularly bad means such as concealing and fabricating important facts. The amount of fraud was huge, and he did not diligently perform his duties. Sign and guarantee that the information disclosed is true, accurate and complete, and that the illegal circumstances are particularly serious, and is the person in charge directly responsible for the fraudulent issuance of LeTV.
The China Securities Regulatory Commission has decided to ban Jia Yueting and Yang Lijie from entering the securities market for life.
According to the financial data recently disclosed by LeTV, the net profit attributable to the parent company in 2021 will be a loss of 2.146 billion yuan, and the net profit attributable to the parent company in the first quarter of 2022 will be a loss of 120 million yuan.
(Author: Hu Huaxiong)