Jiangsu Sai Lin Incident Tracking: Wang Xiaolin Was The First To Respond Exclusively To These Questions After Being Placed On A Criminal Case.

Last week, Wang Xiaolin, chairman of Jiangsu Sai Lin Automobile Technology Co., Ltd. (hereinafter referred to as "Sai Lin") of Jiangsu, attracted widespread attention. In an official announcement, Wang Xiaolin was accused of giving false testimony and appropriating huge funds of Sai Lin in Jiangsu.

It has been more than two months. At the end of April, a public letter from Qiao Yudong, a former official of the company, said that Wang Xiaolin was suspected of making false technical contributions and embezzling huge amounts of state assets. The total cost of the technology which was not high in cost was 6 billion 600 million yuan, which was invested in Jiangsu sai Lin, which resulted in the loss of billions of state-owned assets.

On the morning of July 6th Beijing time, Wang Xiaolin, who was far away in Washington, accepted an exclusive interview of two hours in twenty-first Century. This is the first time he was heard from the media after being put on file. Earlier, he claimed on the personal social networking platform that state owned shareholders Nantong and Jiahe accused themselves of being falsely accused, and implied that they were in essence in order to seize company assets and control rights.

Wang Xiaolin conveyed several core messages to reporters in the twenty-first Century economic report: first, false technical terms were false, and vehicle technology was created by American Sai Lin motor founder Steve Serin (Steve). Saleen) owns, he is also the actual controller of Jiangsu Sai Lin's foreign shareholders; Wang Xiaolin himself can not provide the so-called technical evidence. He is not a technical sponsor, but a professional manager who recognizes his technology. As chairman, "car is the best evidence."

The two is to deny all allegations of "Misappropriating huge funds from Jiangsu Sai Lin" by using Qiao Yudong's letter of complaint. "No money is in my pocket." He said, "my salary here is not as good as that in GTA (before Wang Xiaolin's operation in the US), because I did not rush to pay. I was running after the listing."

Three, Wang Xiaolin believes that a series of actions taken by Jiahe and Rugao in Nantong, including freezing corporate accounts, forcing employees to leave, reporting to the public security authorities, etc., are all aimed at capturing control of the company.

Wang Xiaolin did not give up. It is reported that in July 4th, four foreign shareholders of Sai Lin in Jiangsu convened the provisional shareholders' meeting. The shareholders' meeting voted several resolutions, including the establishment of specialized custodial accounts for the daily operation of Sai Lin in Jiangsu, the return of interest rates in Jiahe and Rugao in Nantong, and the return of land purchase funds. Wang Xiaolin said that according to the joint venture agreement, the arbitration ground for the dispute between the two sides is Hongkong. If the shareholder of the state fails to carry out the above resolution, it will initiate arbitration immediately.

"I am a professional manager."

Qiao Yudong said in a public letter, Wang Xiaolin's four shareholders of Jiangsu Sai Lin foreign capital, which were actually controlled by Wang Xiaolin, were suspected to have cheated the shares of Sai Lin in Jiangsu with a false technical contribution of 6 billion 600 million yuan. He said that the so-called technology of three of them was only authorized by the saylin motor company, and it did not have the capital contribution requirement. Moreover, the technology of a low-speed electric vehicle held by the United States was far more valuable than the actual value (the purchase price was only $20 million).

Wang Xiaolin said "nonsense" to this. "Foreign capital (shares) have to undergo a lot of examination and approval. The Ministry of Commerce, the NDRC capital verification and the capital verification report all need third party organizations to do so. MyCar got it out, SUV got it out, and S1 came out. Are these cars falling from the sky? "

"He (referring to Qiao Yudong) said that only one sketch was really ridiculous." Wang Xiaolin said, "we have to open 42 sets of moulds for each fuel tank. Every link has three dimensional and two dimensional drawings, and each component must have drawings. Wei Lai 5000 team has made two cars ES8 and ES6. Our heyday R & D team of 364 people, three years to make three cars, get 510 patent applications - is there no technology? "

Wang Xiaolin said Qiao Yudong had confused Sai Lin's vehicle technology and his sale license agreement with Sai Ling automobile, but this is not the same thing. The three companies that are controlled by technology are Steve Serin, not Wang Xiaolin.

As a result, when asked by the economic news reporter in twenty-first Century about vehicle technology related evidence, Wang Xiaolin asked, "I am not a technical sponsor. What evidence do I have to come up with? I am the chairman of the board. The best evidence is that cars are made.

"Fortune Fu Holdings" was established in 2016. After joining Steve saylin, I held 100 shares, he held 1 million shares, and my shareholdings diluted to 1/10000. The agreement with him was that I got 10% of the shares as a manager after the company went public. Wang Xiaolin said he absolutely believed in the technical level of Steve Sai Ling. When he signed the contract, it also accounted for 25% of GTA, and GTA had invested 180 million dollars at that time. "I have definitely given him all the wealth holdings, and I must have made the best of it."

