The dispute between Evergrande and Jia Yueting on FF control rights has not cooled down with the release of the results of the emergency relief arbitration.
On November 7, Evergrande Health announced that its company has filed a comprehensive counterclaim against Jia Yueting and the joint venture company Smart King, demanding that Jia Yueting and the joint venture company fulfill the contract.
Evergrande Health said in the announcement that Jia Yueting and the joint venture company forcibly ousted the cashier appointed by Evergrande and forcibly prevented Evergrande financial personnel from entering the market for financial review, which caused Evergrande to understand the financial status of FF.
According to the shareholder agreement, Evergrande has the right to conduct financial review and dispatch a cashier to the FF, and agrees that if the cashier does not sign for seven days, it will be deemed to agree to the payment. In this regard, people close to Evergrande said that Jia Yueting’s above-mentioned behavior has seriously violated the shareholder rights that Evergrande should enjoy.
While counterattacking in Hong Kong, Evergrande filed a lawsuit against Jia Yueting in the Cayman Islands, where the FF offshore company was registered.
Evergrande Health revealed that due to the refusal of the joint venture company to provide financial information and related documents, the directors of the joint venture company appointed by Evergrande filed a lawsuit in the Cayman Islands Grand Court, requesting the court to order the joint venture company to provide all financial information and related documents of FF.
As the Evergrande Health announced that the United States is still in the early hours of the morning, as of press time, the FF side told the "Securities Daily" reporter that the company is not convenient to respond to this.
Previously, after the announcement of the results of the emergency relief arbitration, FF obtained the qualification of 500 million US dollars under strict conditions. The valuation of new share financing should not be lower than the valuation of Evergrande, and Evergrande enjoys the right of first refusal of new shares.
Shortly afterwards, FF announced that it had officially signed a contract with Stifel, the top US investment bank, to accelerate the financing process.
It is reported that Stifel does not directly invest in FF, they will conduct asset evaluation on FF, and then recommend FF to other investment institutions. According to FF, Stifel has sent core staff to FF and discussed financing, project progress and supply chain relationship maintenance issues with FF finance, product and supply chain leaders.
However, some insiders pointed out that given the escalation of disputes between FF and Evergrande and the shareholding ratio of Evergrande in the joint venture, potential investors are bound to be very cautious.
It is worth noting that although the dispute between Evergrande and FF is still not completed, it does not affect the layout of Evergrande in related fields. On the day before Evergrande Health issued a counterclaim, Guanghui Energy, Guanghui Auto and Guanghui Logistics successively announced that the trading procedures of Evergrande Group, the controlling shareholder of the three companies, have been completed, and the Evergrande Group has completed Holding 40.964% of the shares of Guanghui Group, it is the second largest shareholder of Guanghui Group, and all parties will accelerate the follow-up cooperation. According to the agreement signed by the two parties, Evergrande Group invested a total of 14.49 billion yuan in the Guanghui Group. The two sides will establish comprehensive strategic cooperation in the four major fields of energy, automobile, logistics and real estate.
(Article source: Securities Daily)