An auction announcement once again brought an automobile brand that had disappeared for a long time into the public's attention: Jiangsu sailin, the new force of making cars that burned 5.6 billion yuan to make elderly scooters, was auctioned by Jiangsu Nantong intermediate people's court at a starting price of 2.378 billion yuan. The official auction time is May 30.
So far, sailin automobile, a complex new energy vehicle scam behind it, has finally come to an end. And Wang Xiaolin, the mastermind behind this shocking scam, is as far away from the United States as Jia Yueting. But unlike Jia Yueting's "returning home next week", Wang Xiaolin's last sentence: returning home is meaningless.
A shocking scam?
Jiangsu sailin scam was started from a report letter from an internal employee.
In April 2020, a netizen named Qiao Yudong, who claimed to be the legal affairs of sailin automobile, reported in his real name on Weibo: Wang Xiaolin, chairman of sailin automobile, invested in false technology and was suspected of embezzling huge state-owned assets.
So far, the whole framework of sailin's car making scam has only been known to the outside world. A simple combing is two serial scams accompanied by two car making stages: in the first stage, Wang Xiaolin cheated us $129.5 million of investment immigrants by relying on two thighs.
Wang Xiaolin, who graduated from the law department of Xiangtan University in 1989, received a doctor of law and a master of law in international comparative law from Duke University in 1999.
Before officially entering the automotive industry, Wang Xiaolin's personal label has always been an elite lawyer and racing enthusiast, and met a large number of American political and business people as a lawyer.
Until 2007, the first "thigh" Yangrong found Wang Xiaolin to build a car and wanted to make a comeback in the automotive industry. Yangrong here, the former chairman of brilliance automobile, was being prosecuted for alleged embezzlement of state-owned assets.
Wang Xiaolin also took this opportunity to officially enter the automotive industry. His car manufacturing project was named HKAC. Yangrong accounted for 80% of the shares, Wang Xiaolin accounted for 10% of the shares, and the rest of the shares were distributed to other shareholders of the company.
Due to the lack of start-up funds, Wang Xiaolin turned his attention to the ep-5 investment immigration project in Mississippi, and asked the state government to issue immigration visas on the condition that HKAC landed in Mississippi and increased local employment by attracting investors' investment.
However, later, the project ended because of Yangrong's sensitive identity, and the ep-5 project was unsustainable.
Later, Wang Xiaolin's second thigh appeared - Terry McAuliffe, a famous big man in both political and business circles in the United States.
Under the guidance of Marco Lifu, CareAD energy investment fund invested and merged HKAC and established Wang Xiaolin's second car building project - GTA (WM Greentech automotive).
The investment immigration program was also carried out smoothly with the blessing of Marco liv. According to statistics, from 2009 to 2013, GTA obtained as much as US $129.5 million in financing from Chinese immigrant investors through the investment immigration program.
During this period, GTA also acquired euauto, a manufacturer of micro pure electric vehicles in Hong Kong, and the company's product mycar, a low-speed electric vehicle, officially entered GTA's product library.
Does this mycar look familiar
However, the development of things did not follow Wang Xiaolin's idea.
GTA and mycar have received a lot of media attention because of Marco liv's political personage identity. However, with the continuous deepening of the media, the truth of GTA's fraudulent investment through car building projects began to be revealed. At the same time, it also attracted the attention of the U.S. government and launched an investigation into GTA's business.
Subsequently, after investigating GTA, the US Immigration Department found that throughout 2015, GTA produced only 25 cars in the United States, with a sales volume of 0. By the end of the year, GTA had only 75 full-time employees.
The Mississippi State Audit Office also launched an investigation on GTA and found that GTA provided less than 100 jobs, far less than the 25000 promised by Wang Xiaolin. The investment in immigration projects finally failed.
Finally, in 2018, GTA filed for bankruptcy, and Wang Xiaolin's scam 1.0 came to an end, but the car making scam 2.0 had already been quietly carried out.
Since 2011, Wang Xiaolin has focused on China and successively found Erdos and Changsha municipal governments, but the cooperation ended in vain.
Since then, Wang Xiaolin raised his chips and signed an exclusive distribution agreement in China with American minority sports car company Saleen Automotive in March 2014; A year later, Wang Xiaolin won the 10-year intellectual property authorization agreement of sailin automobile for us $500000. The agreement stipulates that Wang Xiaolin can exercise sailin's intellectual property rights in China for automobile manufacturing, promotion and sales.
At the same time, at the 2014 Beijing auto show, GTA appeared at the Beijing auto show with sailin, officially opening the horn of business in China.
In 2016, Wang Xiaolin went to the Rugao municipal government of Nantong, and the key person in the middle was Pang Qingnian, the water hydrogen car player.
According to the project agreement, Wang Xiaolin reached an agreement with Nantong Jiahe, a local state-owned enterprise in Nantong, and Rugao high tech entrepreneurship Service Co., Ltd. through Zifu holding, which he actually controls, to establish a joint venture Jiangsu sailin through M & A and reorganization of sailin automobile.