"This technology shares, it is not called Xiao Lin automobile, but called Sai Lin automobile, which shows that all intellectual property rights are not king Xiao Lin. If there is any false technical contribution, the first thing to sue is Steve Serin. Wang Xiaolin has given his company to Steve Serin." Wang Xiaolin said he was puzzled why he became a target of attack.

"Don't you think it's ridiculous?" He asked reporters, "you tell a professional manager that you are making false technical contributions instead of telling the real investors." Why not tell Steve saylin? He guessed, "no way to tell, because he came out of the design, models, brands, everything went out."

"I don't make money on the road."

Wang Xiaolin was also accused of misappropriating huge funds from Jiangsu Sai Lin by taking advantage of his position. As the operating capital of Sai Ling in Jiangsu was basically provided by state owned shareholders, Qiao Yudong questioned Wang Xiaolin's alleged loss of billions of state assets.

"He (Qiao Yudong), if one word is true, I will not be so angry." Wang Xiaolin said he did not take away an illegal and irregular money from Jiangsu sailin. As chairman, he was only responsible for the affairs of strategy and other aspects, all of which were controlled by the chief financial officer, and no contract was signed by himself. "Want to steal Wang Xiaolin's appropriation of funds by taking advantage of his position?" Take out the real hammer. "

Wang Xiaolin responded to the highly concerned two related companies, one of which is Shanghai Hongming culture media Co., Ltd. whose sole shareholder is his wife.

Qiao Yudong said in the report materials, Jiangsu Sai Lin to Hongming culture of the total payment of more than one hundred million yuan, he questioned whether Wang Xiaolin and his wife were suspected of corruption. Wang Xiaolin said that Hongming culture is not a company of his wife, but rather an "external company", which is equivalent to Jiangsu Sai Lin. The bank accounts are all held in Sai Lin, Jiangsu. Because he himself has not held a Chinese identity card and can not register, he has used his wife's name. In addition, Jiangsu Sai Lin only hit about 10000000 of the company's accounts, of which about 10 million took the documentary "the United States on wheels", and several million for rainy days.

Shenzhen Jin Hong Yuan is also a question of Qiao Yudong. He asked to investigate whether there was any illegitimate financial dealings with sailin, Jiangsu. In the near future, it was also reported that after the announcement letter was released, Jiangsu sailin also borrowed 85 million from Shenzhen Jin Hong Yuan. Wang Xiaolin explained that Shenzhen Jin Hong Yuan is the company's Financing Consultant, according to the amount of financing will be paid to a certain fee for consultancy, but the recent trading transactions also occurred last year, in 4 and May this year, the company's wages are not issued, it is impossible to lend to him. In addition, he stressed that he and Li Zhaohui were alumni rather than classmates. The two people were not a professional, not a school district.

Wang Xiaolin carding, Jiangsu Sai Lin total has obtained 6 billion yuan operation fund (Nantong Jiahe stock rights contribution 3 billion 340 million yuan, provides the loan 2 billion 500 million yuan, Hunan Baiyun investment equity investment 210 million yuan), deducts to Nantong Jiahe's 2 billion yuan interest, the actual operation fund is less than 5 billion 800 million; rebuilds the old factory, the maintenance production asset and so on, the control fund only has 5 billion 700 million; the factory has spent 3 billion. There are only 2 billion 700 million left over. Over the past few years, the company's operating expenses, including staff salaries and marketing, have cost about 1 billion 500 million, leaving only 1 billion 200 million left. For rumors, it cost one or two billion bird's nest luxury conference, and Wang Xiaolin said it was not that much at all. "It took 60 million, now pays 50 million, and it's 10 million."

Wang Xiaolin said, "no money is in my pocket. My salary here is not as good as mine in GTA, because I am not rushing to pay for this. I am running shares after listing. "

Wang Xiaolin said Jiangsu Sai Lin ranked 265 in the "global Unicorn enterprise" election. He estimated that the market value of the listed companies would be around 30 billion. The shares of Sai Lin's foreign shareholders would be diluted to 50% and 10% of the controlling stake, which means that they can hold 5% of the listed Jiangsu Sai Lin, that is, 1 billion 500 million yuan, or about 200 million dollars. "I think it's worth it." Wang Xiaolin said, "I want to get the destination after I deserve it. I am not going to make money on the road."

"They went back."

Since Wang Xiaolin was publicly reported, the operation of Sai Lin in Jiangsu has been greatly affected. In order to solve the urgent need of the company, state owned shareholders and foreign shareholders have expressed the convening of the shareholders' meeting, but the two sides have never been able to sit on the negotiating table together.

