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Jia Yueting requested to explain relation with Ruichi Intelligent

Shiny From Gasgoo| April 09 , 2018

Faraday Future, Jia Yueting FF, Jia Yueting Ruichi Intelligent

Shanghai (Gasgoo)- Shenzhen Stock Exchange issued an inquiry letter to LeSee, requesting the company to confirm and explain the relationship between Jia Yueting and Ruichi Intelligent Automobile Co., Ltd. (hereinafter referred to as Ruichi Intelligent).

On Apr. 8, Ruichi Intelligent, which is reportedly regarded as Faraday Future's affiliated company, gained an area of land at Wanqingsha Bonded Port Area, Nansha District, Guangzhou with an auctioned price of RMB 364.1 million, according to Guangzhou Public Resource Trading Center. The land covers an area of 401,000 square meters with 50-year usage time.

According to the public information about the land, Ruichi Intelligent must establish a project company, whose business range covers the technology R&D of vehicle engineering, manufacturing and sales of auto parts and accessories as well as vehicle sales. 

To meet the NDRC and MIIT's requirements on building a pure electric vehicle company, Ruichi Intelligent must introduce a pure electric vehicle assembling project with world-leading pure electric vehicle R&D and manufacturing technology. The company is also requested to finish construction and put into operation within 24 months. 

Ruichi Intelligent's institutional shareholder is SMART MOBILITY (HONGKONG) HOLDINGS LIMITED (hereinafter referred to as SMART MOBILITY), which was established on Oct. 20, 2016. However, the company's former English name was FF Hong Kong Holdings Limited, while its former Chinese name was FF Automotive Ecology (Hong Kong) Co., Ltd. (hereinafter referred to as FF Ecology). It was not until Jan. 9, 2018 that the company's name was changed to SMART MOBILITY.

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