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在线翻译:
szdaily -> Markets -> 
Faraday Future tries to scrap Evergrande stake sale
    2018-10-09  08:53    Shenzhen Daily

FARADAY Future, the California-based startup that is developing electric vehicles, is seeking arbitration to terminate a deal to sell a 45 percent stake to Evergrande Health Industry Group Ltd., the health care firm said Sunday.

Hong Kong-listed Evergrande Health, a subsidiary of property developer China Evergrande Group, said in June it would buy 45 percent of Faraday Future, founded by entrepreneur Jia Yueting, as part of plans to diversify into new technology.

Faraday Future said in August that full vehicle assembly of its first high-end vehicle, the FF91, had started at its U.S. production base. It also said it had set up its operating headquarters in China for research and development.

Evergrande Health said it had agreed to buy Season Smart Ltd., owner of 45 percent of Faraday Future, for US$860.2 million. It also said it agreed to pay Faraday Future US$1.2 billion in two equal instalments, due in 2019 and 2020.

The instalments would complete Season Smart’s obligations.

However, Evergrande Health said in Sunday’s stock exchange it signed a supplemental agreement in July to pay US$700 million ahead of schedule, subject to Faraday Futures meeting certain undisclosed payment conditions.

The firm said Jia had commenced arbitration at the Hong Kong International Arbitration Center on Wednesday against Evergrande Health, saying the payment was not fulfilled.

It said Jia was seeking to deprive Evergrande Health, as the new owner of Season Smart, of any right as a shareholder to approve plans by Faraday Future to raise financing in future and wanted to terminate all other agreements, the filing said.

The startup has said it aimed to reach a planned annual production capacity of 5 million vehicles after 10 years. (SD-Agencies)

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