After that, Wang Xiaolin introduced four external investors and obtained 66.6% of the shares of Jiangsu sailin by means of technology shares. On this condition, Nantong Jiahe successively injected 3.4 billion yuan into Jiangsu sailin, accounting for 33.4% of the shares.
In this way, without paying a penny, Wang Xiaolin became the major shareholder of Jiangsu sailin.
At the beginning, the cooperation between the two sides was fairly smooth. Nantong Jiahe asked Wang Xiaolin for money and shares. By July 2019, Nantong Jiahe, in addition to the initial capital injection of 3.4 billion yuan, subsequently injected 3.2 billion yuan into Jiangsu sailin twice in the name of mortgage loan.
With the funds arriving one by one, on July 20, 2019, Wang Xiaolin and Jiangsu sailin came to the highest light: a massive bird's nest new car launch, which invited not only Huashao as the host, but also Jason stanson, Wu moufan and other well-known artists at home and abroad to help.
However, what made people greatly disappointed was that the press conference was so powerful that in the end, the real "dry goods" turned out to be only a low-speed electric vehicle, which is commonly known as "old man music".
In three years, Nantong Jiahe invested 6.6 billion yuan and finally saved such a thing. For a while, the market was full of doubts. Wang Xiaolin also put out fires everywhere, claiming that sports cars, Maike SUVs and Maimai were all technologies brought from the United States. It was originally planned to mass produce one model a year in China, but the progress was slowed down due to the international environment.
Later, Wang Xiaolin started a series of operations that people couldn't understand:
On November 11, 2019, sailin Maimai was officially put on sale, but it was unexpected that Jiangsu sailin did not rely on stores to sell cars, but on online stores, and it was not an online sales system built by itself, but directly set up an online store on tmall
By the beginning of 2020, it was found that Maimai tmall flagship store was quietly "closed", and Maimai's sales volume remained in double digits. Then, by April 2020, the epidemic began to improve, and a large number of enterprises resumed production, while the factory in Jiangsu sailin did not do anything.
Just when everyone couldn't understand it, the real name report letter mentioned at the beginning revealed the whole truth of the matter: it turned out that the actual controller behind the four external investors introduced by Wang Xiaolin was Wang Xiaolin himself, while the four automobile patents priced at 6.6 billion yuan to obtain 66.6% equity of Jiangsu sailin were nothing.
According to Qiao Yudong, Maimai electric vehicle only had the technical capacity for mass production at the end of 2018, while the relevant technologies were evaluated in 2015 and priced at 1.1 billion yuan, violating the basic principle of good faith.
The other three SUV technology patents priced at 5.5 billion yuan could not come from the intellectual property license agreement signed by Wang Xiaolin and sailin. The above-mentioned property right agreement had long been revoked by sailin.
In addition, the report letter also disclosed that Wang Xiaolin tried his best to obstruct the state-owned asset investors from participating in the company's affairs during his tenure, and even did not allow the state-owned shareholder Nantong Jiahe to appoint or remove an executive of Jiangsu sailin.
To sort it out, Wang Xiaolin cheated 6.6 billion yuan of state-owned assets with four Bag Companies he actually controlled and four nonexistent automobile patents, and finally excluded state-owned investors from operation.
Finally, the scam came to an end on July 2, 2020: the Management Committee of Rugao Economic Development Zone issued a notice after investigation: Wang Xiaolin, chairman and CEO of Jiangsu sailin, and others were suspected of providing false supporting documents and misappropriating huge amounts of funds of Jiangsu sailin by taking advantage of their positions.
Nantong Jiahe, a state-owned investor, has reported the case to Wang Xiaolin for investigation.
Usher in the auction outcome
According to the official website of Alibaba auction, Jiangsu Nantong intermediate court launched an auction of the land use right, aboveground buildings, machinery and equipment, production lines, assembly lines and other assets of Jiangsu s automobile in Rugao City.
The reserve price of the auction is 2.378 billion yuan, and the starting time is set from 10:00 a.m. on May 30 to 10:00 a.m. on May 31.
According to the pictures uploaded on the auction website, the so-called Jiangsu s automobile is the new automobile manufacturing force - Jiangsu sailin, which has existed in name only in 2020.
Moreover, in the uploaded workshop pictures, there are a large number of mini cars on display. From the appearance, it is the first pure electric model of sailin automobile: sailin Maimai.
Epilogue
Jiangsu sailin's car fraud has come to an end here, but the party Wang Xiaolin hasn't.
When the report letter was exposed, Wang Xiaolin had fled the United States. However, compared with Jia Yueting, who also left the United States, the difference is that Jia Yueting's car building continues. Although "returning home next week" is regarded as a joke, it is still possible in theory.
The last sentence Wang Xiaolin left to the industry is: returning home is meaningless.
Wang Xiaolin also totally denied his accusation and said that 5.6 billion yuan had been invested in the construction of cars.
However, as Jiangsu sailin was seized by the court, after a period of wrangling, the behind the scenes director of the scam disappeared from people's sight.
As for the 6.6 billion yuan of state-owned assets he got into, there is no way to recover them.