For last week's cancelled shareholders' meeting, Wang Xiaolin said he could not understand that the reason for the cancellation of the meeting in Jiahe, Nantong was that Hunan Baiyun investment, one of the shares of the east side, could not be present. "The shareholders' meeting is called the registered shareholders, that is, the registration of industry and commerce is a shareholder, and the non registered shareholders participate in the meeting of shareholders. You can't stop this meeting because he doesn't come. " Wang Xiaolin said.

For Baiyun investment, Wang Xiaolin explained that it signed a 500 million yuan investment agreement with the company, and now it has voted 210 million. "Later Qiao Yudong called him and he did not vote." The reason why Baiyun investment has not yet completed the registration of equity changes is that the vote has not been passed. Because major changes in stock rights and other important matters require more than 2/3 of the shareholders' consent, while Nantong Jiahe holds 33.4%, which has veto power on major matters. In Wang Xiaolin's view, they are unwilling to lose this right.

Wang Xiaolin pointed out that all measures taken by state shareholders are to gain control of the company.

Wang Xiaolin said that in May, there was a financing plan of 3 billion yuan. In the past two months, the state-owned assets and the Rugao economic development zone have been communicating with each other in the state assets, but the other side has not agreed. "If Rugao is really afraid of the loss of state assets, the equity and creditor's rights will be returned to him. The factory is still there, and the employment is still there, and they will not accept such a condition."

He also said that Jiahe, Nantong, has set up two companies ready to take over Jiangsu Sai Lin, one is the Shanghai amber car set up in February 2019, the first is the Nantong Qingyan Gao Kai Industrial Investment Fund partnership (limited partnership), which was set up in March this year. He said he received a reminder in 3 and April last year that amber was willing to take over Sai Lin, but he did not pay much attention to the registered capital of only 50 million yuan.

"Amber car was hired in August last year. It was on the edge of Sai Lin's office in Shanghai. We had employees to interview. They heard that they were Sai Lin. They said that you are coming over now, and you will be receiving a few months later. If you come back in a few months, we will not know where you are when we receive it." Wang Xiaolin said.

Wang Xiaolin said, in fact, Joe Yu in October last year has been reported internally, at that time, after the investigation, Nantong Jiahe issued a notice saying that there was no exception. Later, when Qiao Yudong interviewed with Jiahe in Nantong, he soon released a public letter of complaint. At the same time, Nantong Jiahe did not allow Jiangsu to return. After a month, the public opinion had been one-sided, and also created the best time for them to take back the company.

But Wang Xiaolin believes that Jiangsu Sai Lin should not be such an end. "Employee wages and social security add up to 27 million, suppliers owe 50 million, plus about 20000000, and the whole amount is less than 1 hundred million. Why should we turn off the company?" Wang Xiaolin said, "it is not the end of Rugao, but the end of Steve Serin and me."

In July 4th, four foreign shareholders took part in the interim shareholders meeting. Wang Xiaolin stressed that the shareholders' meeting was proposed by three shareholders with 55.51% stake in the company, and informed all shareholders in June 16th to meet the requirements of 15 days notice to shareholders.

The resolution adopted at the shareholders' meeting was mainly to maintain relevant resolutions of Jiangsu sailing's proper ending and continuing operation. For example, the company immediately opened a custodian account at Shanghai Jun He law firm to pay wages, tax insurance, other legal compensation, and to maintain the necessary expenses of hydropower, rent and lawyer fees for maintaining the company's daily operation. For example, the company has not yet left. Frank Sterzer, the vice president of the position, is authorized to set up a team of existing staff to maintain the assets and value of the company as much as possible and to run it.

At the same time, the shareholders' meeting also passed the resolution. It requested that Jiahe, Nantong, in accordance with the joint venture agreement signed by them, immediately pay the loan to Jiangsu Sai Lin at the annual discount rate of 3%, and pay the interest discount (including the reasonable interest derived) to the above custodian account at once. In addition, it requests the Rugao Economic Development Zone Management Committee to purchase the company's land according to the supplementary agreement of Sai Lun investment agreement. Part of the amount above RMB 80 thousand yuan per mu is returned to the escrow account.

"According to the joint venture agreement, any dispute can be arbitrated in Hongkong. If the parties concerned fail to comply with the relevant agreements, they will go to Hongkong for arbitration. At present, he and his team have hired a team of Chinese and American lawyers to prepare for this." Wang Xiaolin finally said.

It is undeniable that the Sai Lin incident in Jiangsu is not over yet. The competition between local state-owned cars and the impulse of new forces to build cars continues. At the moment, whether Wang Xiaolin, who is far away in Washington, is substantiated after being put on file, needs time and arbitration. In this regard, this newspaper will continue to pay attention. (Editor: Zhang Xing)