Earlier this month, the news of LeTV's capital chain problems went away. LeTV's share price fell for many days, and the important reason for the tight capital chain was on LeTV. Afterwards, Jia Yueting and LeTV adopted a series of remedial measures. First, Jia Yueting sent an internal letter to reflect, acknowledging that “LeTV expansion and burning money is too fastâ€, and on the 9th, an investor exchange meeting was held to appease investors. On the 13th, Jia Yueting was positioned on the WeChat in Hong Kong, and said that "the grain and grass first, the second phase of the ecological strategy set sail, Mark." The industry believes that the so-called grain and grass first may refer to financing. On the 15th, LeTV announced that it has received a $600 million investment from more than ten students of Jia Yueting's Cheung Kong Graduate School of Business. Jia Yueting also listed a long list of thanks on Weibo. “I moved ING, thanked Zhou Jianping, Chairman of Haishu Group, Ke Xiping, Chairman of Hengxing Group, Liu Shaoxi, Chairman of Yihua Group, Huang Minli, Chairman of Minhua Holdings, Yuyue Group Chairman Wu Guangming, Chairman of the Green Leaf Group Liu Dianbo, Chairman of the Morningside Group Lu Wenzhao." However, yesterday, Minhua Holdings and Luye Pharmaceutical clarified that it did not sign any investment arrangements with LeTV. The chairman of Minhua Holdings said that it only invested in LeTV in its personal capacity. For this matter, LeTV also issued a note. According to the statement, Jia Yueting and more than 10 students from Cheung Kong Graduate School of Business signed a total investment agreement of 600 million US dollars. Among them, Huang Minli, chairman of Minhua Holdings, and Liu Dianbo, chairman of Luye Group, are personal investors, and non-listed companies participate in the investment. The total investment in LeTV is 600 million US dollars, which will be divided into two phases. The first phase of 300 million US dollars will be received within this month, and the funds will be invested in LeEco Automotive Ecology and LeEcoGlobal. Questioned in the US factory To make matters worse, LeTV's US electric car manufacturer Faraday also has a problem with the capital chain. Yesterday, some media reported that Nevada’s finance minister Schwartz said that Nevada and Leothy Group’s brother Faraday Future agreed that if Faraday builds a factory in the state and invests about $1 billion, the state will pass Tax and infrastructure investment support. However, the factory has not started construction since the “foundationâ€. Schwartz said the factory will take at least three years from start to production. If LeTV or Faraday can't develop successfully and mass production, the factory must be extended indefinitely. In business, it is not uncommon for projects to be shelved due to lack of funds. Earlier, Schwartz was interviewed by LeTV and Bernie Madoff, the most famous Ponzi scheme operator in the United States. The Ponzi scheme refers to the influx of new investors, and maintains an unprofitable business scam, while paying the original investor dividend. Once it is unable to attract new capital inflows, the scam bubble will burst and cause huge losses to many investors. In response, Faraday China issued a statement saying that its factory has never stopped working, and has successfully completed the first phase of construction, and entered the second phase in February next year. Last night, a senior LeTV person who asked not to be named said in an interview with the media that LeTV is making every effort to transfer the money it has to the future Faraday project in the United States. However, LeTV’s level did not comment on Schwartz’s query yesterday. A number of media outlets in the country reported today that Leroy's strategic partner Faraday Future/FF is temporarily shut down in a factory in Nevada, while US officials say the $1 billion project is a Ponzi scheme. According to reports, FF spokesperson Ezekiel Wheeler said that the shutdown was due to strategic adjustments, that is, funds and energy will focus on the concept car that will debut in January next year. Yesterday evening, LeTV issued a statement saying that due to problems in external communication, some misunderstandings about the FF Nevada factory project were caused. At present, FF funds have been put in place. The FF Nevada plant has never been shut down and has successfully completed the first phase of construction and will enter the second phase of construction in February next year. The statement also revealed that FF's first production car will be unveiled at the CES show in early 2017. At the strategic conference held in Los Angeles in the United States, Jia Yueting also personally told the outside world that FF's first production car will be launched early next year. Panasonic Insertion Machine Parts
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